Account information exposed in a data breach (name, address, debit/credit card number, log-in credentials, etc.) can lead to identity theft, which triggers deep fears regarding financial security, the safety of loved ones, and the ability to trust.
In extreme cases, individuals have spent months solving issues associated with identity theft because threat actors continue to exploit the victim’s identity until they can no longer.
Data breaches can happen in various ways, yet regardless of the method, the outcome is still the same: your intimate details are misused, and it will have a serious impact on you. Thinking about the real consequences is important to ensure the right choices are made today.
So, What Exactly Is Identity Theft?
Identity theft, commonly referred to as identity fraud, is a serious crime where personally-identifiable information is stolen and used to commit fraud or deception, usually for economic gain. With sufficient identifiable information, a malicious actor can file applications for loans and credits, make fraudulent withdrawals from your bank account, or obtain goods and services you might be denied if you were to use in your real name. The Internet has made it easier for cyber thieves to take advantage of the data stolen since most online transactions are carried out without personal interaction. To protect yourself from identity theft, it’s a good idea to check your credit reports on a regular basis and pay attention to billing cycles.
Data Breaches and the GDPR
Following the withdrawal of the United Kingdom from the European Union, the GDPR no longer applies, meaning that now the United Kingdom has adequacy decisions. The UK-GDPR came into effect on January 31, 2020, and it’s almost completely identical to the EU GDPR. A data breach takes place when a company or an organisation experiences a security incident that leads to a violation of confidentiality, availability, and integrity. This includes incidents that are the result of accidental and deliberate causes. Under the law, the data controller is responsible for building information systems in a way that a person without authority or permission can’t access the data. If something were to happen, they must notify the supervisory authority as soon as reasonably practicable.
If you have reason to believe that your personal data protection rights haven’t been respected, you may bring the matter to court. The GDPR laws state that you can claim data breach compensation if you’ve suffered financial loss or distress, or both. You’ll want to seek advice from a solicitor specialising in such cases if you’re ready to move forward, and keep in mind there’s a time limit for exercising your rights. Equally important, you have the right for the incident to be corrected, so you can make a request for rectification. It goes without saying that the length of time it takes depends on the context of the data breach; if the case is especially complex, it can take years to achieve a satisfactory resolution.
What To Do If Your Identity Is Stolen
When the worst-case scenario happens, you must be vigilant. If someone steals money out of your hands, it’s tragic, sure, but it’s a one-time loss. Nonetheless, when cyber criminals steal your identity, it can take years to fully recover, as mentioned earlier. If you discover you’re the victim of identity theft, these are the steps you can take:
Analyse Your Situation
To override the problem, analyse your situation and develop a solution to address it. In case you didn’t already know, there are several types of identity theft, such as account takeover fraud, debit/credit card fraud, online shopping fraud, and biometric ID fraud, to name a few. If you’re the victim of online shopping fraud, for instance, call the customer care number and file a complaint so that the merchant can solve the issue in a timely manner. The next time you shop online, pay close attention to poor-quality images, misspellings, and too-good-to-be-true deals.
Check Your Bank Accounts
Suspicious and malicious activity is widespread, so don’t waste any more time and check your financial accounts. If one account is compromised, others are most likely compromised as well. Reach out to the fraud division of your bank and offer specific details, like amount and place. Be on the lookout for irregular payments; it’s best to identify fraudulent activity sooner than later. You can freeze your bank account online or via the app, but it’s still a good idea to speak to someone from customer service.
Prevent Errors on Your Credit Report
You can require the company affected by the data breach to block the reporting of information to the credit bureau or revise/correct the information listed on your credit report. If someone steals your identity and uses it fraudulently to take out a loan in your name, it will affect your credit score, so it’s not a price worth paying for. More often than not, you don’t realise you’ve been targeted until you receive a bill for something you didn’t buy. Send a notice of correction to the main credit agencies.
File A Police Report
Last but certainly not least, the police may or may not pursue the matter, but this step is helpful to you, as you have proof you informed the authorities and you’re not responsible for any crimes committed in your name. The police will listen to your individual circumstances and advise you on what to do next. If they’re able to advance the case, the police will coordinate their efforts with other agencies to ensure the best possible outcome. The sooner you report the incident, the better chances you have to prevent damage to your finances and reputation.
Final Thoughts
There’s no way to prevent identity theft because it’s impossible to control every space where your data is stored. You may feel overwhelmed at times by the psychological pain, and it’s hard to alleviate those feelings by just doing breathing exercises. If you catch the problem right away, you might be able to recover by taking corrective actions. Still, you must address the issue quickly.
Online streaming is about to explode more than we know