With advances in technology being made each day, it is important for consumers and businesses to keep up with the times in order to protect sensitive data and personal information. Widespread data breaches and identity theft continue to be a serious problem, which is why it is important to understand how it affects all parties involved.
Fraudsters are able to obtain various data points around an identity. Credit card numbers are stolen, for example, because they offer thieves monetary value and insight into the identity of an individual. Once a credit card number has been stolen, criminals are in a race against the clock to extract as much value as possible before banks and customers deactivate the accounts. In other cases, fraudsters are able to access personal identifying information which can then be used to open new accounts, obtain government documents, apply for financial aid, and more. The more a criminal knows about an identity – the more valuable that data is. Once a data breach is recognized by a company, the value of each account compromised falls quickly.
Businesses can help protect their customers’ identities by securing documents and equipment by electronic means. With robust identity verification and fraud prevention methods in place they can also add additional safeguards to their system. Training employees on how to verify the identity of a caller or customer also helps ensure that legitimate customers can access accounts while fraudsters are turned away. Finally, putting a response plan into place will allow a business to minimize damage and restore security in the event of a breach.
So, what can happen to an identity once it has been stolen? For more details, click the image below and view our new infographic, “What Happens to an Identity Once it’s Been Stolen”.
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