If you aren’t concerned about identity theft, you should be. In fact, according to recent statistics, there were nearly 1.4 million reported cases of identity theft in 2020. What’s worse is that an astounding one-third of that number had been victims of identity theft before.
Whether it’s digging through your mail or trash to search for credit card or bank statements, or hacking unsecured websites and public Wi-Fi networks you use to access your information electronically, cybercriminals are sneaky. They will attack when you least expect it and destroy your financial wellbeing, reputation and peace of mind in a matter of seconds.
Hopefully, these statistics will clarify why you need to invest in personal cybersecurity and learn more about the ways your identity can be stolen, both online and offline. Here are some basic facts you should know going forward.
Vulnerable Populations
With a reported 1,291 breaches occurring in the first three quarters of 2021, data that is stored online is at risk daily of falling into the hands of cybercriminals. This is especially true if it involves cloud-based storage, or the two most targeted demographics: the elderly and the young.
If you’re curious why these particular groups are specifically chosen, consider the things they have in common. Since studies have shown that trust increases with age and young people generally have a Social Security number with a clean credit history attached, hackers prey on the vulnerabilities of both groups. However, even if you fall outside of either category, you still have a 1 in 20 chance of becoming a victim of identity theft.
Minimum Cybersecurity for Individuals
At a minimum, you should invest in a service like LifeLock that offers identity theft risk assessment, monitoring and identity restoration assistance should a breach occur. Is you’re wondering if LifeLock is worth it, take this into account: the identity theft protection company even offers coverage of legal fees to ensure compensation for damages that result from ID theft. These protections are essential for anyone who uses cloud storage, conducts electronic banking online or puts any personal information on social media accounts and public websites.
The truth is that identity theft can happen to anyone. Victims of cybercrime involving identity theft range in demographics, ages and accumulated wealth. Having this type of service in place will give you greater peace of mind knowing that if your identity is stolen, you’ll have professional and immediate help to recover from it.
Investment vs. Risk
Beyond a simple lack of knowledge on the topic, some people don’t want to pay for identity theft monitoring and increased cybersecurity. However, when you look at the cost of identity fraud in 2020 — $56 billion USD — it’s easy to understand why a few extra dollars per month to protect your identity and data is worth it. Criminals are getting smarter and finding ways to get even more money in their pockets through in-person scams and multiple methods of cybercrime.
The old adage says that “an ounce of prevention is worth a pound of cure” and there is no better situation to apply this to than protecting you and your family from identity theft. No one is immune to it, regardless of their age or income status. Knowing this fact and acting on it will help increase the odds that you won’t become just another victim of identity theft.
Source: Plato Data Intelligence: PlatoData.io
