The threat of identity theft is increasing as we see innovative advancements in technology. In most cases, it is done to commit financial fraud such as making transactions or scamming people in the name of someone else. It has been going on for some time now and there has been a sharp rise in identity theft cases.
In 2022, businesses across the country lost $20 billion to it. But thanks to artificial intelligence, one can avoid becoming a victim of such frauds and thefts. If you’re running a business or carrying out financial transactions frequently, it should be of paramount importance to place security measures.
However, you can use a number of apps and software you can use to ensure safety, but the one thing that will keep it running is an internet connection because AI works in real-time. So be sure to have a reliable internet connection like Mediacom. Call the Mediacom phone number now to find out about its fast speed and pocket-friendly plans.
Furthermore, here are all the ways AI has been helping in dealing with the malice of identity theft.
1. AI Securing Businesses
As threats are increasing, businesses are forcing the companies that create protective AI to increase safety levels. Almost all businesses are moving towards higher-risk online transactions, making them more vulnerable. Even the customer risk is increasing as they prefer online transactions over in-person transactions due to convenience. Almost all businesses gather user data before carrying out transactions. This is where AI can be implemented to ensure data safety.
This also creates a balance between user trust and user experience. But even fraud prevention technologies have proved to be insufficient as synthetic fraud has become quite successful. The best way to prevent this is to make sure that trust points are awarded to the vendor only after a significant time of transactions has passed.
2. Use of Synthesized Data
The effectiveness of protection of the collected user information largely depends on the quality of data the organization has. Statistics show that data scientists in companies still spend most of their time collecting and preparing data rather than processing it. This happens when faulty data strategies are being used.
Using the technique of employing synthesized data not only makes internal processing easier but also keeps the data safe as well.
All identifiable information is removed from the data when AI makes randomized changes. By doing so, the organization reduces the risk of identity theft and ensures compliance with data protection regulations. Additionally, this reduces the time it takes for transactions and theft identification on the part of the organization.
3. Scaling ID Authentication
These days, identity documents are being scanned to check the various elements of identity. These documents include the likes of driving license and passport. This scanning may happen on the spot or remotely through mobile phone apps. Bringing AI into this process makes it easier, more efficient, mistake-free, and safe from data theft. The information on these documents is sensitive and can be used against a person like knowing their location through travel details.
It becomes even easier when an untrained individual is involved in the process. In order to collect anonymous internal data, a mechanism should be used that can store and sort the data so that it can be retrieved at any time. It also keeps data safe from any cyber threat as it is stored anonymously.
4. Safety from Unauthorized Access
A major threat to data security is unauthorized access to the systems, which can make them vulnerable to identity theft. This can be avoided if the speed of checking and verifying a person’s identity is faster. AI can provide this facility to organizations with ease.
When the company systems are protected, there is little chance of identity theft. Real-time information about the ID use can be given which makes it easier and quicker for the software to detect any suspicious activity. It also makes it difficult for cybercriminals to carry out their theft as just the credentials are not enough to get access.
5. Predictive Analytics
In order to detect anomalies in the identity, the predictive analytics of AI are proving very beneficial. As more data is fed into the machine learning model for training, the more accurate the fraud detection scores become. This also provides real-time information about each transaction, making it more secure.
So when you’re choosing a fraud detection platform, make sure that you choose one which can combine insights from unsupervised and supervised machine learning. This is because it creates a more secure environment and their trust score is actually believable. The most advanced mechanisms can learn from the data patterns generated in machine learning algorithms.
Conclusion
Identity theft is a bigger danger than many think it is. It is important that businesses keep their and customers’ identities safe by using AI’s superior services for data safety.
Online Threat Alerts Security Tips
Pay the safest way
Credit cards are the safest way to pay for online purchases because you can dispute the charges if you never get the goods or services or if the offer was misrepresented. Federal law limits your liability to $50 if someone makes unauthorized charges to your account, and most credit card issuers will remove them completely if you report the problem promptly.
Guard your personal information
In any transaction you conduct, make sure to check with your state or local consumer protection agency and the Better Business Bureau (BBB) to see if the seller, charity, company, or organization is credible. Be especially wary if the entity is unfamiliar to you. Always call the number found on a website’s contact information to make sure the number legitimately belongs to the entity you are dealing with.
Be careful of the information you share
Never give out your codes, passwords or personal information, unless you are sure of who you're dealing with
Know who you’re dealing with
Crooks pretending to be from companies you do business with may call or send an email, claiming they need to verify your personal information. Don’t provide your credit card or bank account number unless you are actually paying for something and know who you are sending payment to. Your social security number should not be necessary unless you are applying for credit. Be especially suspicious if someone claiming to be from a company with whom you have an account asks for information that the business already has.
Check your accounts
Regularly check your account transactions and report any suspicious or unauthorised transactions.
Don’t believe promises of easy money
If someone claims that you can earn money with little or no work, get a loan or credit card even if you have bad credit, or make money on an investment with little or no risk, it’s probably a scam. Oftentimes, offers that seem too good to be true, actually are too good to be true.
