Do you think you are safe? Identity theft can wipe out all your life savings

Identity theft has become a widespread problem, affecting millions of Americans each year. In 2023 alone, American adults will lose a staggering $43 billion to identity fraud. The following story illustrates the devastating impact these crimes can have on individuals:

Paula Disberrya former Colgate-Palmolive employee, was living a comfortable life when he discovered his 401(k) account had been drained of $750,000. The shock came when he tried to log into his account online, only to find it blocked.

The scammer impersonated him, changed his contact information and withdrew all of his retirement savings from one job. Stories like these of financial information theft are becoming more common. If you live in the US, you’ve probably experienced it, or worse, experienced it firsthand.

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Think identity theft can’t happen to you? Think again

The FBI’s 2023 Internet Crime Report revealed that adults 60 and older accounted for 24.08% of all identity theft claims and accounted for 41.46% of total financial losses. Although they may not face the greatest risk of victimization, the financial toll is greater than any other age group. Older adults, especially those over 60, tend to feel the impact more acutely. Why? They generally have more assets than younger people and are less likely to monitor their bank accounts on a daily basis.

Picture of a fraudster at work (Kurt “CyberGuy” Knutsson)

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An old scam with a high-tech twist

Identity theft has been a concern for centuries, one of history’s most famous fraudsters Frank Abagnale Jr. Abagnale says he successfully impersonated various professionals in the 1960s, including a Pan Am pilot and a doctor, forging checks and documents to collect money. little wealth. His alleged actions were so infamous that they inspired the movie “Catch Me If You Can.”

While Abagnale’s story is a dramatic example, modern identity theft has evolved into a widespread threat, especially with the rise of digital technology. The widespread availability of personal information on the web, combined with the lack of laws preventing companies from collecting data without consent, has made it easy for criminals to exploit personal data. The scale is huge, and the impact can be very disruptive to your life and that of your family.

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A woman working on her laptop (Kurt “CyberGuy” Knutsson)

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Red flags to look out for

Knowing the warning signs of identity theft can help you take action before it’s too late. Here are some red flags to watch for.

Undefined account activity: Always be on the lookout for unusual transactions or changes on your bank or credit card statements that you don’t recognize.

Credit report changes: Always check your credit report for new accounts you didn’t open or inquiries from lenders you didn’t open.

Missing mail or bills: If you stop receiving bills or other important mail, it may indicate that someone has changed your address without your knowledge.

Unexpected rejection: If you are unexpectedly denied credit, it may be a sign that someone is using your information to apply for loans or credit cards.

Unusual connections: Be wary of emails, texts or calls that ask for personal information, especially if they create a sense of urgency or fear.

Unusual password changes: If you see changes to your online accounts that you didn’t make, such as password resets or security questions being changed, take immediate action to secure your accounts.

Warnings from identity theft protection services: If you use an identity theft protection service and receive alerts about suspicious activity, investigate immediately.

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Strengthen your defense now

Identity theft does not have to be a devastating blow. You can greatly reduce your risk by paying close attention to your online habits. Here is the way.

1. Monitor your accounts regularly: Check your bank and credit card statements to spot unauthorized transactions early. This can prevent financial loss and protect your assets.

2. Use strong passwords: Use complex passwords and a password manager to protect your online accounts. Strong passwords are your first line of defense against cyber threats.

3. Stop oversharing: Limit the personal information you share on social media and other platforms. It’s a treasure trove of cybercriminals who use it to create convincing fraud campaigns aimed directly at you.

4. Invest in personal data removal services: Given the alarming rise in identity theft cases, taking immediate steps to protect your personal information is essential. One effective strategy is to invest in personal data removal services. while no service promises to remove all of your data from the internet, having a removal service is great if you want to regularly monitor and automate the process of removing your information from hundreds of sites over a long period of time. Check out my top picks for data removal services here.

5. Freeze your credit: Start a credit freeze on your credit file with all three major credit bureaus. This limits access to your credit records, making it harder for identity thieves to open new accounts in your name.

6. Use an identity theft protection service: Scam companies can look up personal information like your Social Security number, phone number and email address and alert you if it’s being sold on the dark web or used to open an account. They can also help you freeze your bank and credit card accounts to prevent unauthorized use by criminals. See my tips and top picks on how to protect yourself from identity theft.

7. Use two-factor authentication: Empower this is an extra layer of security to your accounts to make it more difficult for thieves to access your information, even if they get your password.

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8. Be careful with public Wi-Fi: Avoid using public Wi-Fi for sensitive activities or use a VPN to encrypt your online activity. Using a VPN service (virtual private network). can improve your privacy by encrypting your internet traffic, making it harder for hackers and third parties to intercept your data, especially on public Wi-Fi. A VPN masks your IP address, helping to hide your location and online activity. While VPNs don’t directly block phishing emails, they do reduce the exposure of your browsing habits to trackers who might use this data maliciously. With a VPN, you can securely access your email accounts from anywhere, even in places with restrictive internet policies. For the best VPN software, see my expert review of the best VPNs for private web browsing Windows, Mac, Android and iOS devices.

9. Segregate sensitive documents: Always shred financial documents, credit offers and other papers that contain personal information before throwing them away.

10. Set up bank alerts: Many financial institutions offer text or email alerts about transactions on your accounts, helping you quickly spot unauthorized activity.

11. Have strong anti-virus software: The best way to protect yourself from malicious links that contain malware, which may have access to your private information, is to install antivirus software on all of your devices. This protection can alert you to phishing emails and ransomware scams, keeping your personal information and digital assets safe. Find my picks for the best antivirus 2024 winners for your Windows, Mac, Android and iOS devices.

12. Keep software updated: Make sure your devices and antivirus software are up to date. Regular updates they often include security patches that protect against potential scammers. Keeping your software up-to-date is an important step in protecting your digital assets.

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Kurt’s priority is taking

While statistics are sobering, they don’t have to leave you feeling powerless. Identity theft is a serious threat, but with awareness and quick action, you can greatly reduce your risk. Remember, criminals are always changing their tactics, which means we must stay one step ahead. The most powerful weapon against identity theft is information. Understanding how these criminals operate, recognizing potential red flags and taking preventative measures can make a difference.

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