The global trend towards e-commerce was hastened by the pandemic, but there is no question that shifting personal and professional activities online is a trend that will not be slowing down. From online shopping and banking to professional and social activities, the Internet has become a destination for conducting many of our most important activities. Opening up new opportunities for peoples around the world.
Unfortunately, with the convenience, accessibility and success of online platforms and services, also comes with increased exposure to the risk of credit card fraud and identify theft. Facing any type of online fraud is a terrible risk to your personal, professional and financial wellbeing. Online fraudsters steal identities to gain access to your money, social media and online accounts that makes it possible to defraud you, banks or those around you.
Reducing the risk of identity theft, credit card fraud and other online scams is critical for protecting your finances, bank accounts, credit cards and credit score. When you log onto public networks, utilise online platforms or signup for a new digital service, you are at risk of identity thieves trying to steal your login details, personal data and banking information.
Let us take a look at some of the ways you can prevent, detect and recover from identity theft or credit card fraud:
Detecting Identity Theft and Credit Card Fraud
It cannot be overstated how important it is for online consumers and Internet users to be aware of fraud risks and carefully monitor their digital presence. There are several protective measures that can be used to detect – and prevent – any potential fraudulent schemes. Even if you are, generally, a conscientious and careful Internet user, you could still become an unlucky victim of identity theft or credit fraud.
That is why it is so important to keep track of all your banking, social and shopping accounts that use personal details and information to login or access. By monitoring your credit reports and statements, effectively storing personal documents and introducing digital protective measures can help you avoid becoming the next in a long line of victims to the increasing risk of online fraud.
Here are several steps you can take to help detect identity theft, credit card fraud and other online scams:
Keep track of your credit reports
Credit bureaus use information offered by credit providers and lenders across South Africa. Any questionable activity using your identity or banking accounts will reflect on your credit report.
Review your financial, banking, medical and social accounts
It is important to review your banking and credit statements, as well as your other online accounts (medical, social, shopping or otherwise), to ensure there is no questionable activity or fraud.
Carefully handle important digital and physical documents
Always be careful when viewing, sharing, storing or discarding any important (physical or digital) documents that include your personal information or account details.
Create strong passwords and change them frequently
One of the best ways to detect and prevent entry into your online profiles and banking accounts is to create strong and unique passwords – and changing them every few months.
Update all of your IoT devices and software
Keep up with your mobile, computer, app, online service and software updates. These always include measures designed to combat new fraud risks posed by online criminals and fraudsters.
Recovering from Identity Theft or Credit Card Fraud
It is important to remember that even when you detect some type of fraud and fall victim to one of these many online criminal entities; you can and will recover from it. Especially, when you catch the fraud early, the possibility of recouping losses, regaining access to important accounts and reversing unwanted transactions becomes much more likely – including the potential to catch those responsible.
Let us take a look at ten things you can do to recover from identity theft, credit card fraud and other online scams:
- Account for all damages and losses
You will need to figure out exactly what type of fraud has occurred and what the extent of the damages are. These details are used to report, reverse and investigate the online criminal activity.
- Contact your bank, credit provider and other financial services
You need to contact all of your banking, credit and financial services providers to ensure that all fraudulent charges and requests are denied or reversed.
- Sign up for fraud alerts
Fraud alerts are a service provided by banks, credit providers and credit bureaus, like Protection Registration. These systems alert you and notify all your financial services when your accounts or personal information have been compromised.
- Freeze your compromised accounts
If and when you think your financial accounts are compromised, you need to freeze or deactivate any cards, banking services and credit access connected to those exposed accounts.
- Contact any other businesses or individuals involved
If any of your clients, partners, customers or other businesses and individuals are compromised by your online fraud, you need to let them know about the jeopardised accounts or your stolen identity.
- Identify and correct the fraud on your credit report
Disputing the fraudulent activity on your credit report will require you to report the incident to a major credit bureau, including all bad transactions, credit provider reports and police case details.
- Inform SAFPS and get Protective Registration
The South African Fraud Prevention Service (SAFPS) is an important resource for South Africans that helps us report fraud and prevent it in the future, such as Protective Registration, for those concerned with the safety and security of their identity or bank accounts.
- Report it to the police and local law enforcement
All of the recovery will require a clear and focused reporting of the incident, this includes a thorough police report. This acts proof of the fraud and has the potential to help catch these criminals.
- Managing your passwords
There are many methods used by fraudsters to gain access to your online accounts, these usually include passwords and login details. Changing passwords frequently will make it harder to “guess” their way into your accounts. Consider using a password manager or generator to make this easier.
- Report and replace any stolen documents
If you had any personal documents stolen or lost, you need to report it to the SAFPS, police and other relevant agencies. ID cards, passports, licensing, credit cards and other personal documents also need to be replaced by those relevant agencies.
Keeping Your Online Identity and Finances Safe
It does not matter if you have already been a victim of identity theft, credit card fraud or an online scam; you, your business and online activity would benefit from following these steps. This will become even more important over time as we continue to proliferate e-commerce, increase online activity and grow the on-demand economy.
MarisIT are committed to protecting South Africans and their businesses from the growing threat of cyber, identity and credit fraud. Our products and services are focused on mitigating cybersecurity risks to keep your online activity safe and secure. For more information, contact MarisIT today.
