Your privacy is more exposed than ever
Do you know that your identity can be stolen and that it can be used in fraudulent activities, putting at risk your assets and those of others?
Do you know that internet and social media have given fraudsters tools of a complete new dimension for identity theft?
In the UK Identity theft is estimated to cost 1.2 Billion GBP, while that cost in the US is estimated to be as much as 50 Billion USD. The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year.
With the large adoption of internet and our large exposure to social media, we are more than ever vulnerable to identity theft. Fraudsters are multiplying in ingenuity to design new schemes to get ahold of your personal and financial data. But before rushing to plug off the internet cable and retiring to a buddhist temple, what else can be done to help you avoid the theft of your identity? What can we do to protect our social media accounts? And is there a way we can determine if the security of our accounts has not already been compromised?
http://www.youtube.com/watch?v=XwfTinIGKYQ
Protect your garbage
As burlesque as it may seem, fraudsters will not hesitate to go through your garbage to gather information about your identity. And this is not the only source fraudsters can tap in for personal data. They can also have access to your personal information by stealing your wallet, by going through your postal mail, with the help of dishonest employees selling information, by using computer equipment, by using viruses to hack into your computers, or social engineering.
Basically, they would target anything that might contain enough information to have access to your assets or to impersonate you. That can be your home address and phone number, your date of birth, the government ID number, your financial account numbers, your payment cards numbers, your account passwords or even your medical information.
Fraudsters target different mediums to collect personal data. Protecting our identity comes by reducing the opportunity for anyone to have access to this information.
Since most identity thefts are the result of stolen wallets, it is then safer to make sure that unneeded documents and payment instruments are left at home. And if your wallet is stolen you must make sure that it is reported swiftly in order to avoid problems. Priority is of course to cancel your payment cards and checks. However, the theft of your ID documents and any document that can be used as identification or grant you access must be reported to the corresponding organs.
The more tech-savvy we get, the more vulnerable we are
With the multiplication of computers, smartphones and other electronic devices, our personal information is stored in an ever growing number of locations. Fraudsters will try to have access to that information, either by stealing the device or by trying to remotely access its content.
All these devices should be kept secure, both with the appropriate security tools and by physically securing them. It is mandatory to use an up to date security software to make sure that you are protected from phishing scams and malicious software that might compromise your device.
Finally, in addition to the above fraudsters still have numerous tricks in their arsenal. Like the character from the video you might need to protect your personal data in uncommon places such as your garbage cans or your mail box. A special attention must be paid to financial documents but any document that might contain personal data is also important. These documents should be destroyed and put away. To secure your mail box you can consult with the local mail office on mail box models that are more secure against mail theft and vandalism.
Of course, even though you are very careful with your personal data there are still situations where your data might be compromised. I those cases it is important to react swiftly. Therefore you should monitor your accounts closely in order to quickly identify suspicious activity and notify your bank and any organization that might be related to this information. Early notification will limit the impact of the fraud.
References
The EU Fraud Prevention Expert Group has prepared a report on identity theft
and fraud in the financial sector.
http://ec.europa.eu/internal_market/fpeg/docs/id-theft-report_en.pdf
CIMIP reports information and news about Identity Theft on a national level.
“The Center for Identity Management and Information Protection, housed at Utica College, is a research collaborative dedicated to furthering a national research agenda on identity management, information sharing, and data protection.”
