Identity Theft Reviewed

Protecting your identity today requires awareness of the wide range of risk factors involved in your business. The vast wealth and diversity of data enables potential ID thieves to harvest varying databases to gain personally identifiable information.

No single source can safeguard your identity in a modern market because 3rd party data vendors and financial institutions often share and re-compile data. Most commonly, nearly a third of data theft is related to credit and debit cards. Both because of the high degree of data transmission as well as the higher overall value of the numbers, criminals aim to steal credit data both in physical and virtual forms. Most identity protection services allow individuals to safeguard their credit data and put automated holds as a result of any suspicious activity – additionally, it can be wise to opt-out of any preapproved credit offers, which make your accounts even more vulnerable.

The second most common form of identity fraud is related to your utility and phone records. Thieves are able to open phone and utility accounts in your name, diverting resources and valuable information for their own use. Cell phone fraud is highly common today, as criminals utilize stolen cell phone accounts to make expensive international calls. It’s important to keep your cell phone safely guarded, as well as ensuring that you notify your provider as soon as you suspect your phone is lost or stolen. Also, review your billing records on a regular basis for any irregularities.

Common identity theft schemes today also related to theft of financing and banking information – nearly 1 in 5 cases of identity theft relate directly to bank fraud. Safeguard your bank information closely, especially in the case of online accounts – money lost through stolen money transfers can be difficult to recover, even when reported. Always choose a difficult PIN and constantly change a difficult to guess password for online accounts. Never provide personal information via unauthorized emails, as this can be potential phishing. By investing in ID security system as well as computer software, you can help ensure continuous protection.

Methods thieves use to get information
Taking basic precautions isn’t always sufficient to ensure that your personal data is safeguarded – identity thieves will take advantage of open information in 3rd party databases, as well as vulnerable government and private computer networks. Personal steps to protect your identity can limit your risk, but only a subscription to a security service such as Trusted ID can truly protect you at all times.