Despite dedicating many hours every week to improving your financial status through your job or a small business, it’s unsettling to know that all your effort can be undone within moments by a thief stealing your identity or valuable data from your enterprise. In the U.S alone, roughly 15 million inhabitants have their identity misused annually, leading to an estimated $50 billion financial loss.
Although the progressively advanced tactics of hackers might seem overwhelming, there are protective measures you can take to lower the risk of having your identity or crucial information stolen.
UTILIZE SECURE PAYMENT METHODS
Your personal and business data are most vulnerable when making payments for products or services. It’s critical to utilize the most secure payment techniques available. Ensure that the business you’re transacting with uses a trustworthy merchant services account when swiping your debit or credit card or using digital wallets. Be wary of anyone asking to manually input your card data without your physical presence. Research the payment system a store uses for online transactions.
Furthermore, consider choosing credit cards that offer a high level of security. The current “smart cards” offer consumers safeguard against fraud. They are equipped with an EMV microchip technology that surpasses the security offered by previously used magnetic strip cards. These smart cards require the user’s PIN to access, proving more secure than forgeable signatures. The encrypted microchip tech makes it harder for criminals to counterfeit.
MONITOR BANK ACCOUNTS AND CREDIT CARD STATEMENTS
Protect yourself and your enterprise by regularly scrutinizing your bank accounts and credit card statements. The longer identity theft goes undetected, the more difficult and expensive it becomes to rectify. If identified promptly, the risk of your data being exploited by thieves reduces significantly.
One effective way to identify fraudulent activities on your accounts is by regularly reviewing your credit statements and account balance. Obtain the latest credit reports or use credit monitoring services that notify you of any sudden changes for an annual fee. Various free apps that monitor your credit scores are also available.
Alerting changes to watch out for include unauthorized personal updates, default payments, inquiries or newly opened credit accounts, changes in public records, and a sudden improvement in payment history.
STAY INFORMED ABOUT COMMON SCAMS
Principal to protecting yourself and your business is understanding the common scams identity thieves use. Be highly selective about who you share your sensitive data with and through which means.
Avoid sharing your address, birthday, credit card, and other crucial details on unsecured websites. Only use encrypted or scrambled secure pages—these can be distinguished by the “https” listing in the URL or a padlock symbol.
In addition, exercise caution when sharing your information over the phone, email, or in person. Beware of individuals pretending to be from an organization and requesting your private data. Always decline or require irrefutable proof of identity before providing such information.
