Identity thieves skillfully steal information to access your most private financial assets and secrets. Unfortunately, we often inadvertently make their task easier. By understanding their common identity theft tactics, you can better defend yourself, your information, and your financial interests. Let's explore these tactics.
Common Methods of Identity Theft
Be warned, the tactics listed below are not the only ones identity thieves can and do use to access your closely guarded financial secrets. They are, however, some of the most widely and commonly used. Your best approach is to guard against sharing personal, medical, or financial information with anyone you aren’t certain has the need to know that information and is bound to practice certain levels of security and secrecy when protecting the information you provide.
Phishing
Phishing is a common tactic used by identity thieves to gain access to information. It works like this.
- You receive an email requesting specific personal or financial information.
- The email appears to originate from trusted companies, banks, etc.
- You click a link or open an attachment that is not from the trusted institution but from identity thieves.
Once these thieves have access to your account information, they can use that information to make transactions or to discover other accounts that may share passwords and other information, allowing them to dig deeper into your identity. More sophisticated thieves are using voice for phishing by impersonating loved ones’ voices or SMS phishing using text messages from “trusted” numbers to get you to send money for emergencies.
Skimming
Identity thieves often use skimming to capture data from the magnetic strips of credit cards. They typically install skimmers on ATMs and credit card readers on gas pumps. Dishonest sales staff might swipe your card to gather your information for later misuse. To detect this identity theft, regularly monitor your credit card and bank statements for unfamiliar charges.
Malware
Identity thieves frequently use malware, a malicious tool, in various forms. They can easily trick people into downloading it onto their computers through websites, pop-up windows, or email attachments. Once installed, malware lets criminals monitor your web activity and even record keystrokes to capture essential details like account information, passwords, and personal data. This tool is a preferred method for identity thieves to disrupt your life.
Data Breaches
Identity thieves exploit data breaches to gain extensive access to consumers' financial and personal information, including medical details. While data breaches offer varying useful information, thieves can combine this with details from social media posts and public records. This comprehensive knowledge about you enhances their ability to steal your identity.
Types of Information Identity Thieves Target
We live in the information age. Information is one of the largest commodities on the planet. Everyone buys and sells it, from website search engines to pizza delivery restaurants. Identity thieves desire all manner of information about their targets, including the following:
- Birth dates
- Social Security numbers
- Driver’s license numbers
- Family member names
- Age
- Place of birth
- Colleges and universities you attended
- Addresses
- Schools your children attend
- Pet information
- Banking institutions
- Credit card numbers
- Login accounts
- Login passwords
- Medical insurance information
- ATM and banking passwords
- Medical insurance providers
- Utility companies
- Professional licenses and certifications
- Marital status
As you can see, there is a lot of information identity thieves find helpful. While some of the information is stuff you would carefully guard in mixed company, much of it is stuff people share openly, every day, on social media. Keep that in mind when posting about your family online.
How Stolen Information is Used
The information identity thieves steal is used for many purposes that are not limited to the following:
- To rack up credit card and bank account charges.
- To open new credit accounts in your name – and not pay the bills.
- To create false identities for criminals to use.
- To open up utility accounts in your name – leaving you with unpaid bills.
- To apply for government benefits (unemployment, Social Security disability, medical assistance, etc.).
- To obtain medical care and services.
- To steal your tax refunds.
Of course, these are just the beginning. Some identity thieves may even use your professional credentials to secure employment they aren’t qualified for – ruining your professional reputation.
Takeaways
As much as you might try to play it safe, those will always take your information and use it to do evil things. It is wise to work hard to limit access to personal and financial information about you online and in your home. Look for ways to diminish the information footprint you leave behind in your daily life to reduce your risks of becoming a victim of these common identity theft tactics and many more.