Identity theft is not a joke

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Identity theft is a serious threat exposing your personal data.

You can mitigate your chances of becoming a victim when you adhere to OUR essential strategies to safeguard your personal information online and avoid becoming a victim of this growing cybercrime.

In the immortal words of Dwight Schrute, “Identity theft is not a joke, Jim!” While this quote from The Office may be humorous, the reality of identity theft is far from amusing. In today’s digital age, protecting your sensitive information online has never been more crucial. Identity theft is on the rise, with staggering statistics reflecting the gravity of the situation. 

Let’s explore the grim reality of identity theft and explore seven actionable steps to shield your digital identity.

Identity theft isn’t just a minor inconvenience; it can have devastating consequences.

I still recall the first time I heard this occur. It was over 30 years ago when I received a frantic call from a client who had experienced it and was calling for advice. Back then this was a new phenomenon which no one took seriously – the police, FBI, banks, motor vehicles. All were at a loss.

In 2023  the FTC received more than 2.6 million reports of identity theft https://www.ftc.gov/news-events/news/press-releases/2024/02/nationwide-fraud-losses-top-10-billion-2023-ftc-steps-efforts-protect-public

These aren’t just numbers on a screen. They represent disrupted lives, drained bank accounts, and a lingering sense of vulnerability.

In certain cases, victims may find themselves replacing all their credit cards or facing substantial financial losses due to identity fraud.

If you are an employer, this should be particularly troubling to you. WHY? Because as we remind our clients and prospects if your employee becomes a victim, how much productivity will be lost as they attempt to remediate? Would they know how? How much will that cost you?

However, preventing such cases of identity theft is not too difficult if you follow these 8 simple steps. 

• Strong & Unique Passwords: – Most of us often reuse our passwords across every account so if just 1 is compromised, the criminal now has all of them. Worse, our passwords are not strong enough and/or are part of the list of the worst passwords which has comprised even large companies like Solarwinds-  https://specopssoft.com/blog/solarwinds-hack-weak-password-solarwinds123-cause/. We picked up a foreign government client years back which became a victim for an identical reason. Regularly update passwords and avoid common choices like “password123.” Use reputable password management tools that can generate and store complex, unique passwords for each account.
• Two-factor authentication (2FA) In 2019, Microsoft reported that users who enabled 2FA ended up blocking around 99.9% of automated attacks. That might seem annoying, yet it certainly helps users protect their accounts. Use authentication apps or receive one-time passcodes via SMS for added security.
• Recognizing Phishing Attempts – According to Verizon’s Data Breach Investigations Report, 32% of breaches in 2023 involved phishing. Always be wary of unsolicited communications, especially those urging immediate action or requesting personal information. Many businesses still fail to offer ongoing training, which we strongly advise against. We can offer that training in a fun environment. Try it, you’ll like it and also instill how a top cybersecurity culture in your business which your employees will reward you for by becoming more diligent.
• Hover over links without clicking to see where they lead. If uncertain, contact the entity directly using official contact information.
• Importance of Regular Software Updates Ensure that you update your devices regularly and do not Ignore those update prompts. 60% of breaches involved vulnerabilities for which a patch was available but was not installed. And do automated updates.
• Use VPNs in Public Networks Public Wi-Fi IS a playground for cybercriminals. VPNs encrypt your data, making you less of a target. If it is not an urgent requirement, avoid using public networks entirely, or if you must use one, do it with a VPN. 
• Monitoring Breach Alerts Did you know that in 2023 there were 3,205 reported data breaches exposing over 353 million? https://www.idtheftcenter.org/publication/2023-data-breach-report/ Stay Alert: Use platforms like “Have I Been Pwned” to get notified if your data appears in any breaches. And so far in 2024 think about AT&T’s nightmare impacting over 73 million https://techcrunch.com/2024/04/10/att-notifies-regulators-after-customer-data-breach/. And as is often the case, the class actions exponentially increase. We have already been called in by several customers impacted as they recognize that AT&T’s offer is insufficient.

Keeping Personal Information Personal Don’t use personal information that is readily available. For example, if you have a pet dog called ‘Betty’, and you’re posting about it everywhere, then it really isn’t your personal information. Using such answers for security questions may provide hackers with exactly what they require. Rethink what you share. Not everyone needs to know your mother’s maiden name or the name of your first pet. If you still want to share them, make sure your security questions have different answers. In conclusion, while Dwight Schrute’s humorous declaration in The Office may bring a smile, identity theft is a serious concern. Protecting your digital identity is not optional but a necessity in today’s connected world.

But remember Your safety online is largely your responsibility as our laws and legal system have reminded us. You hold the power of your digital protection.

Working with us is an equally important step you SHOULD TAKE! Our world-class team works tirelessly on your behalf, is well versed in regulatory requirements, and can help you around the globe.

Richard Freiberg
Profitability Consultant
Richard Freiberg CPA PC
Phone (980)339-3352
Cell (914)393-0033
www.rmfreibergcpa.com
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