Protecting yourself from identity theft is very important these days. While businesses from all around the world implement clear KYC and ID verification processes, it is still up to the user to take the necessary steps to be protected.
Unfortunately, when it comes to identity theft, way too many people trust movies instead of facts. Identity thieves keep improving and figure out new ways to attack you. This is why it is really important that you are aware of the following misconception so you can be more protected in the digital finance world.
You Cannot Be A Victim If You Are Careful Enough
It is impossible to stop all identity theft. Cyber criminals are very sophisticated these days. You can take precautions and you can protect personal information but there is no real guarantee that you will manage to completely protect yourself. Your data might end up being exposed without you making a mistake.
As an example, in 2018 there was a security breach at large hotel brands, including Marriott. In 2020, another breach was reported. It exposed the data of over 5.2 million guests. This is why you have to be careful and always be aware of what is happening.
Freezing Credit Cards Keeps Information Safe
When you freeze the credit card, the identity thief cannot open accounts with your name or new credit cards. However, this does not mean you are more protected and your information is safe. After the card is frozen, the thieves can do other things because they have access to some personal information, like social security number, birth date, and name. Other types of fraud can be done with such information. The criminal does not need the credit report in order to file an insurance claim, as an example.
All Banks Protect Users
There are numerous financial institutions that are going to offer reimbursements when there are fraudulent credit card charges recorded. However, the same institutions might not give you the same protection when the thief uses your personal debit card.
You need to know the zero-liability policies that are in place and be aware of what protection you have. Review credit card and bank accounts to find fraudulent activities. Whenever a suspicious purchase is found, investigate.
All My Information Is Safe Because I Have A Security Suite Installed
It is very important that you have security software installed on the digital devices you use. However, identity theft is not restricted to online use. It is actually very common offline. Protecting your identity offline is also a necessity that needs to be understood. As a very simple example, a thief might steal your driver’s license, social security card, or just skin the details of your credit card.
Information Is Kept Safe When You Shred Documents
In reality, by the time you shred your documents the identity theft might have already happened. It is definitely a very smart move to shred all the documents that you do not need and that contain your personal information. However, identity theft is sometimes committed by roommates, friends, or family members. These people might have access to the documents way before you destroy them.