Identity theft is hitting more people with more financial losses than ever before. A study from Javelin strategy found that there were 16.7 million victims of identity theft in 2017, a record high. All of those victims amounted to $16.8 billion in losses compared to $16.2 billion the previous year.
Identity theft leaves behind more damage than the initial financial losses. It can take months or years to restore your credit and confirm your true identity with federal officials. The theft itself can also lead to stress and anxiety and affect future employment opportunities. Luckily, there are steps you can take to regain control. Keep reading below for tips on how to prevent yourself from becoming a victim, and how to fight back if someone uses your identity.
How to prevent your information from being stolen
Some of the most common forms of identity theft are credit card fraud, telephone fraud, and student loan fraud. With just a little information, people can apply for loans and open new accounts that can hurt you financially.
Help yourself from becoming a victim by watching for people listening in as you give your credit card number over the phone. Avoid using a debit card in high traffic areas such as a gas pump or public transportation areas. Don’t give your credit card or other personal information to unknown callers and be wary of spam emails.
People still fall victim to fraud by snail mail as well. Protect yourself against this by making sure your mail is not easily accessible. Destroy mail that contains any “pre-approved” cards, as criminals can activate the cards and use them without your knowledge.
Another option is putting a lock or a freeze on your credit. Both help protect your credit reports, but some credit bureaus charge for a lock while freezes are free. Locking your credit can be easily reversed, however, while freezes require a password-protected account or a PIN.
Suspect you’re a victim? Here’s how to tell
There are many warning signs that you have become a victim of identity theft. The most common is bank withdrawals that you can’t explain, or stores suddenly denying your debit and credit cards. Another sign is bills not coming in the mail, or the opposite, you start seeing bills that you don’t recognize.
Some victims of identity theft say they received unexpected bills from hospitals, or their health plan said they had reached the limit of their benefits without getting treatment. Another sign is when the IRS reports more than one tax return was filed in your name. Some companies will notify you directly if they suspect identity fraud on your account.
Definitely a victim - Here’s how to recover your identity
If you suspect you are a victim of identity theft, then it is important to act right away to reduce the damage. The first step is contacting the companies where the fraud occurred, whether it’s your bank or credit card company. Ask the fraud department to close or freeze your accounts, and begin changing your logins and passwords immediately.
The next step is placing a fraud alert with one of the three credit bureaus. By placing an alert, you can stop the thief from opening new accounts in your name. Make sure to review your credit reports and make note of anything you don’t recognize.
The third step is reporting the theft to the Federal Trade Commission or your local police department. Chances are you are not the first victim, and the more information authorities have the more likely they will catch the perpetrator. Finally, open new bank and credit card accounts with new passwords.
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In contrast, password policies often give organizations less security than they might otherwise have.
Password change leads to unhealthy user behavior, ranging from rotating password reuse to password failure in areas under protected areas.
But to this day, we insist on these ancient strategies as the basis for how we protect business plans and data.Ironically, we already have the necessary programs to make passwords good (or at least not so bad) again.
Many types of IT monitors have been using password managers for years, if not decades.
But in recent years, I have seen a tendency among many organizations to rely on training as a means of saving their cyber security efforts, rather than addressing the root causes of organizational vulnerability.
These professional cyber security courses from providers like NIIT help in catering to the demand of professionals who are responsible to guide an organisation for better online security.IT leaders will do well to redefine their priorities from training level to track.
