WHY YOU NEED PROTECTION
In Cyber Crime space Identity Theft is a growing concern globally. In fact, Cyber Crime is the fastest growing crime in the world. Recent research studies show 60 million Americans have been a victim of identity theft amounting to financial losses in excess of $16 billion. As per the Norton Cybercrime report, 2 out of 3 Online Indians have been victims of this menace. There is a dramatic correlation in India between booming adoption of mobile apps, digital payments and increasing rate of financial fraud. 96 percent of Indian consumers who were victimized by financial fraud during the last year had switched to a mobile app and digital payments, from cash as mode of payment, significantly impacts country’s efforts towards financial integration.
Given the digital drive and lack of general awareness, India is now emerging as a soft target for organized cyber crime.
The impact of Identity theft could also be devastating. At a very high level the impacts could be –
The financial hardships that may be caused by identity theft can last for months or years after your personal information is exposed. Depending on the type of data identity thieves put their hands on, the hurdles in the recovery process can include:
- Disputing an identity thief’s activity in your credit files and working to restore your good credit
- Cleaning up and closing compromised bank/ credit card/loan accounts, and opening new accounts
- Working with the tax authorities to clean up any tax refunds, etc. claimed by the fraudster
In terms of social impact, whether you rely on social media for your profession or use it to stay in touch with friends and family, hackers could damage your reputation or put your job on the line by using your current accounts—and even creating new, fraudulent accounts—in which they post while pretending to be you.
Perhaps a less obvious impact of having your identity stolen is the emotional toll that can accompany it. Identity theft is often a faceless crime that can trigger a host of emotional reactions. The first feeling that victims may experience is anger. But after the initial shock, other challenging and long-term emotions may come into play.
Anyone can become a victim of identity theft and its impact could be long lasting!
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