Identity theft occurs when someone impersonates you by using your personal information and another sensitive piece of information. This is done usually in order to take advantage of your personal belongings or to anonymously commit a crime leaving the identity victim as a scapegoat. Since identity theft can be rampant, we’re sharing some of what you need to know to lower your risk of being a target, recognize warning signs, and act quickly to limit harm. In this blog, we will also discuss different kinds of identity theft and possible actions you can easily take to prevent it.
Identity theft
What is it?
When someone impersonates you or steals from you using your personal information, identity theft has occurred. This can include all or one of the following: your bank and investment accounts; your credit lines; tax refund; insurance information; all your credentials that can be used for a crime; and even utility information. For these reasons, it is always better to take precautions by not publicly sharing your information to stop criminals from abusing your identity and harming your financial situation.
Here are the 6 forms of identity theft and their symptoms
Once a criminal acquires your information, they may use it in the following ways:
Credit card fraud
When a criminal uses your personal information, including your birth date and Social Security number, to apply for a new credit line, this is known as credit identity theft.
A sudden shift in your credit scores or the appearance of an unfamiliar account on your credit report is a major red flag. This kind of identity theft may surprise you by getting debt collection notices or a court judgment against you. In this matter, credit freezing is the best approach to avoid it.
Children’s false identity and credit fraud
Synthetic identity theft occurs when criminals create a bogus consumer using a patchwork of personal information, including a Social Security number, that has not yet been registered in the credit bureaus’ databases and is frequently that of a small child or is made up entirely. Then, when the credit limits increase, they apply for loans and credit cards and frequently make payments for years. This kind of identity theft allows criminals to apply for credit on that child’s behalf. It often goes unnoticed until the victim applies for student loans or other types of credit.
To prevent this, investigate if your child is receiving credit card offers or phone calls regarding missed payments or debt collection. When this happens, you can put your child’s credit on hold.
Identity theft of taxpayers
Your tax refund or tax credit may be stolen by criminals who file tax returns using your Social Security number. In this case, you could be unable to file electronically because someone else has already done so; you received an IRS (or CRA in Canada) notice or letter mentioning an activity you were unaware of, or IRS/CRA records imply you worked for an employer that does not exist. Aside from filing your taxes as early as possible, some tools such as Equifax provide fraud auditing services for low monthly costs. The CRA also gives out PINs to ensure accurate identity confirmation.
Fraudulent use of identity
Fraudulent use of identity occurs when someone provides your name and address to law enforcement during an arrest or investigation. False identification, such as a fraudulent driver’s license, is frequently used for this. In this kind of identity fraud, the most common outcome can be a refusal of employment or a promotion due to information discovered in a background check, or you could be detained by a police officer for reasons you don’t understand. The best way to stop this from happening is to be careful about with whom you share your personal information.
Identity fraud in healthcare
Medical identity theft is the act of using another person’s identity to obtain medical services. It can lead to mixed medical histories, which could provide doctors and hospitals with inaccurate information when making healthcare decisions. This makes it extremely dangerous. Having inaccurate healthcare data can create confusion for a health practitioner who might provide the wrong health care and can put you at risk.
An indication that someone is utilizing your health care benefits is claims or payments on your insurance’s explanation of benefits that you do not recognize. If you are a victim, you need to tell your healthcare team and your insurance company so that the information in your medical records is correct and belongs to you.
The takeover of an account
Criminals use personal information to get into your bank accounts and then change passwords or addresses to keep you from getting in. An email, letter, or text from your financial institution that makes reference to a suspicious action (such as changing your password or email address) or transaction should raise red flags.
Conclusion
We hope to have provided some information to help you avoid and prevent identity theft. It is important to take precautions to avoid this type of identity theft as well as quickly resolve issues should they occur.
Do you ever feel like you are experiencing one of these red flags? If so, you may check if your personal information has been exposed with Oppos Inc.’s free email breach report tool.
Check it out here: Get Oppos Inc free email breach check
Related blog: Who to report a data breach or hack to in Canada
Must Read: Best free cybersecurity tools 2022
Best Read: Mobile Device Security: A Holistic Approach to an Evolving Threat
