Unique Approach embraced by CIOs against Cyber Theft

By Telecom Tech Outlook | Thursday, September 26, 2019

Protecting the users from malware and viruses such as password-stealing culprits, while providing the operators with full opportunity to detect identity theft.

FREMONT, CA: Identity theft is a major problem for banks, insurers, and financial institutions. Identity theft is a crime in which the culprit is usually unseen. Identity theft is rapidly growing, and according to a recent study, 40 percent of the consumers worldwide have already been a victim at least once. In the U.S alone, there is an identity theft occurring every two seconds. In another survey, 7 out of 10 customers agreed that they could likely become a victim of cybercrime or identity theft. Protection from identity theft is a new perspective that remains widely untapped by telecom operators with their customers.

An insidious online crime

Identity theft means when an individual uses another person's identity or personal information without permission to commit a crime.  In a digital world, this information can be easily accessible to anyone willing to hack it or buy what has already been hacked. A regular form of identity theft is account hacking, which made it easier by two enabling factors—one being the tendency of consumers to use a weak password and reuse the same password across other social media accounts, and the second one being the prevalence of the company data breaches, which have hit most of the major service providers. Nearly 32 percent of breach victims in the previous years have experienced identity fraud, compared to just 2.8 percent of individuals who have not notified of a data breach. Breaches put the entire database of customer information, which includes usernames and passwords into the hands of criminals. Utilizing automated tools, cyber thieves set about cracking these passwords, converting them from encrypted text back into plain text. Weak passwords are the easiest to crack, as they are then used to attempt logins across multiple services.

Once when the attacker gets access into any account, that particular individual can assume the role of an account holder taking advantage of the account's privileges, by doing activities like performing bank transfers, making credit card purchases online, transferring loyalty points, or any other action that benefits the attacker in some way.  

The better identity technology

Identity protection technology makes a password that is simple and easy, yet strong and powerful for each account, reducing the risk of account takeovers. ID monitoring scans check all corners of the internet, including the Deep Web, where academic and government repositories exist, and the Dark Web, where illegal information is bought and sold. Instant alerts notify the victim whenever his or her personal information has been part of a breach or otherwise abused or exposed on the web. Consumers are directed through various step-by-step instructions to know if a breach has occurred. 

Consumers and Victim Challenges

In a cybercrime ecosystem, consumers have the right to know about the exploitation of their personal data. Majority of the consumers are worried about someone hacking into their bank account and stealing their money. Victims of identity theft reported the damage in various areas of their lives, including stress and anxiety while trying to get the problem under control. There are legal implications with the process of restoring one's identity.