There was a time when we were afraid someone would go through our trash cans, find a letter with our name and address on it, and use it to steal our identity. This is why those who care about their privacy always destroy any paper containing personal data before recycling it.
Today, there is a much easier way to find personal information: just look on the Internet. A criminal only needs a laptop and an internet connection.
Once the data in line, it is very difficult to keep them secret. When purchasing products, you must enter your name, address and payment information. You expect the company you are buying from to have a strong security system and comply with GDPR and other personally identifiable information regulations.
But as we all know, even the biggest companies can be hacked. From Adobe and Dropbox to Facebook, Yahoo and LinkedIn – they’ve all experienced breaches where customer data has been leaked in one way or another.
Typically, this data is sold on the “dark web” to the highest bidder, and whoever buys it will likely try to use whatever associated payment method to drain your bank account.
However, it’s not just your savings that are at risk. Identity theft can get you in all sorts of trouble. If they have enough information about you, criminals can steal your identity, open bank accounts, withdraw credit cards and use them fraudulently.
They might even get a job under your identity, stop paying taxes (or file false tax returns to get a refund), and leave you with a big bill to pay, even if you’re innocent.
Chances are the first time you realize your identity has been stolen is when letters start arriving asking for payment of overdue credit card bills, taxes, or other services. The police can even pick you up if a crime has been committed in your name.
This obviously causes considerable stress and it can be difficult to prove that you are not responsible for all this and that your identity has been stolen.
There can be long-term effects: from damage to your credit rating to the inability to obtain insurance, a mortgage or other financial products.
Equally damaging is that a pirate access any of your email or social media accounts. Then they can use your identity in line to scam your contacts, friends and family, and may even post harmful messages or images on your social media, which may jeopardize your work.
How to prevent identity theft
Of course, much of this is unlikely and will only happen in the worst case scenario. But the truth is that they happen with alarming frequency. However, there are things you can do to help protect your identity.
1. Do not reuse passwords. It’s convenient, but it’s a huge security risk. Instead, use a password manager to remember unique passwords for each account in line.
2. Do not give your data to any website. Although even reputable companies can be hacked, one way to help is to be careful when entering your personal information and choose not to store payment details on websites. Again, it’s less practical, but more secure.
3. Keep an eye on your bank and other accounts in line to make sure there are no purchases or payments that you are not aware of.
4. Use an identity protection service. These services monitor dark canvas looking for your email address, bank details and other information. If a match is found, you’ll receive a notification allowing you to cancel all credit cards, change passwords, and let your bank know there might be a problem. They can freeze cards and accounts, and they can reimburse you for a loss that you are not responsible for.
5. Use two-factor authentication whenever offered. Even if the second step is to text you a one-time password, it’s still better than nothing (even if it can be hacked).
6. Beware of scams Phishing who try to convince you to give your personal data, either over the phone or on a fake website. Be vigilant and learn to spot the signs, such as bad website addresses and calls asking for your passwords or card number and PIN.
In the case of identity protection services, choose carefully and ensure that you hand over your data (for verification) to a reputable company. Identity protection is offered as part of certain plans. Software as well as antivirus from companies like McAfee and Norton.
There are also others, such as Equifax and Experian.
Some include identity theft insurance, which can reimburse you for financial losses (including lost wages due to absence from work), as well as other expenses you may have incurred.
You can verify that your email addresses have not been included in previous breaches by using the Have I Been Pwned? website.
Original article published in Tech Advisor.
