New Identity Theft Risks To Watch For In 2021

We all live in fear of having our identities stolen and used against us, incurring enormous costs and headaches along the way. The reality is that even though identity theft is down year over year, the costs of these threats keep going up. We have watched as over the years cybercriminals have become more effective, trickier, and have learned new techniques for getting access to our information. 2021 is no different, and as we look forward to the rest of the year, there are quite a few cyber-threats to be aware of as these cybercriminals continue to evolve. If you would like to learn more about how to protect yourself and mitigate any tax issues as the result of identity theft, contact the team here at Inside Out Tax Resolution Services today. Here are four identity theft risks to look out for in 2021.

Threats to Children

Traditionally the most targeted group of individuals for both cyber-criminals and identity thieves has been the elderly, though we are starting to see another rising trend. Children are being targeted more and more every year, especially now that they are getting access to credit and digital content at a young age. It is extremely important to teach your children about the risks of the internet, as criminals are sending them fishing emails, credit card scams, and much more on a daily basis.

Account Takeovers

Account takeovers, or frauds where an individual gains access to a debit card, credit card, or bank account, have been drastically increasing for the past few years. In 2019 alone, there was a massive 70% increase in account takeovers. If you think that your account may have been compromised, it is extremely important for you to act quickly to close or change that account. According to Javelin Research, 40% of all account takeovers happened within 24 hours of a fraudster getting access to your account. You can monitor your accounts by putting a 1 cent alert on your mobile banking app to constantly be apprised of any activity on your accounts.

The Importance of Chip Credit Cards

If you are still using an old credit card without a chip in it, you need to swap that out for a new one as soon as possible. According to security experts, one of the most traditional forms of fraud, counterfeit credit card fraud, fell by an astounding 75% when EMV cards were rolled out. Chip-based credit cards are much harder to recreate and have all but eliminated this once common form of fraud. Security experts continue to monitor this, as there are fears that these EMV cards could be replicated, but so far, the risk has been mitigated.

What Is Formjacking?

Formjacking may seem strange, but it is essentially a form of code that is embedded on unknowing websites that take information put in form fills, or contact us sections, and routes that information to a scammer. This information can be used for a litany of fraudulent purposes, so make sure that you are careful about using form fill sections on sites and make sure that the site is safe and secure before sending over any information.

As we look forward to the rest of 2021, it is extremely important to remain vigilant for these threats and more. If you would like to learn more or get help with a tax-related identify theft issue, contact Inside Out Tax Resolution Services today.