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Blog 16 May 2022

Everything you need to know about identity fraud

Noa Elbaze

What to do in case of identity fraud? Can we steal our identity?

Identity fraud is a crime punishable by law. It consists in usurping information about a person or a company for malicious purposes. This phenomenon is becoming more and more common in today’s society. Indeed, the strong digitalization of communication and services pushes hackers to develop new parades. As a result, companies and individuals can become victims of identity fraud. To avoid identity theft, identity verification at Kaspr is a simple action to take. How does fraud manifest itself? What can be the consequences? How to avoid them? Discover the details on the subject.

  • What is identity fraud?
  • The consequences of identity fraud
  • Solutions to prevent fraud

identity fraud

What is identity fraud?

Identity fraud is defined as the theft of personal or business information from an individual or company. This can include name, bank details, email address, LinkedIn account or other.

In other words, the hacker pretends to be another person or company. His goal is often self-serving. He may seek to embezzle funds, offer deals that don’t exist, extract money from customers, divert deliveries, etc.

With the digital explosion, identity fraud takes many forms. Here are some recurring cases:

  • Phishing: this is an Anglo-Saxon term meaning “phishing.” Fraudsters gather as much information as possible about a person or company in order to impersonate them or use them in some other way.
  • Spoofing: This is a form of technological impersonation. The fraudster is able to pretend to be someone else by masking his identity. He then proceeds to attacks or malicious actions by acting in the shadow of another profile. The hacker can use a fake e-mail address, a fake account, etc.
  • Financial identity theft: This is the most common form of identity theft. Fraudsters steal financial information to obtain credit, make huge purchases or withdraw money from the real account holder’s account.

This list is not exhaustive. In addition, fraudsters are very creative in developing new identity theft schemes.

The consequences of identity theft

Identity theft has a negative impact on the lives of its victims.

Loss of money

Extortion theft is one of the direct consequences of identity fraud. Homeowners see their bank accounts drained or observe unusual financial movements. Businesses can also be victims of embezzlement. In other words, impersonators extort money in their victim’s name.

Loss of credibility

Victims of identity theft lose their credibility. On the one hand, people are registered with banks because of the actions of cyber fraudsters. On the other hand, companies lose their notoriety and find it difficult to regain the trust of their customers. Indeed, false e-mail addresses are often used to deceive customers. Fraudsters act in the name of a company to prospect, for example, and collect sensitive information.

Psychological problem

If you are one of the victims of identity fraud, you are at risk of psychological damage. Identity theft leads to a lack of trust in existing services or in other people. In some cases, psychological support is necessary to help victims.

Solutions to prevent fraud

Identity fraud can happen at any time. It often goes unnoticed. Since identity fraud is becoming more and more digital, increased vigilance and security measures are necessary. There are solutions to prevent this form of cybercrime.

Strengthening the protection system

Companies are not the only ones concerned by strengthening their security system. Individuals must also set up systems to verify access to their email and their various accounts. This is particularly the case for double authentication or multi-step verification. In addition, it is recommended to use complex and differentiated passwords for each account.

Use of qualified tools

Companies are also victims of identity fraud. Indeed, this form of usurpation is part of cybercrime. You must then use safe tools that are not likely to be hacked and that are legalized in the collection of information. To avoid being accused of phishing, a company can use the Kaspr tool to generate leads easily. This extension of the LinkedIn social network allows you to find the contact information of prospects in a few clicks. This way, you will have access to their email address or phone number in a legal way.

Conclusion

Identity theft is a major issue in the era of strong digitalization. Individuals and professionals can be victims of identity theft. To avoid retaliation, it is necessary to redouble vigilance and use secure tools. For example, companies can use convenient ways to collect information about their prospects with Kaspr. As for individuals, be careful when managing your accounts and conducting online transactions.

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