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Having your identity stolen is a frightening and stressful ordeal. A recent study by consumer platform ID Analytics identifies several factors that increase your chances of falling victim to fraud.
In their Online Privacy Vs. Security study, the company reviewed data from 100,000 individuals, some who had experienced identity theft and others who had not. They examined their online behavior and found that, generally, people who shared the most personal information were four times more likely to become victims of fraud compared to those who shared the least. Three main predictors of fraud were identified:
The number of social media platforms a person is active on
The number of websites where their personal information is publicly accessible
The number of previous addresses linked to the individual
As Credit.com highlights, the age-old ‘correlation vs. causation’ argument might apply here, though these findings are not particularly surprising. They state:
The reason why having multiple addresses linked to your identity might increase the likelihood of fraud isn't entirely clear, but it's easy to imagine. With more previous addresses, criminals could potentially use an old one without detection. However, you can take steps to limit the number of social networks and websites where you share personal information. As Coggeshall advised, ‘Be mindful of what you share online.’
It’s also crucial to stay alert to the risks associated with oversharing your personal details. In addition to protecting your private information, you should review your credit report at least annually to spot any unauthorized activity. It’s also important to know how to respond if identity theft occurs. Credit.com provides additional tips in the link below.
