The extent of online activity in this digital era makes identity theft a major concern today. Facebook and Google are now successful in tracking consumer behavior. Moreover, machine learning technology is gaining traction by the day. Furthermore, the repealing of the online privacy laws and regulations that have been adopted by the FCC or the Federal Communications Commission in 2017, have compelled consumers to be scared of identity fraud violations.
As per Entrepreneur.com, identity theft is supposed to be the ace complaint received by the FTC or the Federal Trade Commission with as many as 15 million victims every year resulting in a loss of about $50 billion annually. We know that identity theft is progressing phenomenally and numerous people are assuming that nothing can be done to prevent it. This surely is a myth.
You must be equipped with sound knowledge so that you could safeguard your valuable personal information from criminals. Let us explore some misconceptions about identity theft so that you could tackle the crime more effectively and come out victorious.
Misconception: Shredding Documents Automatically Implies That My Information Would Be Safe
It is a wise move to shred documents that contain important personal information. However, often identity theft is done by close friends, family members, roommates, and close associates who have easy access to all your vital documents much before you consider shredding them. To safeguard yourself, it is a great idea to keep your mail very much on hold until you are back in town from a trip. Your post office could help you in this matter. When in town always keep critical documents locked up. Moreover, you could buy a secure and sturdy mailbox if you are under the impression that your mail is not safe from being breached.
Misconception: Identity Theft Is Supposed To Be a Victimless Crime
Many of you take it for granted that your losses would be reimbursed quickly by the credit card company hence, the process involved is hassle-free. As per TransUnion, it usually would be taking 30 hours and $500 for resolving each case of identity theft crime. As per FBI, just one scam could lead to the destruction of a company, cost billions of dollars to the investors, or even end up wiping out completely the life savings of a family. You simply cannot escape unscathed after identity theft. It is high time you took some proactive steps such as installing software, hiring an identity theft protection agency, etc. for ensuring family protection.
Misconception: Identity Theft Impacts Only Adults
Most kids do not have active credit history implying that for cybercriminals, their spotless and clean credit file could be as good as a gold mine. Identity thieves could get a loan, open a brand new credit card, or even apply for certain jobs simply by stealing and using the Social Security Number. A kid would take a reasonable amount of time before realizing that he has been the target of identity theft. Children may become aware of identity theft when they become old enough to put in an application for loans or credit cards. They would then come to know that somebody has been committing identity theft.
Conclusion
You must be careful about sharing any personal information online particularly on social media. Always focus on shredding all your crucial documents and mail. Make it a habit not to carry around your Social Security Number.
