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Last updated on June 14th, 2024 at 03:52 pm
What did we do before we had online shopping?! Shopping online offers convenience and endless choices right at our fingertips. From the comfort of your own home, you can browse through an almost unlimited number of products, and they’ll be on the way to your door with just a few clicks. But, unfortunately, with all of that convenience, there’s a downside–the threat of identity theft.
Identity theft, for those who may not be aware, occurs when someone wrongfully obtains and uses your data, including credit card numbers or usernames and passwords, to commit fraud. And, if you watch the news or follow social media, you know that this kind of cybercrime is becoming increasingly sophisticated. That’s why safeguarding your identity while shopping online is more important than ever!
Let’s take a look at a few practical tips that can help you avoid identity theft, so you can shop online safely.
Use Trusted Websites and Merchants
First up–minimize the risk of falling victim to this type of crime by always choosing reputable websites for your online purchases. By shopping on trusted platforms, you can reduce the likelihood of encountering fraudulent websites or scams.
Check for customer reviews, ratings, and accreditation from reputable organizations. Plus, look for trust seals or security badges displayed on the website, indicating that it has undergone security assessments. Always use caution when shopping on unfamiliar websites or from unknown merchants, as they may pose a higher risk.
Use Identity Theft Protection
Because online threats have increased so rapidly, identity theft protection companies have become an $11.84 billion business (as of 2023). This figure underlines this growing problem and the need for solutions.
Your best best is to be proactive when it comes to protecting yourself against identity theft. Look for reputable services to help safeguard your personal information. If you’re not familiar with them, these services offer advanced monitoring and and can alert you to potential threats to your identity.
You’ll also want to educate yourself about common identity theft tactics, so you know what to look out for. Understanding the methods cybercriminals use can empower you to recognize suspicious activity and take preemptive action.
There are many resources available online. For example, a synthetic identity theft guide will show you how criminals create fictitious identities by combining real and fabricated information.
By arming yourself with this kind of knowledge and staying vigilant, you can safeguard your personal information and significantly reduce the risk of falling victim to identity theft.
Strengthen Passwords and Authentication
A study conducted by Forbes Advisor revealed that nearly 46% of Americans have experienced password theft within the last year. Among them, 35% attribute the breach to weak passwords, while 30% believe it resulted from using the same password across multiple accounts. This underscores the critical importance of strengthening passwords to protect against identity theft.
Opt for strong passwords and authentication methods to fortify your online accounts against unauthorized access. Create a strong password by using a mix of letters, numbers, and special characters. Avoid predictable information like your name or birthdate in passwords.
Review Your Financial Statements Regularly
A 2023 report co-sponsored by AARP revealed that American adults incurred a staggering $43 billion in losses due to identity fraud. This amount includes $23 billion attributed to traditional identity fraud alone. Notably, this affected approximately 15 million individuals, a figure consistent with the previous year’s statistics, which stood at 15.4 million.
These numbers make clear the ongoing threat posed by identity fraud and the need for regular monitoring of credit card and bank statements.
Reviewing your financial statements regularly allows you to spot any discrepancies and take immediate action if necessary. If you notice any unfamiliar charges or transactions, report them to your financial institution or credit card company right away (before damage is done to your bank account or your credit report).
Allocate time each month to carefully examine your bank and credit card statements and transaction histories. This proactive approach enables you to stay informed about your financial activity and detect any irregularities before they escalate into larger problems.
Recognize Digital Vulnerabilities
Digital vulnerabilities can also compromise your online security. Known weaknesses in software or hardware, called Common Vulnerabilities and Exposures (CVEs), are often exploited by cybercriminals.
Within the first week of 2024, global internet users discovered 612 unique IT security CVEs. In 2023, the number peaked at 29,000, marking the highest figure recorded in any year.
It’s up to you to stay informed about the latest CVEs affecting the technology you use and to take appropriate action to address them. This might involve installing software patches or updates released by the manufacturer to fix vulnerabilities and enhance security.
This may sound complicated, but it just means you should be sure to update your devices, including computers, smartphones, and tablets to patch known security flaws. Staying vigilant can help you reduce the risks of cyberattacks while protecting your data.
Frequently Asked Questions (FAQs):
How Can You Protect Your Identity When Shopping Online?
Ensure your network is secure with a trusted VPN, or virtual private network. Use reputable websites and merchants when making purchases. Periodically review your financial statements to check for any irregularities.
Why Do We Need Security in Online Shopping?
Security in online shopping is essential to protect personal and financial information. Cybercriminals target online transactions for identity theft. Without security measures, shoppers risk financial loss and identity compromise.
What is Privacy Risk in Online Shopping?
Privacy risks in online shopping involve exposure of personal information. Hackers target payment details, leading to fraud. Poor security measures can result in identity theft and financial loss.
In conclusion, safeguarding yourself against identity theft while shopping online is crucial. By following the tips we’ve outlined, you can shop online and stay protected from cybercrime and identity theft.
Also read:
Get Your Truly FREE Credit Report and Credit Score Online
Virtual Debit Cards: What Are They & Do You Need One?
6 Important Benefits to Look for When Choosing a Credit Card for Travel
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