WHAT STEPS MUST A VICTIM TAKE DURING AN IDENTITY THEFT?

INTRODUCTION

Identity theft is using someone else's personal Information deliberately, without the person's knowledge or consent. Identity theft is done to commit fraud or to gain financial benefits illegally.

Identity theft, globally, is becoming one of the most common problems in maintaining financial security, especially given the times that we live in. 

Fraudsters discover more and more ways to get hold of the Information. It results in losses of a tremendous amount of money every year and seriously impacts people's trust in their financial institutions.

Based on 2017 identity theft global statistics, sixteen million people were subjected to crimes related to identity theft, which is one million people from a year before. This narrows down to one in every fifteen people becoming victims of identity theft. To put this into further perspective, there is a new victim of identity theft every two seconds. 

It takes most victims a minimum of three months to even investigate what is happening, and around sixteen percent of the victims never find out for almost three years. Given these statistics, it is somewhat concerning.

Personal Information that fraudsters use

Personal Information includes the person's

• Name

• IC number 

• Address

• Banking and Credit card details

• Account number 

• Medical records

• Email address

• And even the date of birth

Ways through which identity thieves get access to your Personal Information.

The most common ways of gaining access to someone else's personal information includes 

• Hacking company databases for personal Information

• A data breach making telemarketing calls asking for account or Personal Information

• Stealing mail from residential mailboxes. 

• People may also provide easy access to their personal information by being sloppy and behaving carelessly, such as 

  • Not protecting their mobile, tablets, computers with passwords

  • Accidentally downloading something called spyware or a malware

  • Take a photograph of their driving license or flight boarding tickets and post it on social media.

What can identity thieves do with the stolen Personal Information?

Once identity thieves get access to your personal Information, they can commit several frauds and do many things under your name, such as 

• Open a new bank account under your name and use it for themselves

• Obtain credit cards and loans

• Buy expensive and overpriced things

• Take over all your existing accounts

• Obtain genuine documents such as passports and driving licenses and misuse them in your name.

• Use your identity to commit serious crimes like homicide, money laundering so on and so forth. 

As a result, the victims of identity theft may end up being immersed in great depths of debts or, even worse, end up in prison or face legal complications.

What to do if you suspect identity theft? 

All frauds do not rise to the level of identity theft; a security breach does not constitute a stolen identity by itself. Instead, identity theft happens when someone uses your Personal Information to open new bank accounts, file tax returns, or even make fake or fraudulent medical claims. 

Once they realize that they have become victims of identity theft, the following steps should be taken to minimize the damage. 

If applicable, file a claim with your identity theft insurance

Adam Levine, founder and chairman of a data and identity protection company, says that "one of your first calls should be to the human resources department or your Insurance companies."

Companies should be notified of your stolen identities 

You should never wait to notify any company where fraudulent transactions or accounts have occurred. Immediately call them and alert them to the problem.

Contact the local police department.

Tannenbaum says, "The police complaint is to protect yourself." For instance, if someone is impersonating you to commit a crime, having a document of identity theft can make resolving the issue easier. 

Remember that the police cannot do anything if your identity was stolen online or overseas. 

A fraud alert should be placed on your credit reports

This is when you follow up with the major credit bureaus. The fraud alert stays in your credit report for over a year, and it notifies the entity that pulls your credit card of the fact that your identity might be compromised. 

Freeze the credit for another layer of credit or debit card protection.

A freeze could be initiated, completely cutting off access to your credit. This essentially means that the credit bureau won't share your Information with anyone despite the request. 

Tighten your account's security 

Most people don't practice what cybersecurity calls good password hygiene. Even worse, they use variants of the same password on every website. 

Scan your credit card and bank statements for any unauthorized charges

People often forget to review dormant or infrequently used accounts. Pulling up your other accounts and scanning old statements for other charges adds up to your credit security

WAYS TO PREVENT IDENTITY THEFT

One of the increasingly popular crimes nowadays is identity theft, with someone becoming a victim almost every 30 seconds. In such cases, it becomes our top priority to take steps that can protect us. 

Primarily, your vigilance in guarding your privacy can minimize the disaster of identity theft. Below are the top ways of doing it. 

Secure your records.

Protect the trash by tearing up sensitive material like medical statements, insurance forms, etc

Safeguard your personal information online

Never provide personal or financial information unless you are sure that the website is completely secure.

Carry what is frequently required. 

Put a limit to what you carry with you. Carry only identification and only those credit or debit cards that you need.

Protect your social security number. 

Keep your social security card in a secure location and give out your social security number only when it is extremely important to divulge. Never carry your social security card with you.

Use passwords and change them frequently.

This might sound petty and cliché, but only use passwords that are not easily guessed or found. For example, your mother's maiden name, the name of your children, pets, spouse, or other data that is not easily available. 

See if your records were affected post a data breach

If your social security number is stolen, consider placing a verdict card freeze. 

Beware of Tele-Theft 

Don't give out your personal Information over call to anyone under any circumstances except when it is extremely necessary for you to do so.

We wish all the safety against identity theft.