Identity theft has become a widespread problem, affecting millions of Americans every year. In 2023 alone, American adults lost a whopping $43 billion identity fraud. The following story illustrates the devastating impact this crime can have on individuals:
Paula Disberrya former Colgate-Palmolive employee, was living a comfortable life when she discovered her 401(k) account had been debited from $750,000. The shock came when she tried to access her account online, only to find it blocked.
A fraudster had impersonated her, changed her contact details and withdrawn her entire retirement savings in one transaction. Stories like these about financial identity theft are all too common. If you live in the US, you’ve probably encountered one, or worse, experienced it firsthand.
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Illustration of a scammer at work (Kurt “CyberGuy” Knutsson)
Do you think identity theft won’t happen to you? Think again
The FBI’s 2023 Internet Crime Report shows that adults 60 and above accounted for 24.08% of all identity theft claims and suffered 41.46% of total financial losses. While they may not be at greater risk of becoming a victim, the financial toll is significantly greater than any other age group. Older adults, especially those over 60, often feel the impact more deeply. Why? They tend to have more assets than younger individuals and are less likely to check their bank accounts daily.
Illustration of a scammer at work (Kurt “CyberGuy” Knutsson)
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An age-old scam with a high-tech makeover
Identity theft has been a problem for centuries, with one of the most famous historical impostors being Frank Abagnale Jr. is. Abagnale claims to have successfully impersonated several professionals in the 1960s, including a Pan Am pilot and a doctor, forging checks and documents to amass a large crowd of people. small fortune. His alleged exploits were so infamous 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 ubiquitous threat, especially with the rise of digital technology. The widespread availability of personal information on the Internet, combined with a lack of regulations preventing companies from collecting data without consent, has made it easier for criminals to misuse personal data. The scale is enormous and the impact can seriously disrupt your life and that of your family.
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A woman working on her laptop (Kurt “CyberGuy” Knutsson)
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Red flags to look 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 look out for.
Unexplained account activity: Look for any unknown transactions or changes on your bank or credit card statements that you don’t recognize.
Changes in the credit report: Check your regularly credit report for new accounts that you have not opened or for questions from lenders that you have not initiated.
Missing mail or invoices: If you no longer receive invoices or other important mail, this may indicate that someone has changed your address without your knowledge.
Unexpected denials: If you are unexpectedly denied credit, it could be a sign that someone is using your information to apply for loans or credit cards.
Strange communication: Be cautious of emails, texts, or phone calls that ask for personal information, especially if they create a sense of urgency or anxiety.
Unusual password changes: If you notice changes to your online accounts that you didn’t make, such as resetting passwords or changing 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 risk by being more aware of your online habits. Here’s how.
1. Check 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 a 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 treasure trove for cybercriminals who use it to create convincing fraud campaigns that specifically target you.
4. Invest in personal data deletion services: Given the alarming increase in identity theft cases, taking proactive measures to protect your personal information is essential. An effective strategy is to invest in personal data deletion services. While no service promises to delete all of your data from the Internet, having a deletion service is great if you want to continually monitor and automate the process of continuously deleting your information from hundreds of sites over an extended period of time. See my top picks for data deletion services here.
5. Freeze your credit: Initiate a credit freeze on your credit file with all three major credit bureaus. This limits access to your credit information, 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: Enable this extra layer of security on your accounts to make it harder for thieves to access your data, even if they obtain your password.
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8. Be careful with public Wi-Fi: Avoid use public wifi for sensitive transactions or use a VPN to encrypt your online activities. Using a VPN service (virtual private network). can improve your privacy by encrypting your Internet traffic, making it harder for hackers and third parties to intercept your data, especially on public Wi-Fi. A VPN masks your IP address and helps make your location and online activities invisible. While VPNs don’t directly prevent phishing emails, they do reduce the exposure of your browsing habits to trackers that can use this data maliciously. With a VPN you can securely access your email accounts anywhere, even in areas with restrictive internet policies. For the best VPN software, see my expert review of the best VPNs for privately surfing the web Windows, Mac, Android and iOS devices.
9. Destroy Sensitive Documents: Regularly destroy financial documents, credit offers and other paperwork containing personal information before throwing them away.
10. Set up bank alerts: Many financial institutions offer text or email alerts for transactions on your accounts, so you can quickly spot unauthorized activity.
11. Get Powerful Antivirus Software: The best way to protect yourself from malicious links that install malware and potentially gain access to your private data is to install antivirus software on all your devices. This protection can also alert you to phishing emails and ransomware attacks, keeping your personal data and digital assets safe. Discover my picks for the best antivirus protection winners of 2024 for your Windows, Mac, Android, and iOS devices.
12. Keep the software up to date: Make sure your devices and antivirus software are up to date. Regular updates often contain security patches that protect against vulnerabilities that scammers can exploit. Keeping your software up to date is a crucial step in protecting your digital assets.
Kurt’s most important insights
While the statistics are sobering, they don’t have to make you feel helpless. Identity theft is a serious threat, but with awareness and proactive steps you can significantly reduce your risk. Remember, criminals are constantly evolving their tactics, which means we need to stay one step ahead of the competition. The most powerful weapon against identity theft is knowledge. Understanding how these scams work, recognizing potential warning signs and taking preventative measures can make all the difference.
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