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You will be a victim of Identity Theft!
Unfortunately, identity theft continues to be on the rise, leaving us no choice but to be proactive. If you are not concerned about your identity being compromised, then you are just being reckless. We saw an increase of 2.3 million people being a victim of identity theft last year.
The 2017 Identity Fraud Study, released by Javelin Strategy & Research, found that $16 billion was stolen from 15.4 million U.S. consumers in 2016, compared with $15.3 billion and 13.1 million victims a year earlier. In the past six years identity thieves have stolen over $107 billion.
Synthetic Identity Theft: Why You Should Be Concerned
In a recent study, researchers found that synthetic identity theft makes up about 85% of all identity theft and it has an annual cost of $2 billion.
Synthetic identity theft involves the use of a ficticious identity. There are multiple ways the fraudsters can create a fake identity, with the most common form using a real social security number, combined with other fake information.
The rise of this crime has been in the thousands recently, as compared to the hundreds not more than five years ago.
Here is an excerpt from a SecurityItelligence article:
"The exponential growth of synthetic identity theft — and particularly its impact on children’s identities — will have distressing consequences for young individuals in the future. A study performed by Carnegie Mellon’s CyLab found that children’s SSNs are 51 times more likely to be used in a synthetic fraud scheme than those of adults for the population studied. While CyLab clearly stated its findings could not be extrapolated to the general population, the threat to children is evident.
Synthetic identity thieves target children’s SSNs because they are inactive and will generally remain unchecked for up to 18 years. Children generally have no public information associated with their SSN, making them a prime target. Unless a victimized minor’s parents are tipped off by a bill collector, the child begins receiving credit card offers in the mail or the child is denied a driver’s license or college loan, the fraud may not be discovered."
Read the entire article here.
Threat Spotlight: Real-World Spear Phishing, Initiating the Attack and Email Spoofing
Countless individuals and organizations have unwittingly wired money, sent W2s, and emailed credentials to cyber criminals who were impersonating their boss, colleague, or a trusted customer. Spear phishing attacks can have devastating results for individuals, businesses, and brands, and unfortunately, they work because they are so simple and believable. A successful attack doesn’t require advanced hacking techniques, but rather gathering information about you that’s already posted online and spending five minutes to write a well-crafted email. The attackers can pick up information about their targets from a variety of sources: whether it’s posted on LinkedIn, Facebook, or on the company blog.
Spear phishing is something we’ve become very familiar with at Barracuda, as we have over a decade-long history of studying email-borne threats and the overall cyber threat landscape. Over the last year, we have spent a lot of time researching and analyzing highly-personalized spear phishing attacks.
Read the entire article here.
#TSGivesBack
Trinity Solutions is invested into the local communities in Western Pennsylvania and Eastern Ohio and we are taking an active role in working with employers and prominent community members to offer; educational seminars (on identity theft to warn people on the dangers of identity theft), community outreach and an all new Give Back program.
If your business would like to have Trinity Solutions come in for a 30-minute informational training session on "The Dangers of Identity Theft," please contact us.
During this seminar, participants will learn; what identity theft is, the different types of identity theft, the impact of a stolen identity, the types of protection available and the benefits of full restoration.
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