Common ways fraudsters can steal your personal information
Identity Theft and how to protect ourselves. As individuals, throughout our lifetime we exchange personal information with a vast number of institutions including banks, credit card suppliers, utility companies, supermarkets, government organisations and retailers. This may be to receive important services, but also to allow us to do the fun things like shopping, eating out or going on holiday.
Identity theft is worrying. Fraudulent or stolen identities being used to make false applications for credit cards or loans, to obtain goods and services, or even to access money or other assets is naturally something that concerns us all. Worryingly, it is not untypical for a victim to first become aware of this when they receive a letter of demand for payment.
Some of the current issues in identity theft
Synthetic Identity Theft
Fraudsters combine fake information with real details (e.g., Social Security numbers) to create new identities. This allows them to open accounts, secure loans, and commit fraud without being detected. It’s increasingly targeting children’s Social Security numbers.
AI-Driven Phishing
Sophisticated phishing scams are now leveraging AI to create convincing, personalized emails, text messages, or voice messages (vishing) designed to trick victims into revealing sensitive information .
Deepfake Scams
Cybercriminals are using deepfake technology for fraudulent activities, including creating fake video or audio to impersonate CEOs, celebrities, or even loved ones to steal money or information .
Account Takeovers on Social Media
Social media accounts are increasingly becoming a target for account takeovers due to weak passwords or phishing. Once compromised, these accounts are used to spread scams or extort victims.
Elderly and Remote Worker Risks
The elderly are particularly vulnerable due to limited tech literacy, while remote workers accessing sensitive information on unsecured home networks face heightened identity theft risks.
How to protect yourself
Of course, there are a number of basic things we can all do as individuals to protect ourselves against identity theft and reduce the risk of our personal information falling into the wrong hands. If you discover your identity has been stolen, act immediately. Following these steps will help to minimise the impact and prevent additional issues from arising.
1. Check your credit reports
At a small cost, you can check your credit file with a credit reference agency such as Call Credit, Equifax or Experian to help identify any activity that you are not aware of.
2. Monitor your mail
Make sure you receive all post that you are expecting. If you think post is missing, contact the Royal Mail. Also, arrange for the Royal Mail to re-direct post to your new address if you have moved house, and inform companies that you deal with regularly that you have moved.
3. Review bills and bank statements
Check bank, credit card and other financial statements frequently, and look out for transactions that you do not recognise. Check for fraudulent charges or suspicious activity. Report issues immediately. Consider receiving statements and bills electronically, setting up direct deposits, and using online bill pay.
4. Identity theft protection
Identity theft protection providers monitor your credit reports, as well as online debit and credit card number(s). If suspicious activity is detected, you will be notified and will receive identity recovery assistance.
5. Shred documents
Carefully dispose of documentation that contains personal details rather than just throwing them away. Use a cross-cut shredder to destroy envelopes and documents.
6. Secure your computer(s) and mobile devices
Whether a desktop, laptop, netbook, tablet or smartphone, your computer contains critical personal information.
To help protect your electronic devices, you should also:
- Use a password manager to store strong and unique passwords for every login. Avoid using easily guessed credentials.
- Enable MFA for apps, emails, and financial accounts. It adds an extra layer of security beyond passwords.
- Invest in monitoring services that scan the dark web for breaches involving your personal data.
- Install and update operating system, antivirus and anti-spyware software. For smartphones, also install a ‘wiping’ program to erase all data remotely if it is lost or stolen
- Use a personal firewall
- When using a wireless network, activate WPA encryption and any other security features available. Change your router’s default password and SSID
- Beware of ‘smishing’ – text messages containing links capable of downloading malware to your smartphone
- Do not leave your device unattended or your screen visible to others
- Close your browser when you’re finished with a secure session
- Log off when you leave or step away
Use caution online
- Only access personal and financial information from a computer you ‘trust’
- Treat all links, emails, and pop-ups with suspicion, even if they appear to come from legitimate entities. Verify requests through official channels.
- Regularly place fraud alerts or credit freezes on your accounts. This prevents creditors from approving new credit applications.
- Only do business with financial institutions and online merchants you know and trust. Watch out for copycat sites, and confirm the email address is correct. At TFA we use a secure online portal called My Personal Finance Portal or PFP to communicate with you and share documents.
- When accessing financial information or ordering online, be sure the site is secure. Look for a URL that begins with ‘https://’ and the ‘closed padlock’ symbol
- Never reply to an email or pop-up message that requests you provide or update your personal information
On social media sites, it’s always a good idea to:
- Review the privacy policy
- Choose a challenging password
- Don’t reveal your physical address, date of birth, school names or phone numbers
- Use privacy settings
Updated vigilance and use of advanced technologies are critical to mitigating these modern threats. Prevent Identity Theft!
