Protect Yourself from Identity Theft: What You Need to Know

In the last three years, identity theft has surged; especially as cybercriminals find new ways to exploit digital vulnerabilities. Here are some eye-opening statistics:

2021 –  There were 1.4 million reported cases of identity theft in the U.S., with credit card fraud being the most common form.

2022 – Identity theft incidents increased by 10%, with 1.54 million reports to the Federal Trade Commission (FTC). Losses due to identity fraud reached nearly $6 billion.

2023 – The global cost of identity theft was estimated to surpass $15 billion, and more than 1 in 4 Americans reported some form of identity theft.

These figures highlight the importance of protecting yourself from identity theft, which can result in financial losses, damaged credit, and emotional stress.

Simple Solutions to Protect Yourself from Identity Theft

Use Strong, Unique Passwords:
– Avoid using the same password across multiple accounts.
– Use a combination of letters, numbers, and symbols.
– Consider using a password manager to keep track of your passwords securely.

Enable Two-Factor Authentication (2FA):
– Add an extra layer of security by enabling 2FA on important accounts like banking, email, and social media.
– This ensures that even if a hacker gets your password, they can’t access your account without the second verification step.

Monitor Your Financial Statements:
– Regularly review your bank and credit card statements for unauthorized transactions.
– Sign up for mobile alerts from your bank to be notified of suspicious activity in real time.

 Shred Sensitive Documents:
– Before disposing of documents containing personal information (like bills or tax returns), shred them to prevent dumpster diving thieves from accessing your data.

Be Cautious with Public Wi-Fi:
– Avoid accessing sensitive accounts, such as online banking or email, over public Wi-Fi networks.
– Use a virtual private network (VPN) when connecting to public Wi-Fi to encrypt your internet activity.

Freeze Your Credit:
– Place a freeze on your credit reports with the three major credit bureaus (Equifax, Experian, TransUnion) to prevent anyone from opening new accounts in your name.
– A credit freeze does not affect your credit score but adds a layer of protection.

Watch Out for Phishing Scams:
– Be wary of unsolicited emails or messages asking for personal information.
– Do not click on suspicious links or download attachments from unknown senders.

Secure Your Devices:
– Install antivirus software and keep your computer and smartphone updated with the latest security patches.
– Set up a lock screen on your mobile device and computer for added protection.

 

References
Federal Trade Commission (FTC), 2022 Identity Theft Report
Identity Theft Resource Center (ITRC) Annual Reports (2021-2023)
Javelin Strategy & Research Fraud Reports (2023)