Identity fraud is one of the most-feared risks associated with the increasing popularity of e-commerce as a major way of shopping. With the number of people who prefer online stores to brick and mortar in the wake of the pandemic, it’s only natural that the question of fraud prevention is being brought up more and more often. Add the general preference for credit cards as opposed to cash payments, and the issue becomes even more pressing.
Luckily, numerous rules of thumb, as well as specialized solutions such as fingerprinting protection, have been developed to mitigate the risk. Read below for vital advice on preventing personal data theft for anyone who shares such information at some point in their daily lives.
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Know Your Enemy: Types of Personal Data Fraud
In order to keep fraud at bay, you need to realize what you are dealing with. Personal data can be stolen and used in many heinous ways, most of which can be classified as one of the following:
- Debit/credit card fraud: fraudsters using your card data (from your stolen physical card or using card details obtained through phishing) without authorization to effect payments to their advantage
- Account takeover fraud: hackers make use of your accounts on social media/bank accounts/online shopping websites by gaining unlawful access to them, in particular to steal further data like credit card details
- Major identity theft: someone uses your stolen personal data or a mix of those from different people to put on an identity that doesn’t belong to them and thus gain access to real estate titles and other opportunities, potentially robbing the rightful owner of their property.
Below, we offer a list of essential tactics that will be helpful regardless of the specific fraud that you face.
Strategy 1: Improve Your Password Management
Passwords have become so ubiquitous in today’s world that we often take a negligent approach, forgetting that a strong topmost protection layer can be critical to overall success. Even when shopping for cat food online, you probably enter sensitive personal data. This means the information might be stolen and used for much less innocuous purposes. To avoid this, make sure you always use strong passwords that combine alphanumeric and special symbols and are reasonably unpredictable. Consider safe ways of storing them.
The same applies to your PIN and similar codes used to obtain access to transactions. Many people break the most vital rule when it comes to passwords by disclosing them, especially in settings where the information can be overheard and/or overlooked. Avoid this at any cost.
Strategy 2: Add Extra Layers
A password, however strong, can be stolen or broken. Consider using a number of authentication steps such as fingerprint authentication or a two-factor procedure. The latter refers to practices where you need to not just enter a password but also use a code sent to your device in order to gain access to your account. This takes time, but the security is worth it.
Strategy 3: Consider an All-Round Solution
Today’s market offers ready-to-use, often customizable data security solutions in case you have trouble deciding on and managing a complex procedure. Investing in an all-round product such as Covery can prove well worth it given the gain in security it promises.
Bonus: Remember to Stay Alert
No matter what steps you take to prevent fraud, you can’t afford to stop being watchful. Keep a close look at your records and notifications so that you spot whatever suspicious might be going on before it’s too late. Some kinds of fraud take time to carry out, so you have every chance of nipping a crime in the bud.
