Dec 35 min read

PROJECT: PROTECTING YOURSELF - UNDERSTANDING AND PREVENTING IDENTITY THEFT

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Identity theft has become a pervasive threat that can have devastating consequences for individuals and families.

As more personal information is shared online, the risk of fraud and identity theft

continues to grow.

DEFINITION:

Identity theft occurs when someone unlawfully obtains and uses another person’s personal information, such as their name, ID number, credit card details, or other financial data, typically for fraudulent purposes.
This can lead to unauthorised transactions, damaged credit ratings, and a long and complicated recovery process for the victim.

MODUS OPERANDI OF IDENTITY THIEVES:

PHISHING SCAMS:
- Criminals often use emails, text messages, or phone calls that appear to be from legitimate organisations to trick individuals into providing
  personal information.
- These messages may contain urgent requests or enticing offers.
DATA BREACHES:
- Large-scale data breaches at companies or institutions can expose sensitive personal information.
- Cybercriminals can then use this data to commit identity theft.
SOCIAL ENGINEERING:
- Thieves may manipulate individuals into revealing their personal information through deceptive tactics, such as pretending to be a bank representative or a tech support agent.
MALWARE AND HACKING:
- Malicious software can be used to gain access to personal devices, allowing thieves to steal information directly from your computer or smartphone.
PHYSICAL THEFT:
- Identity thieves may also steal personal documents, such as passports, driver’s licenses, or financial statements, from physical locations or
  mailboxes.

CONSEQUENCES:

FINANCIAL LOSSES:
- Victims may face unauthorised charges on their accounts, leading to significant financial losses.
CREDIT DAMAGE:
- Identity theft can ruin credit scores, making it difficult to secure loans or mortgages in the future.
EMOTIONAL DISTRESS:
- The anxiety and stress associated with identity theft can take a toll on mental health.
RECOVERY ISSUES:
- Restoring your identity and correcting fraudulent transactions can be time-consuming and require considerable effort.

CRIMES:

Identity theft is a serious crime that leads to various other crimes, as perpetrators use stolen personal information for fraudulent activities. Some common crimes associated with identity theft include:

FINANCIAL FRAUD:
- Credit Card Fraud: Opening credit card accounts or making unauthorised transactions using someone else's identity.
- Loan Fraud: Taking out loans or mortgages in the victim’s name.
- Bank Fraud: Accessing a victim’s bank account and transferring funds.
EMPLOYMENT FRAUD:
- Using stolen identities to obtain jobs often leaves the victim responsible for unpaid taxes or other legal issues related to employment.
TAX FRAUD:
- Filing fraudulent tax returns to claim refunds.
- Victims often discover this crime when their legitimate tax return is rejected.
MEDICAL FRAUD:
- Using a victim’s identity to receive medical services or prescription drugs.
- This can also alter the victim's medical records, potentially leading to dangerous misinformation in emergencies.
CRIMINAL IDENTITY FRAUD:
- Providing stolen identities during arrests or legal proceedings, causing the victim to have a criminal record they are unaware of.
ONLINE FRAUD:
- Creating fake social media profiles, email accounts, or online subscriptions in the victim's name to scam others.
- Conducting phishing schemes or cyberattacks using the victim’s identity.
UTILITY AND SERVICE FRAUD:
- Signing up for utilities like electricity, water, or internet in the victim’s name.
- Renting properties or leasing vehicles fraudulently.
SOCIAL SECURITY OR GOVERNMENT BENEFITS FRAUD:
- Using stolen identities to claim unemployment benefits, pensions, or other government assistance.
CHILD IDENTITY THEFT:
- Stealing a child's identity to establish fraudulent credit or engage in illegal activities, which often goes unnoticed until the child reaches adulthood.
REAL ESTATE AND PROPERTY FRAUD:
- Selling or renting properties using someone else’s identity.
- Changing property titles fraudulently to transfer ownership.
BUSINESS IDENTITY THEFT:
- Stealing a business’s identity to commit corporate fraud, obtain credit lines, or conduct unauthorised transactions.

PRO-ACTIVE SAFETY MEASURES:

Limit the amount of personal information you share online.
Be wary of unsolicited requests for sensitive information, whether in person or online.
Create complex passwords that are difficult to guess, and change them regularly.
Consider using a password manager to keep track of your passwords.
Whenever possible, enable two-factor authentication on your accounts. This adds an extra layer of security by requiring a second form of verification.
Regularly check your bank and credit card statements for any unauthorised transactions.
Report any suspicious activity immediately.
Obtain a copy of your credit report annually and review it for inaccuracies or accounts you did not open.
In South Africa, you can access your credit report once a year for free from credit bureaus.
Install antivirus software and keep your operating system and applications updated to protect against malware and hacking attempts.
Before disposing of documents that contain personal information, such as bank statements or tax forms, use a shredder to protect against physical theft.
Stay informed about the latest scams and tactics used by identity thieves.
Awareness is a powerful tool in preventing identity theft.

WHAT TO DO IF YOU HAVE BECOME A VICTIM OF IDENTITY THEFT:

Contact your bank, credit card company, and any other affected organisation to report the fraud and freeze your accounts if necessary.
Document the incident by filing a report with your local police department.
This can help in disputes with creditors.
Contact one of the credit bureaus to place a fraud alert on your credit report, making it harder for thieves to open accounts in your name.
Consider Identity Theft Protection Services, which can help monitor your personal information and alert you to potential fraud.
Contact the Specialised Security Services for help from their specialist Cybercrime unit.

Identity theft is a serious threat that can impact anyone.

By understanding the risks and taking proactive steps to protect your personal information,

you can significantly reduce the likelihood of becoming a victim.

Stay vigilant, educate yourself on best practices, and remember that prevention is always better than remediation.

Your identity is valuable - protect it wisely.

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Regards,

Mike Bolhuis

Specialist Investigators into

Serious Violent, Serious Economic Crimes & Serious Cybercrimes

PSIRA Reg. 1590364/421949

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