Identity Theft Protection – Should One Opt For It?

Overview:

Widespread use of the internet and technology has made identity theft pretty easy. Criminals and hackers use the data that is stored on the internet for their inappropriate moves. Your name, date of birth, social security number, address, etc. is at stake when people with suspicious ideas get a track of the same. Such people use all the data available for fraudulent activities that may cost you a lot.

Identity theft is one crime which is increasing in number in India, as well. Credit card fraud is major amongst all. Sometimes, criminals only have your credit card number which they may use to make fraudulent purchases. On the contrary, if they have all your information including name, address, etc. they can make use of the same in draining your bank accounts, applying for new credit card, etc. This certainly can cost you a huge financial loss.

With all the deceitful activities that are going on, the only conclusion that can be drawn is that criminals are one step ahead of all the security programs that are created. However, since such activities are increasing in number, financial institutions are working day and night on their security programs and revise them on and off so that one single program does not make a hacker’s job easy.

Keep a track of all the mails that you receive from your banks and financial institutions. At times, they give notification email which asks customers to change their password or keep a track of any suspicious activities. One needs to abide by these notifications in order to avoid issues like identity theft.

Financial institutions also keep track of things like multiple openings on the same name, too many purchases, withdrawals, etc. They do notify customers about the same and if the customer denies the same, corrective measures are taken to catch hold of the person behind the same.

Identity theft not only affects you financially but also has an adverse effect on your CIBIL score. Be very careful when you operate your ATM cards and make payments online. Apart from this, it is a wise habit to keep changing your password every few months. A few corrective measures will save you from bigger losses.

Updated: December 1, 2016 — 3:25 pm

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