Everybody who surfs the net is vulnerable to some kind of Cybercrime. However, what makes Americans more susceptible in particular is their addictive nature of shopping particularly during Cyber Monday or Black Friday. This is brought about by the ease with which shoppers can execute their online purchases from the comfort of their homes. Furthermore, a huge percentage of Americans (83%) do not take any precautions to guard against possible identity theft. Recent survey statistics that were unveiled by CreditWire (Capital One) showed that shoppers (Americans) spent $8 billion on Black Friday/Cyber Monday deals last season alone. Whereas Adobe Analytics indicates that online transactions did dominate during the season, potential fraudsters took center stage in hiving a part of the pie. According to Vice CEO of Capital One, Jeff Amster, shopper’s failure to safeguard their credit scores is akin to one agreeing to be dropped six feet down, head first!
Mistakes Consumers Make
The worst mistake a shopper can do is to transact business on an insecure online platform. Secure sites often begin their address with “https” with a symbol of a padlock at the beginning of the search bar. You’ll find that e-commerce sites purportedly populated by enticing deals often ask for personal details such as your credit card number, ID or passport details. Whenever you are asked for such personal info, take a look at their search bar address and if you don’t see the padlock, please run. Amster of Capital One says that the number one fear for American shoppers during the holidays is to be defrauded.
How Best to Protect Yourself
American consumers need to know how to secure their personal tidbits using free apps such as CreditWise or other legit apps that allow a shopper to automatically receive or send text alerts from service providers like TransUnion and Experian. The two providers have the ability to track your security number right into the deep web where fraudsters thrive. Another viable alternative is to subscribe to purchase alerts via your credit card provider or bank so that you always get notified of any transactions. Additionally, it is advisable to keep changing your pin number or passwords to make it difficult for hackers to crack. Typically, passwords containing upper and lower cases combined with alphanumeric symbols are recommended due to their complexity. Just make sure that you can remember them every time you need to log on or are required to enter your pin.
A victim of identity theft would typically take a fortnight to replace his or her identity documents. This includes acquiring legal reports and working to verify that theft took place. Whereas you cannot shield yourself completely from criminals lurking behind the screen, it is possible to minimize the risks by acting quickly once you notice irregularities in your transactions. Here are additional precautions you can take in case you fall victim to identity theft:
Fraud alert:
Contact any of the legit credit bureau so they can install fraud alert messaging on your credit reports. These alerts, which may last for as long as seven years, allow you or your businesses to institute extra measures to guard against theft every time you transact using your credit card.
Security report freeze:
Placing a security freeze on your Credit Report is a step that is a notch higher than mere alerts. Before a business asks for your credit report, the security freeze feature demands either a password or a PIN. Placing a security freeze feature on your credit report also comes a cost as opposed to the free fraud alerts.
Demand your credit reports:
Each of the three credit bureaus are obligated to provide you with a credit report annually for free. You may also order them after every four months thus allowing you to monitor your credit throughout the year. The only disadvantage is that you can only be issued one credit report at a time by one bureau hence the risk of having to wait the entire year if it does not surface on all three bureaus at once.
Purchase your reports:
You can always buy your credit reports once your yearly entitlement is depleted. You can get all the three credit reports from TrueCredit.com for as little as $15. You may also obtain free credit reports by subscribing to reliable credit monitoring service although the free service window is only valid for a certain period after which they’ll charge you. So make sure you cancel before the free period lapses.
Keep check on your online accounts:
If your bank permits you to access your accounts via an online platform, then you should make it routine to log on regularly just to keep an eye on any irregular activity or if there are unauthorized charges. Secure your login details and never share or write it down but commit it to your memory all the time.
Register with credit monitoring:
Another way of identifying identity theft is to enroll with credit monitoring. Though it comes at a cost, credit monitoring offers a better option compared to purchasing them. Should you opt to enroll for credit monitoring, make sure to compare the fees charged by those offering similar services.
Protect your Social Security Number (SSN):
Should your SSN end up in the hands of a thief, it may mean the demise of your credit. Do not stack your Social Security card among the business cards in your wallet and never write the number down either. Even when being served at the counter by customer care teller, be wary of who is around you and keep your distance.
Handle check orders personally:
Whenever you order checks in bulk, make sure you collect them yourself from your bank instead of having them sent via snail mail.
NO to pre-approved offers:
Fraudsters are known to use your data on credit card offers especially if they have been approved in advance. They will use your information to acquire credit cards in your name. So make sure you destroy all the information contained in the credit card offers or you can opt-out from the service altogether.
Pay bills via online:
If fraudsters can steal your identity using checks, so they can through your mailbox if you post them via mail. Many banks these day encourage customers to pay their bills through online bill pay. If you feel insecure sending bills via the post office, do it online.
The increase in identity theft by fraudsters lurking underneath the dark web, is enough reason to be extra vigil when it comes to sharing sensitive documents such as credit card information, passwords or PIN numbers. Stay safe.
