Also, check your credit report for changes in your score. If you see an unexplained charge, contact your credit card company or bank immediately to report it. The good news is that it’s easy to protect yourself against financial identity theft by checking your bank accounts, credit card statements, and bills. They then run through the credit line, leaving you to foot the bill. Criminals may open new accounts using your Social Security number and other data. For example, a person may use your data to open a new line of credit.However, criminals can rack up millions in damages if they target enough people in this way. Hackers may steal funds from your bank account. Sometimes, the amount might be so small that it seems inconsequential, totaling just a few dollars.Unfortunately, this issue has become especially prevalent thanks to online shopping during the COVID-19 pandemic. Fraudsters may use your credit card information to buy things. We all love to shop online - even criminals. Financial identity theft can take multiple forms, including: This is the most common form of identity theft (including the credit card example described above). Financial identity theftįinancial identity theft is when one person uses another’s personal data for financial benefit. Here are five common types of identity theft to help you stay one step ahead of hackers. 5 types of identity theftĪ little knowledge can go a long way in stopping cybercriminals in their tracks - especially since they’re becoming more sophisticated and coming up with new schemes every day. They might then use this information to make purchases, open credit cards, and even use health insurance to get medical care. This means a fraudster may take sensitive information like names, birthdates, Social Security numbers, driver’s license details, addresses, and bank account numbers or credit card numbers. We’ve all probably heard of identity theft, but what is it? Identity theft is when someone uses another person’s financial or personal data, usually for monetary gain. Here we’ll define and explore the different types of identity theft to watch out for. Understanding the different types of identity theft can help you safeguard yourself and your loved ones so that you can continue all your favorite online activities. The first step in protecting yourself? Educate yourself. There are plenty of tools and techniques that can help protect you and your family so you can continue to enjoy everything modern technology has to offer. However, while it’s important to be aware of the threat of identity theft, this shouldn’t be cause for alarm. They may also deal with anxiety around financial security going forward. Those affected by identity fraud may see a dip in their finances and credit scores. What is identity theft? Well, it’s the fraudulent use of another individual’s name and details for personal gain. Federal Trade Commission (FTC) received 2.1 million fraud reports in 2020. To help you enjoy every minute of it, though, it’s good to be aware of what less savory characters are up to.Īnd they sure have been busy. The internet provides plenty of fun and exciting opportunities for you and your family, from sharing on social media to online shopping.
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