How to Mitigate the risks of identity fraud and data loss for Online Customers and Partners?

The internet world we are accessing today is a well-connected maze with umpteen types of websites, links, applications. Businesses around the world transact hundreds of thousands of rupees every day among its stakeholders, customers, and partners. Based on a survey by Symantec, hackers target firms, and customers using stealthier methods of identity fraud to access private confidential data and the scenario is increasing ever since the pandemic had started. This signifies the need for identity access management software not just for the company and employees but also for customers and partners who are in dire need of well-established cybersecurity systems. 

What exactly is Identity fraud?

Identity fraud involves stealing other persons’ confidential data, passwords, credit cards, banking information without their knowledge, and using these data to commit fraud or crime. It is one of the most common and most affected forms of cyber crimes happening in and out of the online world. 

Common forms of identity fraud

Although a good identity access management software can safeguard users from these types of attacks, hackers will be able to breach into the system if passwords are left unprotected. Below are some of the well-known methods and ways of identity fraud to steal information from companies and customers.

IoT Devices:

IoT field is rapidly expanding and firms depend on IoT connected devices for their needs. Cybercriminals hack into these IoT devices to steal sensitive information like passwords. 

Formjacking:

Formjacking is a new field of cybercrime where hackers change the code of a website and take control over that site. According to Symantec, Formjacking attacks increased by a staggering 117% this year.

Account takeover fraud:

This common form of identity theft seems to be on the rise with a 17% increase in the crime rate.

How to protect customers and partners from identity fraud?

Secure software:

The first and foremost step in mitigating identity theft starts with identity access management software since firms are prone to cyber-attacks, secure software ensures and protects sensitive information.

Build a strong password:

Most of the things present on the internet can be accessed with a password and that is where a hacker concentrates first. Unfortunately, most of the internet users access applications using the same passwords and probably won’t change it frequently as per guidelines. 

The best way to overcome this threat is to use a very strong password with a two-factor authentication mechanism that disables any form of hacking activity.

Securely access the internet:

One has to tread carefully when accessing the internet, let it be accessing an unsecured mail, using social media, entering unprotected sites, following phishing links, or while using public Wi-Fi system. Identity fraud can happen in any of these areas.

Enhanced protection for partners:

Ensure that your business partners are gaining the same amount of protection as your firm with a well-rounded identity access management software. Firms to take care of the issue with more caution because of identity theft, phishing, and data leakage which might cause a tremendous loss on both parties. 

Now with a clear picture of identity fraud and ways to minimize the attacks, we can safely limit ourselves from exposure to identity theft in the future.  At Cybernexa, we aim to deliver the best and up to date identity access management services for your firm through our Cylock software. Our services will create a safety net to shield your company from identity crimes, dark web frauds and other diverse numbers of cybercrimes.