Identity Theft: Concept, Potential Victims, Protection

What Is Identity Theft?

The digital world provides us with comfort and a lot of benefits for individuals and businesses. However, this gift comes with a price paid by those who don’t think about cyber security. One of the threats is identity theft. 

Identity theft is a crime that focuses on using a victim’s personal information, primarily, for immediate financial gain or as a part of more complicated fraud. Malicious actors get a person’s identification data to steal, access accounts, take loans, etc.

Each year shows a tremendous growth in identity theft cases. 2022 isn’t an exception, and we can predict that 2023 will inherit the tendency.

Identity theft may be a start and end point, a step in a complicated phishing scam or other types of cybercrime, or a by-product of other activities. There are many scenarios and you may guess that the number of potential and actual identity thefts is ever-growing. Every data breach may result in identity theft.

How Identity Theft Works

There are plenty of ways how hackers can get personal identifiable information (PII). Some of them are trivial and physical, like stealing a wallet with credit cards and other personal belongings or dumpster diving through trash in search of documents with PII. Others include digital interference - social media research or scams, email hijacking, spoofing, etc.

Potential Victims of Identity Theft

If you think that identity theft does harm to individuals only, it isn’t true. Many cyber security surveys show that businesses suffer even more. 

Anyone can become a target. So this isn’t a question about whether you or your business can become a potential victim; it’s more about likeliness. There are some groups of individuals and companies that suffer from identity thefts more often. For example, recent years have shown an increase in targeting young users. However, they aren’t the main target when it comes to top lists. Middle-aged people are more common victims in the age group because they are at the stage of earning more money and settling. The other group that is more likely to become a potential victim of identity theft is based on income. The more you earn, the more enticing you are in hackers’ eyes.

How to Prevent Identity Theft

When it comes to safeguarding businesses, we highly recommend reaching out to cyber security experts like MBS Tech to fully analyze the case and build an adequate defence. However, there are measures that can be undertaken without professional help to maximize the effect.

1. Read your bank, insurance and other PII-related statements, scores, and reports regularly and carefully so you can understand that everything is fine. Or delegate the responsibilities to trusted experts.  
2. Shred documents with PII and financial data before you throw them away.
3. Raise your cyber security awareness. Use up-to-date tools and update regularly. Reach out to experts if necessary.

There are many tools and services that maximize your identity theft protection. Cyber security experts and solutions can help with a healthy digital environment. Also, you may find offers from financial organizations like an insurance policy for identity theft protection, etc. You can explore what the market can offer you. And don’t forget that our team is always eager to provide you with professional advice and help concerning cyber security.