DID YOU KNOW? There were 4.8 million ID Theft And Credit Card Fraud reports to the Federal Trade Commission (FTC), which resulted in a $4.5 billion loss. This was a 45% hike in the number of cases and total money lost, as compared to 2019.
Identity Theft is undoubtedly one of the most growing issues in the U.S. especially due to the amount of private and sensitive information available online. One of the most widely known types of identity theft is credit card fraud, which certainly accounts for over 60% of all ID-theft related complaints. But what about the other 40%? Well, here’s the list of various types of Identity Theft that occur every day and poses a serious threat to individuals.
Must-Check: Identity Theft Statistics That May Surprise You
Understanding The Different Types Of Identity Theft
In this post, you will learn about 5 types of Identity Theft alongside some basic preventive measures you can take to protect yourself.
1. Financial Identity Theft
One of the most common ID Theft attacks includes Financial Identity Theft. In this type of attack, the fraudster uses another individual’s private information for financial gain. In the majority of the case, the cybercriminal tries to get access to your Social Security Number, Bank Card PIN, Mailing Address, Bank Account, Credit Card Number, etc. This type of ID theft does some serious damage to the victim when it comes to ruining the credit score, their ability to get a loan in the future, etc.
What to do to prevent Financial Identity Theft?
First of all, don’t reveal your financial details like credit card numbers, SSN, and more, unless it’s really important. Don’t forget to permanently shred confidential files and folders before throwing them away. Be vigilant before you click any link on unknown websites or in emails. If required, consider keeping a lock on your credit report!
What Do I Do If I’ve Been A Victim Of Financial Identity Theft?
If you think you’ve been a target of Financial ID Theft, then place a fraud alert with major credit bureaus. Reach out to your nearest local police station to file a report. Do contact creditors who’ve opened accounts in your name, without your consent and inform them about the whole scenario.
2. Account Takeover Fraud
In this kind of Identity Theft, someone gains access to one or more of your accounts, without your consent and knowledge. They further use your name to conduct fraudulent transactions, transfer money or gain control to other additional accounts.
What to do to prevent Account Takeover Fraud?
Well, according to this attack, cybercriminals need access to your passwords to break into your accounts. Hence, keeping strong, unique, and complex passwords is the key. Don’t use the same passwords for all your accounts, try to opt for two-factor authentication to tighten the security. Make sure you use a professional VPN service, every time you connect to public Wi-Fi. This certainly adds an extra level of security.
What Do I Do If I’ve Been A Victim Of Account Takeover Fraud?
Immediately changing all your passwords should be job one. Contact your bank or customer support team to report the suspicious activities.
3. Medical Identity Theft
This kind of ID Theft occurs when someone uses another individual’s personally identifiable information to receive medical services. In such cases, the victim’s health insurance provider may start receiving fraudulent bills. This type of Identity Theft is certainly complex to resolve and certainly a costlier affair than other common forms of ID theft mentioned here.
What to do to Prevent Medical Identity Theft?
Maintain a habit of shredding outdated insurance forms, prescriptions, and other documents containing private information or medical details. Make sure you carefully review all the bills and other correspondences from healthcare providers. Always keep digital copies of physician statements and other sensitive records secure.
What Do I Do If I’ve Been A Victim Of Medical Identity Theft?
Immediately file a complaint with the Federal Trade Commission. You can either do that online or simply call at 877-438-4338. Consider checking the fact sheet on medical ID theft provided by FTC with a checklist of steps, you need to perform to access and correct your medical records, in case fraud has been conducted.
4. Social Identity Theft
There’s a high probability that you’ve had a friend or relative over Facebook, warning you about not accepting a new friend request from them. Well, that’s likely because they’ve been trapped under Social ID Theft. Someone has certainly used their name, pictures, and other personal details to create a fake clone social media account.
What to do to prevent Social Identity Theft?
To lower the risk of this type of Identity Theft, start establishing the habit of not disclosing your details online. Make sure you limit who sees your pictures and posts on Facebook and other platforms. You can check the Privacy settings and set Who Can See Your Future Posts to Friends or Friends, Except, etc.
What Do I Do If I’ve Been A Victim Of Social Identity Theft?
Wondering what to do if you’ve found a fake Facebook or Instagram profile? Well, instantly report the account to a social network platform. For Facebook, you can follow the online instructions here and report fake accounts. For Instagram, you can use this link to report the profile. Twitter users can file the impersonation report, right here. Lastly, it is important to report any type of Identity Theft to Federal Trade Commission.
5. Child Identity Theft
Child Identity Theft happens when someone steals or misuses a minor’s private details. In several cases, the fraudster uses a child’s Social Security Number, Birthdays, Addresses, and such to open fake accounts. They further use the child’s name to avail government benefits or apply for school or car loans etc.
What to do to Prevent Child Identity Theft?
Take these steps to better protect your child’s information: Get started by regularly checking their credit report. If something suspicious is detected, inform the credit bureau. Second, include your child’s birth certificate, medical insurance card, and other legal documents in a secure place. Make sure you educate your children about online privacy and security.
What Do I Do If I’ve Been A Victim Of Child Identity Theft?
If you think your child’s identity has been stolen, the first step is to Report and close the fraudulent accounts, secondly, you should consider freezing your child’s credit report. Third, you need to report child ID theft to the Federal Trade Commission.
Get Advanced Identity Protector – The Best ID Theft Protection Tool (2023)
If you are highly concerned about data privacy and want to avoid being a victim of Identity Theft, consider using Advanced Identity Protector to get the answers to all your questions. The application dedicatedly scans your PC and transfers all the personal information of privacy-exposing traces hidden on your computer to a secure vault. It offers AES-256 encryption techniques to store all your data in an encrypted format that is accessible to you. Once you run a thorough scan with Advanced Identity Protector, it will give you three options – Move all the sensitive data to a Secure Vault, which is fully encrypted and locked with solid protection. Secondly, it helps to remove all the detected sensitive traces permanently. Third, it allows you to add all the data to the exclusion list so that they do not appear in the next scan result.
Its knowledge base and customer support system are always available for your assistance.
Availability: Windows & Mac
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