According to the FTC’s COVID-19 & Stimulus Report, 143,992 fraud reports using COVID-19 were filed in 2020.
Cybercriminals are already geared to sneak into a user’s system by trespassing into newly adopted working settings, thus experts anticipate that the amount of cybercrimes in 2020 will be just the tip of the iceberg.

Let’s look at the most common identity theft frauds for 2021, as well as factors that can help prevent these scams.
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What is Identity Fraud?**

Identity fraud can be defined as illegal disclosure to your personal information, such as your name, social security number, bank account information, and enterprise login credentials.

This unlawful access is meant to steal sensitive information, move payments, or even change a company’s data.

Criminal identity fraud happens when a person who has been charged or arrested for a crime impersonates another person by using that person’s name and identifying information.
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Top 7 Ways to Beat Identity Fraud**

The steps below can help you reduce your chances of being a victim of identity theft.

• Keep your Social Security number private: Don’t bring your Social Security card or any other cards with your SSN on them. Avoid sending SSNs or PINs by email, as this raises the risk of personal information being misused. If you must share an account for any reason, it is preferable to share the PIN/SSN verbally.

• Take attention with your trash: Shred or burn any papers holding your personal information, such as credit card offers and unused “convenience checks.”

• Utilizing Two-Factor Authentication: Using two-factor authentication reduces the risk of identity theft and protects against unauthorised login. Businesses must understand the value of using email or OTP-based authentication to improve security.

• Examine your bank and credit card statements: Immediately open your credit card bills and bank statements. Check for any unlawful charges or withdrawals and report them as soon as possible.

• Use Strong Passwords: In 2021, businesses must understand that strong passwords are more important than ever. Weak passwords among users/employees may raise risks.

• Implement CIAM: To ensure optimal safety for their customers and workers, businesses should consider deploying a CIAM (consumer identity and access management) system. Through secure signature options, a CIAM solution helps secure millions of identities.

• Ask questions: When you’re requested for personal information that appears out of place for the transaction, ask inquiries. Inquire about how the data will be used and whether it will be shared. Inquire about how it will be safeguarded. Don’t give your personal information if you’re not satisfied with the responses.

Final Thoughts:

Identity theft frauds are caused by a lack of cyber knowledge. It is critical for businesses to ensure that their personnel and clients are cyber-aware.
When it comes to protecting persons’ and consumers’ identities, the aforementioned factors must also be taken into account.
Identity and access management systems could be a game-changer for organizations looking to protect their customers’ identities.

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