Identity theft is a serious crime, which causes huge losses and psychological damage by the millions every year. Luckily, with technological innovation, there are ways to keep yourself protected from having your identity stolen.
Contact Fair Credit now if you have been a victim of identity theft and need help resolving your situation. The implementation of certain protocols, and technology helps protect you from identity theft. Examples of these are set out below.
Merchants protect consumers by using Encryption codes, which convert information or data to prevent unauthorized access. Encryption is used at the point-of-sale during a transaction, when the information from the sale is sent to the bank for payment.
Most financial institutions use chip technology to prevent information from being stolen from consumers. Security chips are placed in debit and credit cards. The chips require that the customer signs, or enters a PIN when using their card. If the password, or signature is incorrect (the customer might be given up to 3 attempts) then the card will be blocked. The customer must speak to the company that issued the card to get access again. The chip also prevents hackers from making online payments due to the two-factor authentication.
This fairly new technology reduces the amount of information that is stored by merchants, as customers can use a smart device to pay for goods, and services. The account information, is therefore, not transferred to the employee, or merchant.
This technology requires the user to enter information or use biological features that only they would possess, including:
- ID, and/or PIN.
- Facial recognition, fingerprint ID, and voice control.
- Case-sensitive passwords.
- Security questions.
The customer may even be required to use two of these methods to access an account or complete a purchase.
How You Can Help
Technology can only help to a certain extent. You must take precautions to safeguard your personal information.
Here are some examples of how you can protect your identity, and personal information.
- Store cards, letters, certificates, or any other documents containing private information in a locked box, in a safe location that only you know about.
- Do not give out personal information over the phone, via email, or over text.
- Destroy banking information, and other documents containing private information. It must be unreadable.
- Avoid sharing passwords or PINS with other people.
- Regularly review your credit reports and go through your transactions to ensure that there is no sign of suspicious activity.
- Use secure websites to make purchases, or rather purchase through a licensed app
- Do not click on unfamiliar links, answer calls coming from unfamiliar numbers, or answer messages or emails that request your private information.
Although new technology can help prevent you from becoming a victim of fraudulent activity such as identity theft, it is not 100% infallible. Hackers become more sophisticated with each technological security update. Therefore, you must also take measures to ensure the safeguarding of your personal information.