The overwhelming surge of identity theft has alarmed both citizens and the US government. This disrupting offense has affected a massive number of netizens who have depended on the internet to accomplish various personal and business tasks. Banking on the convenience that the Internet provides, people have laid their guard down in cyber space. The risk of this action actually costs them more.
People have grown accustomed to managing their finances and transacting online. The mundane task of paying bills, purchasing goods and even communicating with loved ones can all be done in a few clicks of a mouse or taps on a keyboard. It’s not that people have grown lazy. The convenience that technology brings to people’s lives has also changed the way people live.
But as we become more dependent on the benefits that the Internet provides, we must not forget the risks that come with becoming too comfortable online. Thieves are constantly waiting for the next opportunity that they can use to pounce on an unsuspecting victim in cyber space. One must recognize how identity theft happens to properly understand the gravity of this offense.
Identity Theft Alert!
Imagine a stranger using your identity and financial information to commit fraud. This person is bamboozling merchants, service providers, financial institutions and even the government using your name. Others may think that this does not happen frequently, but this is where people are greatly mistaken. Identity theft is taking not only the US, but the whole world by storm. Identity thieves are becoming cleverer in conning people every day. With the aid of the most effective tool, the Internet, felons are becoming more and more merciless in executing their heinous deeds.
The Internet is not a safe place
Hackers and even common felons are taking advantage of this latest gateway to an unlimited source of personal and financial data. As people continue to enter valuable information in their online accounts and electronic correspondence to family or colleagues, thieves are lurking, waiting to snatch that info! Hackers have ingenious means and ways to extract that data. Online scams such as phishing and the spread of insidious Trojan viruses easily steal Social security numbers, credit card information and bank account details that you enter into your computer. Bogus websites administered by online criminals that solicit important information are very common. The detriments and downside of the Internet can cause much unnecessary distress. You surely don’t want to deal with it.
Your information, their gain
When an online felon gets a hold of your name, Social security number or credit card details, expect mayhem and your credit compromised. There are several types of identity theft but what damages most is that which affects your finances and credit. Most criminals launch online campaigns with the sole purpose to steal another person’s identity that they can use for their own evil financial gain.
Tax return identity theft
The recent tax filing season paved way for identity thieves to victimize thousands of taxpayers. As tax fraud is imminent at this time of the year, consumers must be educated on how criminals file fake tax returns and fraudulently claim refunds. This type of identity theft does not only hurt our credit, but affects our tax transactions with the government. To commit tax identity theft, a criminal only requires another individuals social security number with a matching name and date of birth. All this info can be stealthily obtained online.
How it’s done
Phishing emails are a common online scam that still victimizes a lot of naïve netizens. These bogus emails are sent to random people, imitating correspondence that people usually receive from their banks and the government. The emails usually contain a link to a fabricated website that’s been accurately designed to mirror a legitimate website. Personal and financial information are then solicited with urgent threats that will seemingly cause foreclosure of accounts. Never take the bait! Once you do, and once your data is in the hands of identity thieves, you are in for bigger trouble.
Online identity theft – avoid it!
There are several ways to prevent online identity theft. If consumers are provided with the proper information, they can possibly avoid the dangers that a stolen identity entails. Here are some tips on how to help safeguard yourself from the perils of cyber space:
- Make sure that your personal information on computers and electronic gadgets are secure.
- Do not save personal and financial information in your computers and gadgets.
- Be cautious when entering valuable data such as your Social security number and credit card details when connected to a public or unprotected network.
- Use unique login names and passwords and try to change them frequently. It does not cost you a penny!
Keep track of your credit
Monitoring your credit report helps in making sure that you have not been a victim of identity theft. An extra dose of vigilance cannot be considered an inconvenience. In fact, it can actually boost protection over yourself and your credit. The three credit bureaus: Experian, Equifax and TransUnion collate and report each consumer’s financial transaction and credit history. Credit reports also contain employment history and tax liens to name a few. Seeing what is reflected on each of your credit files from the three credit reporting agencies will prove to be beneficial now and in the long run.
Have you been a victim of online identity theft? Feel free to share your experience and feedback below.
The post How Does Identity Theft Happen Online? appeared first on ID Theft Prevention.