Digital identity refers to the information utilized by computer systems to represent external entities, including a person, organization, application, or device. In present world where everything is online, our identification to access services are bound to be digital so we can make use of these services.
Identity theft occurs when someone uses your personal or financial information without your permission. For example, they may open an account in your name, purchase items with a stolen credit card, apply for a loan, or reroute your mail. All of this can damage your credit rating and cost you a lot of time and money. Some of the most common types of identity theft are government documents or benefits fraud, credit card fraud, and loan or lease fraud.
Identity fraud is closely related to traditional identity theft, except that a consumer usually remembers interacting with a criminal through a text, call, or email in which their personal information was taken.
There are lot of techniques to steal digital identity by the attackers. Some of these are:
After Digital Identity is stolen, thieves may misuse your identifying information to get goods, services, benefits, withdraws funds and commit crimes.
Online identity theft examples range from fake social media accounts to child identity theft, with consequences ranging from short-lived effects to long-term impact. Below are some of the potential losses due to digital identity theft:
A 2022 report published by GBG, an identity verification company, found that:
•Almost 10% of consumers have been victims of identity fraud in the 12 months preceding the report's publication.
•More and more consumers will refuse to do business with a company that doesn't keep their information secure or delivers a poor customer experience.
•57% of consumers say that security is the most important consideration when opening a new digital account.
•Nearly a third of businesses don’t use an identity verification service.
The best way to help prevent identity theft is to take services of identity theft protection. Although an identity theft protection service can't prevent identity theft, it can alert you promptly when it happens to limit the damage and help you recover. Identity theft protection can help safeguard your personal information for a monthly or annual fee.
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