Identity Theft In 2020: What You Need to Know
Identity Theft
Identity theft has moved far beyond credit card abuse and address change-ups. Modern identity criminals have taken advantage of the uncertainties of 2020 and started to target those who work from home.
Additionally, scammers are working hard to target the financially vulnerable.
Big Losses: Retail Targets
One of the challenges of 2020 has been the requirement to shelter in place. For those who are still working from home, the choice to shop from home has been a simple one.
However, this means that your data is dispersed to a more extensive network and at greater risk of theft.
If a retailer is targeted, they must notify specific cardholders about potential Credit Card Fraud (PCI Compliance).
However, public disclosure concerns are not commonly addressed, nor are they universally applied. As the world of shopping goes global, so must the world of information sharing and compliance.
Private Selling and Buying
As we strive to buy locally and stabilize our local small business, there are concerns about a lack of robust consumer credit protections in place.
In particular, if you are buying or selling from private creators, work through a platform such as Craig’s List and various social media marketplaces so all parties can feel secure in their transactions.
If you’re going to meet in person to exchange cash, make it a public spot, and wear masks and gloves.
If possible, be ready to wipe down the item or leave it bagged and untouched for twenty-four hours. While this doesn’t necessarily protect your identity, it will protect your health.
To exchange payment, work with
- PayPal
- Payoneer
- Google Wallet
- Skrill
Or some other exchange that will let you transfer funds from account to account. In any private exchange, it’s buyer beware.
Don’t accept checks or ship before payment. If you’re selling small household items, consider working through an online shop such as Poshmark, where you can market goods, negotiate, settle on a price, get a mailing label, and get a check all through their portal.
Work From Home Scams
Many people are suffering severe financial worries and woes as the pandemic drags on.
Offers for online classes, small business opportunities, and other wealth-building options that seem too good to be true are on the rise.
If you’re looking for online work to fill in your income, carefully study the business model.
They will likely need your bank account to pay you but proceed with caution if they want direct access.
Either get your income from work directed to a debit card or consider setting up a second account that only captures these dollars to avoid giving anyone access to all of your funds.
For those who are taking 2020 as a time to re-tool and learn a new skill, there is a good chance that you will have to pay for training.
However, if you have to pay to be allowed to collect an income, step back. Look for another option.
Scammers are everywhere, and once they have your data as you try to find work from home, it may be abused.
Unemployment Scams
High unemployment rates have left many states overwhelmed with applications, which means that fraudulent claims can slip under the radar.
Should you receive a notification in the mail that your unemployment has been declined, immediately contact your state Department of Labor website and notify them of potential fraud.
If you’re getting your regular paycheck and someone else collects unemployment in your name, the state is fundamentally required to try to get those funds back.
Carefully monitor any fraudulent use of your name to reduce the risk of getting tangled up in a long, challenging conflict.
Be aware that this fraudulent use of your data can also help get public assistance. Again, watch your mailbox and email for any odd notifications.
If you get a heads-up of decline, report the fraud. Just because one scammer tried and failed doesn’t mean that someone else won’t get away with it, at least for a time.
The COVID-19 pandemic has put many of us at risk of identity theft. No matter how careful we are, the move online may mean that your data is exposed and at risk of abuse.
Identity theft can be overcome, but the costs are high and can take a lot of time. Do your best to avoid exposure.
Category: Family Finances
