Identity theft is a cybercrime where swindlers gain access to individuals’ personal information, such as Social Security numbers, bank account details, passwords, or credit card information, without authorization. With this stolen data, they impersonate victims, make unsanctioned transactions, open new accounts, or commit serious crimes under victims’ names. So, individuals need to take a few preventative measures, such as installing anti-malware or antivirus software, to avoid financial fraud and safeguard their identity.
Never Give Out Information Online
While emails, texts, and certain apps can help individuals complete financial and personal tasks, some of these are also common sources of fraud, making online protection essential. Individuals should keep in mind that they should never share personal or financial information through these channels unless they are certain the communication is from a trusted source. Typically, banks and other institutions do not request sensitive information in this manner. Individuals should end the conversation if they receive a call asking for personal information and suspect the person on the other end seems fraudulent. Instead, individuals should reach out to their bank or relationship manager directly by calling them.
Maintain Good Password Hygiene
Scammers can easily access a bank account or other sensitive information if the password for it is common or poorly managed. Following identity and financial theft prevention tips, like good password hygiene, is important. It is advisable to use unique passwords for each account and ensure they are at least eight characters long. For instance, something like “*%w9r+*8′” is safer than “Password2025.” Furthermore, individuals must use encrypted password managers. They also help keep track of and remind users to update passwords regularly to avoid falling prey to hackers.
Don’t Overshare on Social Media
Social media is a great tool for accessing information and getting in touch with people. Many people, especially influencers, also use social media platforms to manage their businesses. However, following secure account practices as much as possible is crucial. If individuals need a social media account for work, they should keep it strictly for professional use. Additionally, they should create a private one for communicating with family and close friends, where they can share photos, videos, and life updates. Taking these measures is important, as tech-savvy thieves can use publicly available information, such as home addresses, email addresses, images, and names of individuals, to phish, scam, and steal accounts.
Use Security Software
Built-in software on devices works well for safeguarding personal and financial data. However, it may not cover all security measures. So, individuals must protect their personal and financial information on a computer and smartphone with the help of a firewall, spyware protection, and antivirus software. There are many free tools available from trusted sites that offer basic-level security. Paid versions usually come with many more features that help safeguard the device. Some have advanced coding to detect suspicious activity and warn users of potential security risks.
Avoid Clicking on Suspicious Links
A hacker can create fake emails that promise individuals a guaranteed chance to win prize money. However, when individuals click the link, the hacker gains access to their email account. Sensitive emails often connect directly to bank accounts or other online platforms. Hackers who access an account can uncover personal information and potentially cause financial losses. Always exercise caution when using unverified links in emails.
Keep Devices Updated
Although smart devices come equipped with advanced security software, there is always room for improvement. Hackers constantly seek ways to bypass these security systems to access personal and financial information. All brands collaborate with ethical hackers to identify vulnerabilities in their security models and implement patches across devices, software, and applications. This is why it is crucial to regularly update devices, such as smartphones and laptops, to ensure that the latest security updates and patches are installed.
Always Monitor Credit History
It is easy to overlook credit card bills and bank statements because the lists can often be long. Here is where digital thieves can take advantage of the situation. If they somehow gain access to credit card and banking information, like via smartphones, they may use it to complete minor transactions without notifying the account holder. At the same time, the amount may not look like much; frequent transactions may add up to a lot in the long run. So, one of the top security strategies is always monitoring credit history. Individuals should look for unauthorized charges or withdrawals and report them immediately. If bills do not arrive on time, they should contact the bank to inquire. The fraudster may have changed contact information to hide the charges.
Store Documents With Personal Information Safely
Individuals tend to carry personal documentation, such as financial documents and Social Security and Medicare details. However, if these documents were to fall into the hands of thieves, they could easily misuse them. For instance, a Social Security number can be used to open an account whose name is registered, take out loans, file taxes, and obtain job benefits. So, the key to avoiding identity misuse in these situations is to keep these documents secured at home or work. Individuals should only take them out when they need to be used.
Be Cautious When Shopping on Sites
It is normal to feel excited about shopping sales on popular e-commerce websites. However, some lesser-known websites may offer items at prices that appear excessively low, potentially indicating their fraudulent nature. This is why individuals should always check the website for security certifications before entering any personal or financial information at checkout. They should only shop from e-commerce sites that include “https” in the address bar and display a padlock symbol. Additionally, individuals should review the privacy policies to ensure their sensitive information is adequately protected. If a website lacks a privacy policy page, it is most likely untrustworthy.
