Are you a target for Identity Theft?

Are you a target for Identity Theft?

Cyber thieves are out there.  Identity theft has become a HUGE problem with the emergence of the World Wide Web.  No longer does someone need to steal your mail to steal your identity.  Cyber thieves have quickly evolved and adapted to new technology by making entire businesses off of stealing identities and other personal data, then selling this technology, or the information they stole using it, to the highest paying criminals.  These cyber weapons are elaborate, sophisticated tools that leave victims helpless to stop them.  Almost anything you save on your computer or type into your Internet browser is subject to be in a cyber thief’s trophy collection.  Who are they after?   Could it be you?  How can you protect yourself?

Graphic Source: http://www.ag.ndsu.edu/burkecountyextension/home-and-family/identity-theft-what-to-know-and-what-to-do

One form of identity theft is credit card fraud.  Just by owning a credit card and using it makes you a target.  You should always make sure the website you choose to buy from has the secure hyper-text transfer protocol in use.  You can verify this by looking at the address of the page you are on in your web browser.  The start of the address should be https:// rather than http://.    This doesn’t completely protect you.  Your card information may be stored on the company’s server for your convenience should you decide to shop again. (Anderson, 2006) How convenient would it be if a hacker obtained the stored credit card numbers from a website?  If you choose to store your credit card numbers on a particular website, then you must trust that company’s online security team with your identity. 

Even if you don’t use your credit card online, you can still have your number stolen if you aren’t careful.  Think about paying for your meal at a restaurant.  You place your credit card in an envelope and your server runs out back with it.  Do they have enough time to snap a photo of your credit card or copy the number down while they are back there?  About 50% of people refuse to pay for their meals with a credit card for this very reason.  (Anderson, 2006). 

You may ask yourself, “How have these cyber criminals become so good at stealing my money?”  The simple answer to this complicated question is that they did it with an open mind.  According to Filshtinskiy (2013), “criminals have always raced ahead of the pack, figuring out how to steal from somewhere before the rest of the population realized there was money to be had”.  All of this money has made cybercrime into a very lucrative venture.  “Various sources put individual monetary losses from cybercrime as more than $100 billion (Filshtinskiy, 2013).”  With this type of revenue being generated cybercrime businesses have begun to spring up all over the world.  These businesses make their living off of providing cyberweapons to other criminals willing to pay for the services. 

Cyberweapons are cleverly crafted cyber activities that disrupt, destroy, or steal sensitive computer systems, and the information they contain.  The types of cyberweapons can range anywhere from sending unsolicited messages through email or social networking sites, to sophisticated attacks that bring down a country’s uranium enrichment plant (Filshtinskiy, 2013).  The largest percentage of business for cyberweapons is the ability to steal large databases of passwords.  With these passwords in hand, cyber thieves across the world can steal countless amounts of identities.

Now you are aware how your info can be stolen.  Who is most likely to have their card stolen?  Anderson (2006) had some interesting observations as the result of a study performed.  Basically, people who use credit cards are a likely target.  If you have a higher income, you are a target because you are more likely to be approved for credit cards.  If you have several people in your household, you are a target because you will be spending more money than a smaller household.  Younger people are a target since they may make risky purchases whereas older folks are more cautious.  Does gender play a role?  The study showed that women are more likely to have their credit card number stolen than men, but there was no significant evidence as to why this is.  Perhaps women are a target since in general women shop more than men.  Whatever the case, it doesn’t hurt to be aware. 

You have some tools to prevent the damage of identity theft to get too high.  (Anderson, 2006).  Be vigilant in monitoring your accounts for fraudulent activity.  Be sure not to throw away correspondence that has your personal information.  Use care when deciding when and if you should use a credit card.  Make sure the computers you use have up to date anti-virus and malware protection software on them.  Routinely update the program’s virus definitions and keep them current.  Following these few simple steps can drastically reduce the risk of having your identity stolen.

Anderson, K. (2006). Who Are the Victims of Identity Theft? The Effect of Demographics.  Journal of Public Policy & Marketing, 25(2), 160-171.  doi:10.1509/jppm.25.2.160

Filshtinskiy, S. (2013). Cybercrime, cyberweapons, cyber wars: is there too much of it in the air?  Communications of the ACM, Volume 56: Issue 6.