How To Fight Against
IoT Fraud and Identity Theft?
While the world relies on the Internet of things, there is a substantial rise in online fraud and identity theft. As more and more users get on the Internet, the virtual world is filling up with personal data. Identity thieves can apply for loans or credit cards in their name, file false tax returns or health insurance claims. And data thieves are making merry, expanding their fraud network, and duping people out of money.
While national and international authorities are fighting hard against IoT fraud and identity theft, the citizens have a more significant role to play as well.
How to do that?
The first step in the fight against identity theft is to understand how it happens. Once you get it, you can start working on the preventive measures.
Recognizing Signs of Identity Theft
Identity theft can happen any time without any warning, but there are ways to recognize it. These will help.
Your Household Bills Are Not Coming in Your Mail Lately:
While it may happen once due to an accident, if your accounts aren’t coming in your mail, then maybe your data has been compromised. There is a possibility that the identity thief has changed the billing address to prevent you from seeing the bill details.
The Credit Company Turns Down Your Loan Plea:
If you have recently applied for a credit or loan and you got rejected, but you remember your credit history to be strong, then you might have been a target of identity theft. Even if you’re approved for credit but received a higher interest rate, that is also a sign of you being a target.
You Notice Small Test Charges in Your Credit Card Statement:
Identity thieves usually make small “test” purchases of under $5 to check if the credit card is still active. If the credit card is still active, the fraudster will move on to make larger transactions.
How To Protect Yourself from Identity Theft?
Now that you know how to recognize signs of identity theft, here are some ways to safeguard yourself from identity thieves.
Use Password Protection for Your Devices
Most of the American population does not have password protection on their mobile devices. Your mobile without a password is like your home without a lock. Once someone gets hold of your device, they can access your emails, bank accounts, and other private data kept unprotected.
Employing A Password Manager
Some lazy people resort to keeping one password for all their electronic devices and even bank accounts. This is an open invitation for identity thieves who must guess one password and hijack all your accounts.
Phishing Attempts
We receive hundreds of spam messages and emails every day. Phishing attacks consist of identity thieves using websites and emails that resemble your bank or credit card company. These emails could easily trick you into giving your account information and jeopardizing your privacy. Some emails even contain malicious files that ask you to open them. And once you open them, you are exposed to malware and viruses.
Do Not Give Your Personal Information Over the Phone
Your bank, credit card company or mortgage lender will never call you and ask for your personal information. Fraudsters use people’s unawareness and call them posing as a bank or credit card company employee. Keep this information in mind, and never share your personal details over the phone.
Concluding Note
Identity theft can happen anytime without you even realizing it. So, keep your eyes and ears open for any signs, and you should be okay. Today, banks and other financial institutions use identity verification solutions during their customer onboarding to safeguard everyone on their system.
