The world is a place of endless possibilities. As digitally informed individuals, we can either use technology to our advantage or misuse it.
Identity theft happens when someone steals your sensitive personal or financial information including your name, address, bank details, credit card, medical insurance details, or Social Security number without your permission. With your identity, they can steal your tax refund, shop with your credit card, access your utility accounts or bills, use your medical insurance card, or use your phone.
In financial identity theft, a criminal uses your financial details for their financial benefits. For instance, they may use your credit card number to purchase goods, hackers may try to access your bank account to steal funds, using your social security number a thief might open a new account by your name.
But there are multiple ways you can overcome this kind of theft. To name a few you can regularly check your bank accounts, go through your credit card statements, and analyze your bills monthly. If you notice even the slightest change, report to the authorities immediately. Or you can activate a 1-year fraud alert to prevent criminals from opening new accounts under your name.
The other way a criminal can manipulate your sensitive data is by:
- Stealing a child’s identity to apply for credit
- Criminals can use their medical insurance details to get medical aid in form of treatments or medicines.
- They can steal your tax refund or tax credit and file a tax return by using your social security number
- A thief might hack your account and change passwords to block your access
- They can give your personal information or identification to law authorities for a criminal investigation or arrest.
How does Identity Theft occur?
Here are some ways your personal information can be compromised through identity theft:
Using Public Wi-Fi
Using free public wifi can be dangerous since hackers can easily collect important data using them.
Stolen or Lost Wallet
A stolen or lost wallet is one of the easiest ways a criminal can collect your personal data including your identity information, credit card details, job details, social security card, or photograph.
Phishing or Spoofing
A fraudster can send an official-looking email to collect your credit card, bank, tax refund, social security, or insurance details. This method is known as Spoofing. The other way involves hackers sending a caller ID that appears to be an official company or agency to trap a person into sharing their vital data.
SIM Card Swap
Hackers can steal your SIM card by swapping them. This way they can receive or send calls, text messages to other people using your name.
A criminal can shift or change your mail address so that you cannot receive mails.
Hackers can steal your credit card information by installing skimming devices in remote areas like a gas station or even in an ATM room. If you use cards with chips or swipe your cards in a monitored locality then you can avoid it.
Looking Over Your Shoulder
Identity criminals can learn your passwords, important numbers, and codes by looking over your shoulder or tracking your finger movement.
If you receive a phone call from an unknown number, avoid giving them your important details if they are asked. Many hackers fool people by telling them they have won a prize and need their name, number, address, and other details to send them their gift.
How Does QuantoPay Protect You From Identity Theft?
The best way to resolve identity theft is to seek a theft protection service since they have every critical power and facility that aids them in battling cyber crimes or identity theft. They help you in overcoming your obstacles and restoring your credentials. However, if you want an all-rounder service that not only protects your financial or other data secured but can also manage them as well, QuantoPay is the solution.
QuantoPay is the first global, digital blockchain bank that uses software to digitize retail banking and incorporates fresh and improved technologies to protect the credentials and assets of its consumers. Along with the top-notch digital and blockchain banking services it offers, QuantoPay employs the following strategies and presents services that keep consumers protected from identity theft:
- They can freeze or block your credit card permanently or temporarily if you report a financial theft. They can even unfreeze your account after the problem is resolved.
- The security professionals employ strong security measures to protect your data when they ask it while you open an account with them
- They never ask their users for their personal information through an unofficial email or phone.
- The bank authorities ask their users to create a strong password and go through an authentication process while opening their accounts.
- Their multilayer security management helps save your data and funds properly
- They have developed a new bio identification process that saves your account from unauthorized access or hack.
- You can avoid and save time in physical interactions or threats through contactless payment
- The use of disposable virtual cards can save consumers from theft and keep their money safe at all times
- Their digital wallets and virtual cards let you protect your physical cards from thievery.
- Lastly, their blockchain integration will further add the strongest protective layer to your credentials and funds.