Identity theft refers to stealing someone’s information without even their knowledge or manipulatively acquiring personally identifiable information (PII). Fraudsters are continuously upgrading their deceptive methods and leaving no possibility explored to conduct illicit activities. PII which includes someone’s personal information like name, address, social security number, and credit card details is often blended with fabricated information to generate new accounts. The accounts may be bank accounts, social media accounts, or e-commerce accounts used for varying purposes. Conducting potential financial transactions, emotional distress, revenge, and reputational damage are often associated with this crime.
ID theft is a prevalent type of crime, badly affecting countless individuals globally. Federal Trade Commission (FTC) received nearly 5 million cases of ID theft, indicating that crime is increasing at an alarming rate. Anyone can be a victim of this crime, indicating how crucial it is to stay updated on the recent forms of ID theft and what strategies can be implemented to address this.
Major Types of Identity Theft Everyone Needs to Know
Identity theft comes in various forms, causing financial loss and affecting reputational image. Deep fakes, mask attacks, and spoofed identities are the aftermaths of ID theft.
A few widespread types of ID fraud are briefly explained to enhance users’ knowledge
Synthetic Identity theft
As the name indicates, the type of ID theft refers to the creation of a deceptive identity as a whole. Fraudsters leave no stone unturned to fulfill their illicit activities and put a lot of research into finding novel methods to gain access to different systems. They acquire sensitive information about individuals either by stealing, hacking the systems, or installing malware into devices. Sometimes, the information is manipulatively obtained by coaxing people pretending to be from legitimate entities. The acquired information is combined with some sort of fake information like name or date of birth to generate a whole new identity, better known as synthetic identity theft. This deceptive identity is further employed to dodge authentication systems and gain access to multiple services or privileges.
Credit card theft
Fraudsters have sophisticated their deceptive tactics to the extent, that it’s not daunting for them to get other people’s credit card details. Skimming devices, stolen credit cards, and credit card readers are often employed to get credit card details. Credit card fraud is rising exponentially, as it has become easier for malicious actors to accomplish their deceptive maneuvers with technological innovation, and they are exploiting this. The obtained information is substantially used for numerous purposes including conducting potential transactions, wire transfers, and funds exchange.
Medical ID theft
Medical identity fraud is growing exponentially as fraudsters are exploring every avenue for their interests. They have upgraded their deceptive ways and even bypassed identity verification systems through fake identities to receive medical benefits. Patients suffer the most from this as their resources are diverted to someone else who is not even deserving. Medical card information is stolen and deceptively exploited to gain medical services, undermining the safety and security of patient data.
Effective Strategies for Identity Fraud Prevention
It has become crucial to establish identity fraud protection measures, as identity theft is rising exponentially, affecting hundreds of thousands of people worldwide. Identity theft protection serves as a beacon of hope in the battle against ID theft and offers early detection enhancing security, and raising awareness. Implementing robust preventive strategies can help to maintain the integrity of sensitive information and secure financial transactions.
- Individuals must develop strong and unique passwords rather than using their name and date of birth which can easily be gauged. Adding two-factor authentication adds an extra layer of security, keeping bad actors away.
- Everybody is mandated to secure their devices by regularly updating the software and safeguarding networks by employing updated firewalls. Avoid using public wifi or go for secure options for internet connections.
- Confirm the legitimacy of the source asking for sensitive information and stay alert. Fraudsters often manipulate victims posing to be contacted by banks or government entities to acquire sensitive information. Before sharing information, it is essential to confirm the authenticity of the email or calls.
- Stay updated about the latest types of identity theft and implement effective identity fraud detection strategies to better combat this crime. Your sensitive information can be preserved if you vigilantly keep an eye on your accounts and regularly monitor your financial transactions.
Wrap-up
Identity theft has evolved to the extent that even advanced authentication systems fail to detect anomalies and grant access to deceptive individuals. Identity fraud prevention has become more paramount than ever before to ensure the safety of sensitive information and save millions of dollars, which are lost every year. However, there’s nothing impossible in this world where technological innovation is taking a sharp turn. Implementing strong & unique passwords, lowering digital footprints, staying informed about the latest types of identity fraud, and implementing efficient biometric authentication technology with liveness detection can play a major in identity fraud protection.
