Identity theft can quickly turn into a nightmare scenario that ruins people’s credit and adds unwanted stress. Cybercriminals use artificial intelligence (AI) and more sophisticated methods than in the past to access sensitive information. Understanding the emerging trends in identity theft can help security professionals and individuals strengthen protections and stop criminals in their tracks.
Methods and Tactics Used by Cybercriminals to Commit Identity Theft
The increase in AI capabilities and access has expanded digital exploitation via platforms like social media. The issue has grown to the point that governments worldwide are taking action to prevent fraud by embracing ID.me and similar identity theft protection. Around 1.5 billion people will use digital identity wallets by 2029, or around 30% of global identities, for enhanced security.
Cybercriminals have turned to several tactics in recent years to convince individuals and company leaders to part with information that puts them at risk, such as:
Phishing
Today’s phishing attempts are much more sophisticated than in the past. No longer is a man in Nigeria trying to give away the fortune he inherited as a prince. The emails may look like they are from a high-profile company or individual and have a sense of urgency.
Smishing
Similar to phishing, smishing aims to get people to share personal information that opens them up to hacking. However, smishing comes as a text message and may appear from a particular company or person.
Vishing
Voice phishing occurs when a person calls from what looks like a local phone number and offers a prize in exchange for a shipping or processing fee. Hackers also use voice calls to scam people by pretending to be a grandchild or cousin and explaining that they are in serious trouble in a foreign country and need help.
Loan Fraud
Imagine a 30-something discovering they are delinquent on payments for a loan they never took out. One form of identity theft involves thieves accessing personal information through the dark web and using it to take out a loan. Loan fraud is the third most prevalent form of identity theft.
Around 153,547 people report loan fraud a year, with around 25% of them being between 30 and 39 years old. Many of the cases involve payday loans, as little detail is required to take one out.
Data Breach
No server is 100% safe from hackers. Cybercriminals use AI to learn a system’s weaknesses in a fraction of the time, access the backend of servers, and gather personal details about employees and customers.
Company leaders occasionally throw out information on paper they should properly dispose of, allowing it to fall into the wrong hands. A data breach has serious consequences for companies, including regulatory fines for not protecting personal data.
Malware and Keystroke Loggers
Keystroke loggers have been around for many years, but cyberthieves’ tactics to fool people into clicking on malicious links have grown. Common methods include emails stating a popular service is about to be shut off.
These emails always have a sense of urgency. An example might be, “We’re sorry to see you leave. Your account will be disabled unless you click this link and log in now.” Once the person clicks on the link, it goes to a fake site that looks like the authentic company. Once they enter their information, the bad players can use it to log into the correct website.
Wearable Devices
Wearables like fitness trackers and smartwatches help people get in shape and track wellness. However, these items also become possible points for hackers to steal data. IoT devices may be outdated or have insecure storage methods, leaving an opening for cybercriminals to gather user payment data and other personal details.
Updated Preventive Measures to Take
Fortunately, various measures can protect people from cybercriminals. Although hackers have access to AI, so do security experts. Computers can study and learn patterns, quickly recognizing anomalies and adjusting to lock down entry points. Adding elements such as biometric verification ensures only the person who should be accessing the data does.
Organizations should take a holistic approach to identity protection, strengthening servers and investing in automated response platforms. Training customers and employees to spot hacking attempts and recognize phishing techniques will go a long way toward preventing incidents. Continuous training is the best first defense against emerging threats.
Common Sense Prevails
Although high-tech digital theft is growing and hackers are more innovative than ever, low-tech methods still exist. Failing to shred documents with banking account numbers, Social Security numbers or personal information leaves sensitive data at risk. Companies and individuals must use common sense before responding to urgent requests. Understanding the risks helps prevent identity theft and keeps people safe.
Devin Partida is an industrial tech writer and the Editor-in-Chief of ReHack.com, a digital magazine for all things technology, big data, cryptocurrency, and more. To read more from Devin, please check out the site.
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