Social media users beware
A report by credit information company Experian India found that identity theft or fictitious identity frauds accounted for 77% of the total number of financial frauds in 2015, up from 75% a year. This figure includes fictitious identity frauds committed to secure loans.According to Experian India MD Mohan Jayaraman, these incidents have proliferated due to negligent smartphone security and displaying personal information on social media sites.
“To day, fraudsters can easily steal identities or perpetrate fraud online, given that personal information is so accessible,” he says. Check-ins or status updates can give fraudsters clues about your whereabouts, as can enabling the location tracker on your phone.”Use of photo or video-sharing sites could provide deeper insights about an individual, and their family, friends and interests,” Jayaraman says. These insights could easily lead fraudsters to information that you are likely to have used as a password or provided as answers to password recovery questions.
Vigilance is the only shield
Jayaraman lists failure to log in manually and check privacy settings among the mistakes made by social media users. Letting applications post on your behalf also is a no-no. “Install identity theft detection apps on your phone, and always log in to your social media accounts manually,” he suggests.