Identity Fraud was big in 2016
In 2016, identity fraud was at an all-time high.
Many social media accounts were hacked and as a result, the accounts plagued banks and businesses.
Not only, cell-phone accounts were hacked.
This occurs by criminals gaining access to financial accounts when consumers use two-factor authentication involving a text message or token app.
Even credit card services such as credit .com , got hacked , which isn’t good because those sites have you social security card number, and host of other classified information.
It died down, somewhat, but identity fraud is still apparent.
In 2017, credit card fraud accounted for 16.8% of all identity theft.
That same year, Equifax, had a breach that exposed personal data of 145 million people.
This was daunting because this credit company is the largest bureau in the U.S. 54% of companies claim they are only “somewhat confident,” of the security that they have.
Reasons
Unfortunately, one reason why identity fraud keeps occurring is due to the type of security companies are using.
A lot of fraud detection services are utterly useless.
P2P prevention, for example, has many flaws in its program. They have a limited data set on e-mail and phone.
Checking account verification systems, as well as checking account verification software, keeps getting breached.
These companies need better fraud detection.
Both phones and e-mails can be easily replicated by fraudsters.
EMV chips have been a fact in identity fraud, as well. It is very feasible to make accounts for EMVs chips and many own cards with chips .
Others feel online criminals have easy access to tools that assist them in their online criminal deeds.
There are known as fraud kits and they are for purchase.
To operate fraud kits, it takes little to no experience.
These hackers are also putting in overtime when it comes to hacking.
Solutions
Many people around the globe are still suffering from identity fraud.
Here are a few tips so you will not fall victim to it.
It’s recommended to check for viruses from time to time.
Infected computers often allow hackers into your online accounts.
They will be able to make transactions unbeknownst to you.
There is another method in securing your identity.
You can submit a affidavit to secure identity.
So just in case your identity is stolen you will have proof.
The world is changing every day, stay safe.