Defending
Yourself Against Identity Theft
By: NerdWallet
As technology advances, you can
be sure that identity thieves are not far behind. Here are some common methods cyberthieves
use to steal your personal information and how you can increase your security
while shopping or banking.
Phishing/vishing
Your email messages may not be
quite what they appear to be if you're targeted by a phishing scam. Phishing is
the act of sending fraudulent emails that seem to come from familiar
businesses. These messages contain links to phony websites designed to steal
personal information either directly or through malware and keyloggers. Often
you'll see a problem referenced with a request to click on the link provided to
correct it. Once you've entered your information, ID thieves can access your
accounts.Vishing is the telephone version of phishing. Callers are sometimes bold enough to suggest the victim call back to verify authenticity. But the vishers don't actually hang up; instead they play a recorded dial tone to make the victim believe he's making a call.
Debit
and credit card fraud
Most shoppers love the
convenience of plastic, and identity thieves use this to their advantage
whether it involves skimming, phishing, vishing, malware, mail theft or just
looking over a victim's shoulder to steal account numbers. When debit cards are
compromised, it's particularly alarming because fraudulent purchases drain your
checking account instantly.
BEC
scams
Business email compromise, or
BEC, scams have cost companies more than $1.2 billion. A phony email from a CEO
requesting that funds be transferred per attached instructions is sent to an
employee. Because the email appears to come from the employee's superiors, and
because the message so closely resembles requests this employee receives
regularly, the transfer is often made without question. The money then ends up
in overseas accounts that are almost impossible to trace.
Tips to
protect yourself
To even further reduce fraud
risk:- Install the latest
editions of antispyware, antivirus, firewalls and browsers to all devices,
and password-protect them.
- Use strong passwords for
all accounts and change them frequently.
- Monitor accounts and
credit reports to detect fraud early
- Don't use public Wi-Fi
networks for financial transactions.
- Keep cards away from
public view, and shred personal documents before discarding.
- Opt in for two-factor
authentication on accounts.
- Turn off bluetooth and
near field communication when not in use.
- Don't click on email
links. Type full web addresses to access business websites.
- Never share sensitive
information with unsolicited callers or email senders.
- To verify calls, hang up
for at least one minute to insure the first call is disconnected.
- To protect your business
from BEC scams, use a two-step verification process for all money
transfers. Verbal confirmation is also wise.
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