How Social Media Networks Facilitate Identity Theft and Fraud
Social
media is a great outlet to engage with family and friends, but are you sharing
too much in the process? Identity theft can occur with only a few key
pieces of your personal information. And now, courtesy of social media
profiles, that information is easier than ever to steal. For example, an
average Facebook profile lists a person’s name, date of birth, and hometown.
So already you have provided a thief with crucial information they need
to steal your identity.
Criminals
can also obtain your personal information through third-party applications.
Most social media sites have apps that ask for permission to access your
account information before you can install them. This is one way hackers steal
your details to commit fraud.
Identity Theft - Facts and Figures
According to Facebook Statistics, an estimated 3 million messages are
sent daily, and an average of 205 photos uploaded per day. Moreover, there is an estimated 1.310 billion
active Facebook user accounts with personal profile including name, birthday,
address, and/or phone number. Other
personal information (such as passport number, driver’s license number, Social
Security Number, wedding anniversary date, birthday, age, and planned vacation
dates) can also be obtained through posted pictures and messages.
The number of identity fraud victims jumped to 13.1 million in 2013, a
new report from Javelin Strategy & Research finds. That's an increase of
500,000 from 2012 and the second highest number of victims since Javelin began
conducting its annual study in 2004.
Identity fraud occurs when someone's personal information is used to
access money, while identity theft is when personal information is accessed,
even if it isn't used for financial gain.
How to protect your information on social media sites
- Set your privacy settings so that your information and your posts are only viewable by those you trust.
- Only accept friend or connection requests from those you know and trust and those you are comfortable with sharing information.
- Consider which pieces of your sensitive information, such as your birth date, personal email address, home address, current employer, high school, etc, you should and shouldn’t display. Identity thieves can piece together your information in order to take over your identity.
