Jon StojanIndividuals’ increasing reliance on digital devices and online transactions has exposed them to new vulnerabilities, as it has made it easier for cybercriminals to steal personal information and exploit it for financial gain. With criminals becoming more sophisticated and relentless in their tactics, identity theft has become a critical issue today.
The impact of identity theft is immense. According to the Federal Trade Commission (FTC), there were nearly 1.4 million reports of identity theft in the United States in 2020. This number marks a 45% increase from the previous year. The financial toll is astonishing. The losses from identity theft and fraud exceeded $56 billion in 2020.
OmniWatch sheds light on the primary factors contributing to the continuous rise in identity theft. It has observed the increasing sophistication of cybercriminals. These criminals have become more adept at exploiting the smallest gaps in security. They use phishing schemes, data breaches, and even social engineering tactics to access personal information. Once they have a piece of an individual’s data, they can build a profile, enabling them to impersonate the victim and commit various fraudulent activities.
Some leverage new technologies, such as deepfakes, to deceive their victims. For instance, criminals can now create highly convincing audio or video clips of CEOs or other high-ranking officials and use them to manipulate employees into divulging sensitive information or transferring funds.
OmniWatch has also witnessed a surge in social engineering scams, where criminals prey on individuals at their most vulnerable through elaborate scams. “There’s an instance where a woman lost her life savings when she got a call from a scammer who used a technique called spoofing to appear to be calling from the official fraud number of Chase Bank,” shares Product Manager for OmniWatch, Kit Fach. “He then convinced her to transfer her life savings to a separate account to prevent fraud. Your bank won’t help you recover in these situations and identity theft insurance from major companies like LifeLock and Aura won’t cover this either. OmniWatch, however, recognizes these new threats and offers protection that extends to these sophisticated social engineering scams.”
Identity theft also extends to more traditional forms of fraud. When Ticketmaster suffered a data breach, the personal information of countless customers was exposed on the dark web. Criminals could then use this information to access bank accounts or commit other forms of fraud. OmniWatch frequently encounters such cases, emphasizing the need for vigilant monitoring and rapid response.
“The primary issue is the general public’s lack of urgency,” explains Kristle Khoury, Vice President of Marketing at OmniWatch. “While many are aware of identity theft, there’s a common assumption that their data is already compromised or that they are too savvy to fall victim to scams. Unfortunately, this complacency often paves the way for identity theft to occur.”
More people are falling victim to sophisticated scams, which involve elaborate deception tactics that are difficult to detect. This highlights the importance of taking proactive steps to protect oneself from threats. OmniWatch made it its mission to combat identity theft by helping individuals protect their identities with tools designed to detect, protect, and correct issues related to personal data security.
Its services include monitoring the dark web and other potential leak sources for any signs of a consumer’s data being compromised. If any information is detected, the user is immediately alerted. OmniWatch also offers credit locks and freezes. These prevent unauthorized individuals from opening new accounts or taking out loans in the victim’s name.
OmniWatch’s agents are available 24/7 to assist with restoring victims’ credit, securing compromised accounts, and providing guidance on preventing future incidents. Lastly, it offers device protection through antivirus software and VPNs, ensuring consumers’ digital activities remain secure from prying eyes.
With these comprehensive services, OmniWatch is one step ahead in battling identity theft and other threats traditional security practices can no longer address. It’s essential to recognize the importance of services like OmniWatch as the conversation around cyber attacks grows.