Identity theft has become a widespread issue, affecting millions of Americans every year. In 2023 alone, American adults lost a staggering $43 billion Identity fraud. The following story illustrates the devastating impact this crime can have on individuals:
Paula DespereShe, a former Colgate-Palmolive employee, was living a comfortable life when she discovered her 401(k) account had been drained by $750,000. The shock came when she tried to access her account online, only to find it blocked.
A scammer impersonated her, changed her contact details and withdrew her entire retirement savings in one transaction. Stories like financial identity theft have become very common. If you live in the United States, you've probably already encountered one, or worse, experienced it firsthand.
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Illustration of a fraudster at work (Kurt “CyberGuy” Knutson)
Do you think identity theft won't happen to you? Think again
2023 FBI Internet Crime Report It reveals that adults 60 and over account for 24.08% of all identity theft claims and incur 41.46% of total financial losses. While they may not face a greater risk of becoming victims, the financial losses are far greater than for any other age group. Older people, especially those over 60, often feel the impact more deeply. Why? They usually have more assets than younger individuals, and are less likely to monitor their bank accounts daily.
Illustration of a fraudster at work (Kurt “CyberGuy” Knutson)
Don't get caught in a “pending APPLE ID” phishing scam
An old scam with a high-tech makeover
Identity theft has been a concern for centuries, with one of the most famous historical fraudsters being Frank Abagnale Jr. Abagnale claims to have successfully impersonated several professionals in the 1960s, including a Pan Am pilot and a doctor, and forged checks and documents to raise money. Small fortune. His alleged exploits were so notorious that they inspired the movie “Catch Me If You Can.”
While Abagnale's story is a dramatic example, modern identity theft has evolved into a more widespread threat, especially with the rise of… Digital technology. The widespread availability of personal information on the Internet, combined with the lack of regulation preventing companies from collecting data without consent, has made it easier for criminals to exploit personal data. The scope is enormous, and the impact can be severely disruptive to your life and the life of your family.
KURT chooses to remove your personal data from the Internet
Woman working on her laptop (Kurt “CyberGuy” Knutson)
Your email has not expired, it's just another scam
Red flags to watch out for
Being aware of the warning signs of identity theft can help you take action before it's too late. Here are some red flags to watch for.
Unexplained account activity: Keep an eye out for unusual transactions or changes to your bank or credit card statements that you don't recognize.
Credit report changes: Check your regularly Credit report For new accounts you didn't open or inquiries from lenders you didn't initiate.
Lost mail or bills: If you stop receiving bills or other important mail, it may indicate that someone has changed your address without your knowledge.
Unexpected denial: If you are unexpectedly declined for credit, it may be a sign that someone is using your information to apply for loans or credit cards.
Strange connections: Be wary of emails, texts or calls requesting personal information, especially if they create a sense of urgency or fear.
Unusual password changes: If you notice changes to your online accounts that you didn't make, such as resetting your password or changing your security questions, act quickly to secure your accounts.
Alerts from identity theft protection services: If you use an identity theft protection service and receive alerts about suspicious activity, investigate immediately.
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Strengthen your defenses now
Identity theft doesn't have to be a devastating blow. You can significantly reduce your risks by being more aware of your online habits. Here's how.
1. Monitor your accounts regularly: Keep a close eye on your bank and credit card statements to detect unauthorized transactions early. This can prevent financial losses and protect your assets.
2. Use strong passwords: Use complex passwords and Password manager To secure your online accounts. Strong passwords are your first line of defense against cyber threats.
3. Stop oversharing: Limit the personal information you share on social media and other platforms. It is a valuable treasure for cybercriminals who use it to craft convincing scam campaigns that specifically target you.
4. Invest in personal data removal services: Given the alarming rise in identity theft cases, it is essential to take proactive measures to protect your personal information. One effective strategy is to invest in personal data removal services. Although no service promises to remove all your data from the Internet, getting a removal service is great if you want to continuously monitor and automate the process of removing your information from hundreds of sites over a longer period of time. Check out my top picks for data removal services here.
5. Freeze your credit: Start with a credit freeze on your credit file with the three major credit bureaus. This restricts access to your credit records, making it difficult for identity thieves to open new accounts in your name.
6. Use an identity theft protection service: Identity theft companies can monitor personal information such as your Social Security number, phone number, and email address and alert you if it is sold on the dark web or used to open an account. They can also help you freeze your bank and credit card accounts to prevent further unauthorized use by criminals. Check out my tips and top picks on how to protect yourself from identity theft.
7. Use two-factor authentication: maybe This extra layer of security on your accounts to make it harder for thieves to access your information, even if they get your password.
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8. Be careful when using public Wi-Fi networks: Avoid using Public Wi-Fi service For sensitive transactions or use a VPN to encrypt your online activity. Using a VPN (Virtual Private Network) service. It can enhance your privacy by encrypting your internet traffic, making it difficult for hackers and third parties to intercept your data, especially on public Wi-Fi networks. A VPN masks your IP address, which helps hide your location and online activity. Although VPNs don't directly block phishing emails, they reduce the exposure of your browsing habits to trackers who might use this data maliciously. With a VPN, you can safely access your email accounts from anywhere, even in areas with restrictive internet policies. For the best VPNs, see my expert review of the best VPNs for browsing the web privately on your device Windows, Mac, Android and iOS devices.
9. Shredding sensitive documents: Shred financial documents, credit offers, and other papers containing personal information regularly before throwing them away.
10. Setting bank alerts: Many financial institutions offer text or email alerts for transactions on your accounts, which can help you spot unauthorized activity quickly.
11. Having a powerful antivirus program: The best way to protect yourself from malicious links that install malware, and potentially access your private information, is to install antivirus software on all of your devices. This protection can also alert you to phishing emails and ransomware, keeping your personal information and digital assets safe. Get my picks for the best antivirus protection winners of 2024 for Windows, Mac, Android, and iOS.
12. Keep software updated: Make sure your devices and antivirus software are up to date. Regular updates They often include security patches that protect against vulnerabilities that fraudsters may exploit. Keeping your software up to date is a crucial step in protecting your digital assets.
Is it dangerous just reading this phishing email, or should I click a link and get in trouble?
Key takeaways for Kurt
Although the statistics are alarming, they don't have to leave you feeling helpless. Identity theft is a serious threat, but with awareness and proactive steps, you can significantly reduce your risks. Remember, criminals are constantly evolving their tactics, which means we must stay one step ahead. The most powerful weapon against identity theft is knowledge. Understanding how these scams work, recognizing potential red flags and taking preventative measures can make a big difference.
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