Financial Transactions: How To Protect Yourself From Identity Theft

The onset of pandemic has derailed businesses and impacted different sectors across diverse segments. The unprecedented times have established a new virtual monopoly, especially with organisations and individuals building an online presence and digitising their identity.

However, with the technological advancements and digital progression came other risk factors including cyber crimes, hacking, unethical practices but especially, identity thefts. With the internet serving as a veil to all malignant practices and unethical hacks enabling people to steal others' identities and misuse/ exploit them for the thief's benefits. This calls for more protection and digital safety, further urging people to safeguard their identities to prevent any more mishaps. 

Some of the ways one can minimise these thefts include: 

1. Keeping a check on your digitized private records and statements of credit/debit card and other solicitations.  

2. Two-factor authentication alongside securing your email box, being vigilant about submitting important financial information to people less known and being more defensive about personal data. Using detecting software and monitoring the credit report while journaling the budget and expenditure will also help pinpoint any fishy activity in your profile. 

3. Identity thefts are not easy to eradicate and hence, the only way around them is to secure ourselves through the tips and any other aspect that we can. By keeping our one time passwords to ourselves and basic due diligence, we can create a safe zone for us to flourish without being entangled in frauds or falling prey to identity scams. 

(Inputs from Mr. Shibu Paul, Vice President – International Sales at Array Networks) 

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