Preventing Identity Theft
Omolabake Fasogbon
With the rise in digital banking and online transactions comes an increased threat of electronic-related financial crime.
Safeguarding one’s personal and financial information is thus non-negotiable. In this case, even the smartest and circumspect person is not immune to being defrauded.
Identity theft, which occurs when someone illegally obtains and uses another person’s personal information, including name, bank account, credit card details, or other sensitive data without permission, is typically intended for financial gain or to commit fraud. With evolving artificial intelligence too, cyber criminals are getting more empowered, leveraging tools as deepfake technology and AI-powered password cracking to up their game, leaving many to be more vulnerable.
So far, individuals, corporates and even most sophisticated nations have had a share of identity theft resulting in major loss to economies.
In their recent data, Global Anti-Scam Alliance (Gasa) and Data Service Provider Scam Adviser reported that scammers stole an estimated $1.02 trillion between August 2022 and August 2023. According to them, this loss suffered from deceptive schemes, including identity theft, was way higher than the $55.3 billion lost for the whole of 2021 and the $47.8 billion lost in 2020.
Locally, a popular case involving payment unicorn, Flutterwave, which reportedly lost N11 billion to a security breach in 2024, still remains fresh.
Recently, too, the Nigeria Inter-Bank Settlement System (NIBSS), traced a whooping N400 million to accounts opened with stolen identities.
The NIBSS had earlier reported that financial institutions, including commercial banks, point-of-sale operators, and others, lost about N17.67bn to fraudsters in 2023.
From trust deficit to credit score damage, financial loss, and economic instability, the implications of identity fraud are grave.
The experience is thus best avoided than paying the price. THISDAY shared some security tips below, as sourced from experts, including former US- based cybercriminal turned cybersecurity expert, Brett Shannon Johnson.
Stay Alert Online
Just like you stay cautious in public places like markets or motor parks, the same vigilance must be extended to the digital space. Whether you are browsing a job site, chatting on WhatsApp, or shopping on an e-commerce site, always be conscious that cybercriminals operate there too. If something feels off, like a suspicious message or request, it probably is. Trust your instincts.
Lock credit profile and family’s
Blocking access to credit accounts remains the best tool to stop new account fraud. This stops all new account fraud, preventing a criminal from penetrating. It is also a good idea to freeze the credit of every single person in the family, including kids, because kids are often targeted for identity theft. Most adults have existing accounts. It doesn’t stop fraud on those.
Secure Card Information
Keep your card details private. Only enter them on trusted websites and always proceed with caution.
Place alerts on accounts where you can
You must also be aware of your email, retail, social media, bank, and credit card accounts. Every account has value to an attacker. Make sure you have alerts on those accounts that communicate whenever they are accessed or used.
Protect your OTP
Never disclose your One-Time Password to anyone, no matter who they claim to be. It’s vital for your security.
Use Strong and Unique Passwords
Many Nigerians use the same password across all social media platforms, including Facebook, bank apps, and even work emails. This is risky. Cybercriminals use a method called “credential stuffing” to test your leaked password across hundreds of websites. Use different passwords for different platforms. Free tools like Google chrome’s password manager can help generate and store strong, unique passwords for you.
Be wary of links
Don’t click on unknown or suspicious links; they could lead to phishing scams or harmful software
Enable two-factor authentication (2FA)
Activating 2FA on your bank apps, email, and social media accounts adds an extra layer of protection. This means even if someone gets your password, they will need a second code, usually sent to your phone or email to gain access.
Be mindful of social media post
Avoid sharing too much personal information online. Posts about birthday, vacation plans, children’s schools, or mother’s maiden name can be gold for cybercriminals. Remember, those hundreds or thousands of Facebook or Instagram followers aren’t necessarily your friends. Always assume that fraudsters are watching.
