Identity theft and Cyber Swindles

Identity theft occurs when someone obtains your personal information to commit fraud or other crimes. Creative, determined hackers can piece together snippets of information from a variety of sources to re-create your profile. They can create a well-rounded dossier on you, and use your personal data for cyber swindling.

Common belief is that credit card fraud only occurs when their wallet or purse is stolen. In reality, half of all credit card fraud happens online using spyware. Once you encounter spyware and other forms of malware during your usual activities online, spyware silently begins collecting your information and wreaks havoc on your computer. Without your knowledge, spyware runs in the background recording your Internet browsing habits and keystrokes, monitoring the programs you use and simultaneously collecting your personal information.

What kind of damage can be done?

• Request new account PINs or additional cards

• Make purchases

• Obtain cash advances

• Restoring credit records

• Reputation tarnished

• Fixing a malfunctioning, spyware-infected computer

• Lost productivity

What can be done by cardholder?

• Contiually check the accuracy of personal accounts and resolve discrepancies immediately.

Implications of these damages on the cardholder

·   Clear your logins and passwords. This is especially important if you’ve been working on a public computer. Change logins and passwords regularly.

·        Be alert for phishing, a trick in which spam or pop-ups mimic legitimate banks or businesses to obtain your personal information, which they use to access your accounts. Always verify that you’re on a familiar website with security controls before entering personal data.

·      Monitor your bank and credit card statements periodically. Reconcile all you purchase as against itemized billing statement.

·        Verify your mailing address with financial institutions. Identity bandits may fill out change of address forms so that delinquent credit notices remain off your paper billing radar.

·       Sensitive documents should be kept safe.

·    Bank statements, credit card applications, bills, and anything with your personal information should not be lying around the house or office desk. Junk mail often includes your personal details; so do not ignore them. Take time to shred them.

 ·        Only provide personal information on sites that have "https" in the web address or have a lock icon at bottom of the browser.

 ·        Do not provide personal information to any unsolicited requests for information, which are often a sign of phishing.

·        only download software from sites you trust. Carefully evaluate free software and file-sharing applications before downloading them.

·        Use a good anti-malware program to search every place on your PC where spyware can hide and remove every trace to boost your PC performance.