Cybercrime is increasing through phishing scams and other means. And as fraud increases, so does the need to protect your identity. (iStock)
With the COVID-19 outbreak and the move to remote working, emerging threats like cybercrime skyrocketed. Cybercrime types have increased too: phishing campaigns increased 11% over the past year while ransomware attacks increased 6%, according to the Verizon Business 2021 Data Breach Investigations Report. The number of cases of misrepresentation similar to organized crime increased 15-fold compared to 2020.
“People never think they are under attack,” said John Bauer, president and chief revenue officer of IDIQ, an identity theft, credit monitoring and data breach company. “But when it comes to cybercrime, it’s not about if, but when, your personal data is at risk. Monitoring credit reports and identity theft is essential when it comes to protecting yourself. These services can come with Identity Theft Insurance and Identity Theft Recovery Assistance to keep you safe if you become a victim.
“You are insured when it comes to your car and your house, but your identity theft is much more likely than your house will burn down,” said Bauer. “Identity theft protection is something you shouldn’t be without.”
To get started fighting cybercrime and monitoring your creditworthiness, turn to Credible to monitor your creditworthiness and history, and warn you of potential frauds and more.
WHAT IS CREDIT MONITORING AND HOW DOES IT WORK?
Anyone could be a target for cyber criminals
Internet fraud isn’t just targeting individuals. According to the Verizon report, private sector companies were more likely to be hit by cybercrime attacks on the cloud, with web application attacks accounting for 39% of all data breaches. Cyber criminals could obtain your information through a data breach or, conversely, target you to gain access to your business.
“Criminals don’t just target your money,” said Bauer. “They can impersonate you on social media or other platforms and target friends and family. They can also target you to access your workspace. Once they have your credentials, they can target anyone who trusts you.
“Criminals can pretend to be you offline,” he said. “If they have your personal information, they can get an ID, such as a driver’s license, on your behalf and use that ID if they’re arrested or even arrested. It can take months or even years to restore your identity. “
The Verizon report found that amid growing cyber threats, 85% of all data breaches have been human. And in some industries, such as finance and insurance, the majority of the information received (83%) is personal information.
“With the sheer number of data breaches, you can assume that your information is already at risk,” said Bauer. “What you can do is be proactive by monitoring your credit report and identity. This will allow you to spot changes immediately and act quickly if there is any potential fraud.”
Sign up with a credit monitoring service to make sure you are protecting yourself from criminal activity such as cybercrime threats. Visit Credible to get you started.
IS IT WORTH PAYING FOR CREDIT MONITORING?
Cyber attacks are increasing
Cybercrime today is becoming more complex and multi-faceted as the types of cybercrime increase, Bauer explained. Fraud of all kinds has skyrocketed during the pandemic, with 93% of all fraud attacks taking place online, according to Feedzai’s Q2 2021 Financial Crime Report, a cloud-based platform for financial crime management. Overall, the report showed that cyberattacks increased by 25% in the first four months of the year.
“The world may have paused in 2020, but financial criminals did not,” said Jaime Ferreira, Feedzai senior director of global data science. “The dependence on digital forms of shopping, banking and payment has actually made it easier for fraudsters to attack more people faster. As fewer consumers feel the need to step into a bank branch or mall, we need to adapt financial services and payments to keep them safe. And as consumers, we need to continue to be vigilant and educate ourselves on how to stay safe. “
COVID-19 has created a perfect storm for criminal activity like ransomware attacks and has accelerated an already growing trend, an expert explained.
“The pandemic has accelerated the transition to working and shopping remotely,” said Bauer. “This has got cybercriminals going, attacking PCs and creating fake websites to gain access to personal and business information. The COIVD-19 pandemic provided cybercriminals with an ideal platform to take advantage of. “
Of all types of cybercrime, phishing campaigns continue to grow and are one of the biggest cyber threats Americans face today.
“Phishing remains one of the biggest threats, and this is linked to the use of stolen credentials and false information,” said Bauer. “Misrepresentation has increased the most. It happens when personal credentials are stolen and hackers can not only target your personal accounts but log into your work network and start stealing files or holding them hostage.”
With a credit monitoring service, you can get instant notifications of late payments, fraudulent activity, changes in credit history, and more. Check out some of Credible’s partners here.
HOW CREDIT MONITORING CAN HELP YOU INCREASE YOUR CREDIT SELECTION
There is something you can do to prevent identity fraud
The best attack is a good defense. With cybercriminals wanting to gain access to your personal information, it is more important than ever to stay vigilant.
“The COVID-19 pandemic is having a profound impact on many of the security challenges companies are currently facing,” said Tami Erwin, CEO of Verizon Business. “As the number of companies moving business-critical functions to the cloud grows, the potential threat to their operations can become even more pronounced as malicious actors seek to exploit human vulnerabilities and capitalize on an increasing reliance on digital infrastructures.”
Many companies incorporate cybersecurity training into their workflows to increase security and awareness, and some require antivirus software to help prevent malware attacks and general internet security. Individuals should also closely monitor their own creditworthiness to ensure that they have not been a victim of identity theft.
“Unless you are in the habit of monitoring your credit report and identity on a daily basis to look for suspicious activity, this is the first place to start,” said Bauer. “A credit history and identity theft monitoring service alerts you immediately of potential fraud so you can stay safe from identity thieves. Using a service that monitors your personal information in real time is the Fort Knox to prevent your identity from being stolen becomes .”
Find out about your options for credit monitoring and identity fraud protection. Contact Credible to get started today.
Do you have a finance-related question but don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.
source https://collegeeducationnewsllc.com/covid-19-sent-cybercriminals-into-overdrive/
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