It, not a new fact that identity theft is a critical issue! Identity theft news is always making rounds! However, there are multiple misconceptions about how to secure you from it. There are identity thieves that focus on your bank and credit card details. Back in 2018, there were close to 14.4 million victims of fraud related to identity theft. This number got revealed by the 2019 Identity Fraud Study of Javelin Strategy & Research. Also, 23% of the victims witnessed unreimbursed costs based on fraud, three times more than 2016.
Identity theft will eventually lead to loss of money and time. It can have everlasting emotional impacts as well. Today, an increasing number of identity thefts occur where criminals draw in data about you to steal the complete identity. According to a Javelin Strategy & Research in 2017, close to 15.4 million identity theft victims got reported back in 2016, 16% more than in 2015. Identity theft can have a drastic effect on your life and make it complex to get proper employment. That aside, it also affects the Social Security benefits and makes it challenging for your kids to get the necessary financial assistance in college. To know more about securing identity, you can check out Identity Theft Protection with Watson.
How does identity theft security work?
The best of the identity theft security services provides you with much peace of mind. The valuable services could help you secure identity and recover the identity if you witnessed any fraudulent activities. These programs manage the dark web and the credit and inform you when your crucial data gets into the wrong hands. Some services also provide the capacity to unlock and lock your credit card reports. The services also offer real-time notifications if anyone is applying for credit under your name. You also get to know the interference done to your Social Security number and provide insurance of the stolen capital.
The advantages of identity theft protection
Identity theft criminals don’t discount anyone. They aim for both corporate and individual accounts to steal data and create havoc. Once the employee’s identity gets stolen, it can significantly affect the organization’s bottom line! It is necessary to know that your organization’s C-Suite is vulnerable to cybercrime based on data access, resulting in corporate identity theft. Some of the benefits of identity theft security solutions are:
- Minimized corporate identity theft risks
As stated above, one of the sure-shot ways to hack into a company’s data system is to hack the employee’s accounts. When the employee’s email details get breached, the company is at risk of losing its crucial data. Hence, correct solutions you can bring down the chances of organizational data and identity thefts.
- Minimized employee productivity loss for managing identity theft and restoration services
According to the U.S Department of Justice, this is close to 17.6 million victims witnessed identity theft every year. This data is worth reiterating, as it takes immense efforts for employees to restore their identities and compensate for the lost workplace productivity.
- Security from targeted cyber-attacks
Even if a single employee’s data gets compromised, the cybercriminals can use that to get to the company’s private data and mission-critical information. One of the ways most cybercriminals aim for it is through a phishing scam. Phishers make use of specific members of a company. It is usually the human resource employees that ate at more risk than others.
Today, service providers are coming up with ID Guard solutions that can help the situation. However, it is also essential to learn about identity theft criminals to stay aware and better prepared.
- Criminals don’t require your credit card details to steal your data
Identity theft criminals don’t require your credit card to hack your identity. These criminals are smart and craft. All they will need is just one pertinent data about you, and they will find access to other details. Hence, identity protection solution providers suggest that it is necessary to keep all essential documents locked up at home. It is essential to secure social security cards, birth certificates, passports, and others safe. You should also confirm the credit cards that you don’t use.
- The non-financial data people reveal online is sufficient for criminals
You must stay aware of the personal facts that you share online. For instance, you shouldn’t list your exact birth details on social media platforms to give criminals ample clues. Neither should you list a telephone number and residential address on any website for business and personal use.
- You need to review every credit card and bank statement monthly or weekly
You need to watch out for charges that are less than one or two dollars from companies you don’t know! The criminals who plan to buy stolen credit card details usually test and check if the account is still active. That is why they send small charges. When the initial payment succeeds, they aim for a higher number. The truth is most credit card holders don’t notice minor charges. Also, the fraud alerts that people set don’t get triggered by minimal amounts. It is necessary to review the credit report weekly to stay aware of any fraudulent activities.
- Identity theft criminals target tourists and travellers
Many identity theft security organizations alert travelers and tourists concerning identity theft. It is necessary to stay aware of the random devices where travelers and tourists log-in on their journey. The tools might track their credit card and other financial data and plant an identity theft attack. It is an excellent move to avert public wireless internet connections until a Smartphone or laptop device has advanced security protection. Hence, these are some reasons for which you need to opt-in for identity theft protection and some of how identity theft criminals work to steal crucial financial data which is essential for everyone to know about. It has become necessary more than ever to invest in an identity protection solution