We have all been spending more time online. Whether it's
ordering food for delivery, streaming live concerts, hosting virtual parties,
or participating in a little retail therapy, digital interactions are on the
rise. This means that we also share more personal and financial information
online, with each other, and with the organizations we interact with. Unfortunately,
as always, there are bad guys in every digital corner looking for a piece of
the action.
The bottom line is that personally identifiable information
is the bargaining chip for internet crime. And cybercriminals will do
everything they can to achieve it. When they commit fraud using identity theft,
it can be tricky, and it can take banks and businesses months to investigate
before you can get your money and credit score back. In a time of extreme
financial difficulty, this is the last thing anyone needs.
Therefore, it is worth being careful how you use your data
and how you protect it. Even more: it is time to be pro-active and monitor, to
try to detect from the beginning if it has been stolen.
Here's what you would like to understand to guard your identity
data.
How
Identity Theft Works
First, some facts about the scope of the problem. In the
second quarter of 2020 alone, 349,641 complaints of identity theft were filed.
To put that in perspective, it's more than half of what was reported in 2019
(650,572). In 2019, consumers reported losing quite $ 1.9 billion to fraud.
What drives this huge industry? A criminal economy
estimated at $ 1.5 trillion annually.
Specialized online marketplaces and personal forums provide
how for cyber criminals and scammers to simply buy and sell stolen identity
data. Many are on the so-called dark web, which is hidden from search engines
and requires a specialized anonymized browser like Tor to access. However, much
of this criminal activity also occurs with the naked eye, on social media sites
and messaging platforms. This clandestine industry is an unstoppable force: as
the forces of order or criminal infighting close the roads, others appear.
Personal data at risk can be anything from email and
account users to medical information, social security numbers, bank and card
details, insurance details and much more. Everything has value in the
underground of cybercrime and the price that fraudsters are willing to pay will
depend on supply and demand, just like in the "real" world.
There are several ways that attackers can obtain your data.
The main ones are:
Phishing -
Usually aims to steal your usernames and passwords or trick you into
downloading a Keylogger or other information stealing malware. Phishing occurs
primarily through email, but it can also occur through the web, text messages,
or the phone.
Malicious mobile applications disguised as legitimate
software.
Eavesdropping
on social media: If you over-share even innocuous personal
data (pet names, dates of birth, etc.), scammers could use it to access your
accounts.
Public
Wi-Fi Snooping - If you're using it, the bad guys might be
too.
Stealing devices or finding lost or misplaced devices in
public places.
Attacking
the organizations you interact with: Unfortunately, this is often
somewhat out of your control, but no less serious. 1,473 corporate violations
were reported in 2019, 17% more than the previous year.
Covertly collecting card data from the sites you shop with.
Incidents related to this type of “web skimming” increased 26% in March, as
more users flocked to e-commerce sites during the lockdown.
The COVID-19 Challenge
As if this weren't enough, consumers are especially at risk
during the current pandemic. Hackers are using the COVID-19 threat as a decoy
to infect your PC or steal identity data through the phishing tactics described
above.
They often pose as institutions, trusted officials, and
emails may claim to include new information about outbreaks or vaccines.
Clicking or disclosing your personal information will get you in trouble. Other
fraud attempts will attempt to sell counterfeit or non-existent medical or
other products to help fight infection, collecting your card details in the
process.
In March, Interpol seized 34,000 counterfeit COVID
products, such as surgical masks and potentially dangerous pharmaceuticals
worth $ 14 million.
Telephone attacks are also on the rise, especially those
posing as government officials.
What
do cybercriminals do with my identity data?
Once your data is stolen, it is usually sold on the dark
web to those who use it for malicious purposes.
It could be used to:
Enter services that share the same users and password
(through credential filling). There were 30 billion such attempts in 2018.
Log into your online bank accounts to drain your funds.
Open bank accounts, lines of credit in your name (this can
affect your credit rating).
Order phones in your name or transfer your SIM to a new
device (this affects 7,000 Verizon customers per month).
Buying expensive items in your name, such as a new watch or
television, to resell for criminal reasons. This is often done by hijacking
your accounts online. E-commerce fraud is claimed to be worth around $ 12
billion per annum.
Submit fraudulent tax returns to collect refunds on your
behalf.
Request medical attention using your insurance details.
Potentially hack into your work accounts to attack your
employer.
How do
I protect my identity online?
The good news among all these bad news is that if you
remain skeptical about what you see online, are cautious about what you share,
and follow a few other simple rules, you have a better chance of keeping your
personal identity under lock and key. You should be keep track of what you are
looking at and which websites you are logging in everything is being traced and
sometimes few websites are not good for visit but you do and you share your
data and to be safe from that you should use an antivirus that will be
fighting with the virus and will give you complete security from all fraudulent
activity. Keeping your information private and make sure it doesn’t gets leak.
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