IDENTITY THEFT AWARENESS WEEK: STRENGTHEN YOUR IDENTITY SECURITY

As we gear up for Identity Theft Awareness Week, January 29–February 2, it’s more important than ever to remain vigilant, stay informed, and take proactive steps to protect your clients’ personal information. New technology—especially in artificial intelligence (AI)—is making life easier, but it’s also opening the door to new types of scams and cybercrime.

Tech-savvy identity thieves try hard to find new ways to bypass our defenses. The key to staying safe is being on your toes and ready with strong, smart security measures. Here are three identity theft–related predictions for 2024:

AI-enabled scams will become more clever and more personalized. AI-enabled scams will use AI models to mimic trusted sources. These scams—based on individuals’ digital footprints—could include emails that appear legitimate but are designed to phish for personal details such as social security numbers, account information, and login credentials. Even the most cautious individuals can be tricked into divulging sensitive information, posing a significant risk for identity theft.

The rise of advanced business email compromise (BEC) attacks will increase financial fraud and data breaches. Advanced BEC attacks will use advanced deepfake technologies. These attacks could contain fake communications from colleagues or business partners, leading to unauthorized financial transactions and data breaches.

Increasing sophistication in mobile, web-based threats will lead to advanced phishing attacks. Mobile phishing attacks will apply social engineering tactics to extract personal information. These attacks could come in the form of seemingly legitimate emails, ads, or messages, resulting in theft of personal information and subsequent identity fraud.

Recognize the Signs of Identity Theft
Although many people find out about identity fraud from their financial institutions, here are red flags that indicate personal information may have been stolen and used in a fraudulent manner:

  • Unexplained withdrawals or charges on bank accounts or credit card statements
  • Unfamiliar bills for accounts or services
  • Errors or inconsistencies on credit reports
  • Unexpected denials of credit or loans
  • Notifications from the IRS or other agencies about suspicious activity

Steps to Help Prevent Identity Theft
Protecting personal information is crucial in preventing identity theft. Follow these guidelines:

  • Use strong passwords and enable multifactor authentication (MFA) for added security.
  • Be skeptical of unsolicited links and emails.
  • Shred documents with personal information before discarding them.
  • Always verify the authenticity of requests and train employees to recognize fraudulent communications.

 

Securities & Advisory Services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Advisor.  Fixed insurance and services through NorthStar Financial Partners.

 

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