Do not open email from people you don’t know
If you are unsure whether an email you received is legitimate, try contacting the sender directly via other means. Do not click on any links in an email unless you are sure it is safe.
Think before you click
If an email or text message looks suspicious, don’t open any attachments or click on the links.
Verify urgent requests or unsolicited emails, messages or phone calls before you respond
If you receive a message or a phone call asking for immediate action and don't know the sender, it could be a phishing message.
Be careful with links and new website addresses
Malicious website addresses may appear almost identical to legitimate sites. Scammers often use a slight variation in spelling or logo to lure you. Malicious links can also come from friends whose email has unknowingly been compromised, so be careful.
Secure your personal information
Before providing any personal information, such as your date of birth, Social Security number, account numbers, and passwords, be sure the website is secure.
Stay informed on the latest cyber threats
Keep yourself up to date on current scams by visiting this website daily.
Use Strong Passwords
Strong passwords are critical to online security.
Keep your software up to date and maintain preventative software programs
Keep all of your software applications up to date on your computers and mobile devices. Install software that provides antivirus, firewall, and email filter services.
Update the operating systems on your electronic devices
Make sure your operating systems (OSs) and applications are up to date on all of your electronic devices. Older and unpatched versions of OSs and software are the target of many hacks. Read the CISA security tip on Understanding Patches and Software Updates for more information.
What if You Got Scammed?
Stop Contact With The Scammer
Hang up the phone. Do not reply to emails, messages, or letters that the scammer sends. Do not make any more payments to the scammer. Beware of additional scammers who may contact you claiming they can help you get your lost money back.
Secure Your Finances
- Report potentially compromised bank account, credit or debit card information to your financial institution(s) immediately. They may be able to cancel or reverse fraudulent transactions.
- Notify the three major credit bureaus. They can add a fraud alert to warn potential credit grantors that you may be a victim of identity theft. You may also want to consider placing a free security freeze on your credit report. Doing so prevents lenders and others from accessing your credit report entirely, which will prevent them from extending credit:
- Equifax
- Experian
- TransUnion
Check Your Computer
If your computer was accessed or otherwise affected by a scam, check to make sure that your anti-virus is up-to-date and running and that your system is free of malware and keylogging software. You may also need to seek the help of a computer repair company. Consider utilizing the Better Business Bureau’s website to find a reputable company.
Change Your Account Passwords
Update your bank, credit card, social media, and email account passwords to try to limit further unauthorized access. Make sure to choose strong passwords when changing account passwords.
Report The Scam
Reporting helps protect others. While agencies can’t always track down perpetrators of crimes against scammers, they can utilize the information gathered to record patterns of abuse which may lead to action being taken against a company or industry.
Report your issue to the following agencies based on the nature of the scam:
- Local Law Enforcement: Consumers are encouraged to report scams to their local police department or sheriff’s office, especially if you lost money or property or had your identity compromised.
- Federal Trade Commission: Contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or use the Online Complaint Assistant to report various types of fraud, including counterfeit checks, lottery or sweepstakes scams, and more.
- Identitytheft.gov: If someone is using your personal information, like your Social Security, credit card, or bank account number, to open new accounts, make purchases, or get a tax refund, report it at www.identitytheft.gov. This federal government site will also help you create your Identity Theft Report and a personal recovery plan based on your situation. Questions can be directed to 877-ID THEFT.
How To Recognize a Phishing Scam
Scammers use email or text messages to try to steal your passwords, account numbers, or Social Security numbers. If they get that information, they could get access to your email, bank, or other accounts. Or they could sell your information to other scammers. Scammers launch thousands of phishing attacks like these every day — and they’re often successful.
Scammers often update their tactics to keep up with the latest news or trends, but here are some common tactics used in phishing emails or text messages:
Phishing emails and text messages often tell a story to trick you into clicking on a link or opening an attachment. You might get an unexpected email or text message that looks like it’s from a company you know or trust, like a bank or a credit card or utility company. Or maybe it’s from an online payment website or app. The message could be from a scammer, who might
- say they’ve noticed some suspicious activity or log-in attempts — they haven’t
- claim there’s a problem with your account or your payment information — there isn’t
- say you need to confirm some personal or financial information — you don’t
- include an invoice you don’t recognize — it’s fake
- want you to click on a link to make a payment — but the link has malware
- say you’re eligible to register for a government refund — it’s a scam
- offer a coupon for free stuff — it’s not real
About Online Threat Alerts (OTA)
Online Threat Alerts or OTA is an anti-cybercrime community that started in 2012. OTA alerts the public to cyber crimes and other web threats.
By alerting the public, we have prevented a lot of online users from getting scammed or becoming victims of cybercrimes.
With the ever-increasing number of people going online, it important to have a community like OTA that continuously alerts or protects those same people from cyber-criminals, scammers and hackers, who are every day finding new ways of carrying out their malicious activities.
Online users can help by reporting suspicious or malicious messages or websites to OTA. And, if they want to determine if a message or website is a threat or scam, they can use OTA's search engine to search for the website or parts of the message for information.
Help maintain Online Threat Alerts (OTA).