Identity theft has become a widespread problem that affects millions of Americans each year. In 2023 alone, American adults lost a staggering $43 billion to identity fraud. The following story illustrates the devastating impact this crime can have on people:
paula disberryA former Colgate-Palmolive employee, she was living a comfortable life when she discovered her 401(k) account had been drained of $750,000. The surprise came when he tried to access his online account, only to find it locked.
A scammer had impersonated her, changing her contact details and withdrawing all of her retirement savings in a single transaction. Stories like this of financial identity theft are becoming very common. If you live in the US, you’ve probably already encountered one or, worse yet, experienced it firsthand.
Illustration of a scammer at work (Kurt “CyberGuy” Knutsson)
Do you think identity theft won’t happen to you? think again
FBI Internet Crime Report for 2023 reveals that adults People age 60 and older accounted for 24.08% of all identity theft claims and suffered 41.46% of total financial losses. While they may not be at greater risk of becoming victims, the financial cost is significantly higher than any other age group. Older adults, especially those over 60, often feel the impact more deeply. Because? They generally have more assets than younger people and are less likely to check their bank accounts on a daily basis.
Illustration of a scammer at work (Kurt “CyberGuy” Knutsson)
DON’T GET CAUGHT IN THE ‘APPLE ID SUSPENDED’ PHISHING SCAM
An old scam with a high-tech makeover
Identity theft has been a concern for centuries, with one of the most famous historical imposters being Frank Abagnale Jr. Abagnale claims to have successfully impersonated several professionals in the 1960s, including a Pan Am pilot and a doctor, forging checks. and documents to accumulate a small fortune. His alleged exploits were so notorious that they inspired the movie “Catch Me If You Can.”
While Abagnale’s story is a dramatic example, modern identity theft has become a more widespread threat, particularly with the rise of digital technology. The widespread availability of personal information on the web, combined with the lack of regulation preventing companies from collecting data without consent, has made it easier for criminals to exploit personal data. The scale is enormous and the impact can seriously disrupt your life and that of your family.
KURT’S CHOICE TO DELETE HIS PERSONAL DATA FROM THE INTERNET
A woman working on her laptop (Kurt “CyberGuy” Knutsson)
YOUR EMAIL HAS NOT EXPIRED, IT’S JUST ANOTHER DIFFERENT SCAM
Red flags to watch out for
Being aware of the warning signs of identity theft can help you take action before it’s too late. Here are some red flags to look out for.
Unexplained account activity: Be on the lookout for unknown transactions or changes to your bank or credit card statements that you don’t recognize.
Credit Report Changes: Periodically review your credit report for new accounts that you did not open or lender inquiries that you did not initiate.
Missing mail or bills: If you stop receiving bills or other important mail, it could indicate that someone has changed your address without your knowledge.
Unexpected denials: If you are unexpectedly denied credit, it could be a sign that someone is using your information to apply for loans or credit cards.
Strange communication: Be wary of emails, texts, or calls that ask for personal information, especially if they create a sense of urgency or fear.
Unusual password changes: If you notice changes to your online accounts that you didn’t make, such as password resets or security question changes, act quickly to protect your accounts.
Identity Theft Protection Service Alerts: If you use an identity theft protection service and receive alerts about suspicious activity, investigate immediately.
WHAT IS ARTIFICIAL INTELLIGENCE (AI)?
Strengthen your defenses now
Identity theft doesn’t have to be a devastating blow. You can significantly reduce your risk by being more aware of your online habits. This is how.
1. Monitor your accounts regularly: Keep an eye on bank and credit card statements to detect unauthorized transactions early. This can prevent financial losses and protect your assets.
2. Use strong passwords: Use complex passwords and a password manager to protect your online accounts. Strong passwords are your first line of defense against cyber threats.
3. Stop oversharing: Limit the personal information you share on social media and other platforms. It is a treasure trove for cybercriminals who use it to create convincing fraud campaigns specifically targeting you.
4. Invest in personal data removal services: Given the alarming rise in cases of identity theft, it is essential to take proactive measures to safeguard your personal information. An effective strategy is to invest in personal data removal services. While no service promises to remove all of your data from the internet, having a removal service is great if you want to constantly monitor and automate the process of removing your information from hundreds of sites continuously over a longer period of time. Check out my top picks for data removal services here.
5. Freeze your credit: Initiate a credit freeze on your credit file with the three major credit bureaus. This restricts access to your credit records, making it difficult for identity thieves to open new accounts in your name.
6. Use an identity theft protection service: Identity theft companies can monitor personal information such as your Social Security number, phone number, and email address and alert you if it is sold on the dark web or used to open an account. They can also help you freeze your bank and credit card accounts to prevent further unauthorized use by criminals. Check out my tips and top picks on how to protect yourself from identity theft.
7. Use two-factor authentication: Allow this extra layer of security on your accounts to make it harder for thieves to access your information, even if they get your password.
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8. Be careful with public Wi-Fi: Avoid using public wifi for confidential transactions or use a VPN to encrypt your online activity. Using a VPN (virtual private network) service You can improve your privacy by encrypting your Internet traffic, making it difficult for hackers and third parties to intercept your data, especially on public Wi-Fi networks. A VPN masks your IP address, helping to hide your location and online activity. While VPNs don’t directly prevent phishing emails, they do reduce the exposure of your browsing habits to trackers that can use this data maliciously. With a VPN, you can securely access your email accounts from anywhere, even in areas with restrictive internet policies. For the best VPN software, check out my expert review of the best VPNs for private web browsing on your Windows, Mac, Android and iOS devices.
9. Shred confidential documents: Periodically destroy financial documents, credit offers, and other documents containing personal information before disposing of them.
10. Set up banking alerts: Many financial institutions offer text or email alerts for transactions on your accounts, helping you quickly detect unauthorized activity.
11. Have powerful antivirus software: The best way to protect yourself from malicious links that install malware and potentially access your private information is to have antivirus software installed on all of your devices. This protection can also alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Get my picks for the best antivirus protection winners of 2024 for your Windows, Mac, Android, and iOS devices.
12. Keep Software Updated: Make sure your devices and antivirus software are up to date. Regular updates They often include security patches that protect against vulnerabilities that scammers could exploit. Keeping your software up to date is a critical step in protecting your digital assets.
Kurt’s Key Takeaways
While the statistics are sobering, they don’t have to leave you feeling helpless. Identity theft is a serious threat, but with awareness and proactive measures, you can significantly reduce your risk. Remember, criminals are constantly evolving their tactics, which means we must stay one step ahead. The most powerful weapon against identity theft is knowledge. Understanding how these scams work, recognizing potential red flags, and taking preventative measures can make all the difference.
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