—
There’s no denying that cyber criminals are all over, hacking the internet to breach your privacy, access your browsing history, and capture sensitive information.
The Tableau Public reports that in 2024, the Federal Trade Commission received about 6.5 million cybercrime reports, of which about 40% complaints related to identity theft.
Unfortunately, people still lack awareness about identity theft and how easily their personal information can be compromised.
While the public may be wary of financial cybercrimes like credit card ID thefts, bank account security breaches, and social security number cyber frauds, Tax ID thefts and Employee ID thefts are of fleeting knowledge.
Perhaps, you don’t know much about these either!
So, without much ado, let’s dive deeper into cyberspace to unravel some interesting facts about cyber identity threats.
1. Social Engineering For Cyber ID Thefts
Cyber criminals base their ID theft schemes on social or emotional engineering. Basically, they use an emotional angle to trick people into giving away their sensitive information in haste.
For instance, you might get a phishing email urging you to update your bank KYC details since you’ve already missed the deadline, and if you don’t do so immediately, your bank account will freeze.
If you’ve not updated the KYC for a long time, you might just fall for the trap!
That’s why you should adopt adequate cyber hygiene, like checking the sender’s email for discrepancies, and only trusting https servers with sensitive information, to identify ID theft risks and phishing emails.
2. ID Thieves Bypass MFA
Multi-factor authentication (MFA) is a double or triple-layered secured access, where you’re supposed to add an OTP from your registered mobile number, or asked to answer a security question in addition to the password.
Indeed, when you opt for MFA, you can expect a higher level of security, but MFAs are not 100% foolproof!
Some cyber attackers manage to intercept the second-level authentication keys and OTPs through phishing websites. A hacker may redirect messages and calls from the target’s phone to their own phone numbers and use them to get access despite MFA.
3. Credit Card Thefts Can Be Prevented
Credit Card ID thefts are among the most common types of identity theft reported by retailers and dealers, where stolen credit cards are used to make purchases.
However, it is not impossible to prevent these cases. For instance, an online retailer can incorporate MFA before approving the transaction.
Similarly, an auto dealer can use technology to verify the client’s ID proof, run a thorough credit history check and train the sales staff to report unusual customer behaviour. Companies like eLend Solutions offer such comprehensive defense systems to detect and prevent credit card ID theft, especially for auto dealers.
4. Cyber ID Criminals Are Exploiting AI
As hackers gain expertise in AI, cyber crimes are becoming more complicated and undetectable than ever before.
PassGAN is an AI-based password hacking tool that can reportedly crack 51% passwords in under a minute.
Besides cracking passwords and hacking MFA-secured access, AI can be exploited in many other creative ways.
Imagine how easy it is nowadays for a hacker to create a very authentic-looking fake website, or to flawlessly impersonate your colleague’s voice to trick you into sharing sensitive data!
Conclusion
Hackers are getting smarter and devising new ways to get past security measures.
From our personal records to our financial ones, from our social security details to our tax filings, the data is vulnerable.
The internet seems far from secure. But at the same time, going digital is unavoidable.
While businesses and governments are doing their fair share to prevent cyber ID attacks, public awareness is crucial. We must be more responsible and vigilant while using the internet and digital payments.
—
