Protecting Yourself From Identity Theft
Today, so much of our lives revolve around the Internet. Whether it’s something as simple as checking in on social media or more complex matters, like managing personal finances, the world is constantly at our fingertips. However, with the convenience this offers there are also risks.
Certain interactions online create sensitive data points and can leave virtual footprints across the vast cyber landscape. When people with ill intent infiltrates these digital records, they can steal personally identifiable information (PII) and wreak havoc on a person’s life. How so? With the PII they have stolen – such as a social security or bank account number – they could apply for loans in your name, file tax returns, open new financial accounts, purchase big-ticket items or even make fraudulent medical claims.
This infographic was created by Stein Saks, a credit report dispute attorney
Referred to as identity theft, this crime is all too common, with the Federal Trade Commission (FTC) receiving 5.7 million total fraud and identity theft reports in 2021 alone. These crimes not only cost the victims money and damage credit, but significant time and effort are often needed to resolve the theft and prevent further security breaches.
What are some of the ways to protect yourself from cybercriminals? Like with other crimes, the first step is to arm yourself with knowledge of how these acts are committed, who is targeted and what makes a person vulnerable to attack. While there’s no way to prevent it from happening entirely, having this information on your side could help in limiting exposure and make accessing your information more difficult for potential identity thieves.
It’s also important to be diligent with all your passwords and PINs. It’s advised everyone should have a plan in place for routine password changes. Also, do not repeat these codes across merchants or accounts. Another related tip is to follow the latest recommendations for secure password creation, like incorporating capital letters, special characters and having at least 15 characters.
Proactive protection should also involve regular reviews of your bank and credit card statements. Other steps are to set up spending limit notifications with these accounts and to procure identity theft insurance. Lastly, take actions to secure your devices and keep personal information private in the very public world that is the Internet.
If you believe you have been the victim of identity fraud, there are quite a few steps to follow. To start, freeze your credit as soon as possible and place a fraud alert on your credit reports. Next, you’ll need to notify the FTC of the fraud as well as your banks and credit agencies, health insurance and medical care providers and local law enforcement. As the process can be very complicated and stressful, you may want to consider reaching out to a consumer protection law firm for help. These professionals can work with you to correct credit reporting errors, stop creditor abuse and obtain monetary compensation.
For further information on identity theft, please see the accompanying resource by Stein Saks.
