Sciextor

Identity Theaft

Identity theft is a type of cybercrime where the scammer uses your personal information, such as your name, date of birth, address, social insurance number (SIN), or credit card number, to commit fraud or theft in your name.

The scammer may use your information to open bank accounts, apply for loans, obtain benefits, file taxes, or make purchases. Identity theft can damage your credit score, finances, and reputation.

Some statistics on identity theft are

• According to a report by OpSec Security, 86% of consumers worldwide have been the victim of identity theft, credit/debit card fraud or a data breach in 2020, increasing from 80% in 2019
• The global identity theft protection market was worth $10.07 billion in 2021 and is expected to reach $27.9 billion by 2029, growing by more than 177% over eight years
• Consumers worldwide lost $8.8 billion to identity theft in 2022. In the same year, there were 5.7 million reports of fraud and identity theft in the United States, up from 4.7 million the previous year
• The most common type of identity theft in the United States in 2022 was government documents or benefits fraud, with 395,948 reported cases. The median loss to fraud victims was $500
• As of January 2023, around eight in ten surveyed adults in Japan and New Zealand said they didn’t know how to check if their identity had ever been stolen. Additionally, three in four adults in Japan shared that they would have no idea what to do in case of identity theft

What can you do

• Password-protect your devices. Use strong and unique passwords for your computers, phones, tablets, and other devices. Change them regularly and do not share them with anyone
• Use a password manager. A password manager is a software that securely stores and generates passwords for your online accounts. This way, you do not have to remember or reuse passwords, which can make them vulnerable to hackers
• Watch out for phishing attempts. Phishing is when someone tries to trick you into giving them your personal or financial information through fake emails, texts, calls, or websites. Do not click on links or attachments from unknown or suspicious sources. Do not give out personal information over the phone or online unless you are sure of who you are dealing with
• Regularly check your credit reports. Your credit reports contain information about your credit history, accounts, and debts. You can get a free copy of your credit report from each of the three major credit bureaus
  Equifax
  Experian
  TransUnion
  once a year. Review your reports for any errors or signs of identity theft, such as accounts you did not open or inquiries you did not authorize. If you find any, report them to the credit bureau and the relevant creditor
• Protect your personal documents. Keep your important documents, such as your passport, driver’s license, SIN card, bank statements, and tax returns, in a safe place. Shred or destroy any documents that contain your personal information before throwing them away. Do not carry more identification than you need when you go out. If you lose your wallet or purse, report it to the police and your bank or credit card company as soon as possible
• Limit your exposure. Be careful about sharing personal information or letting it circulate freely. When you are asked to provide personal information, ask how it will be used, why it is needed, who will be sharing it, how it will be safeguarded, and if there are any risks of harm or other consequences. Do not give out more than necessary. Be particularly careful about your birth date and your Social Insurance Number (SIN). Your SIN is an important key to your identity, especially in credit reports and computer databases. Do not share it unless absolutely necessary