Unfortunately, identity theft is a universal nuisance;in the financial sphere, identity fraud happens every three seconds. Even now, this newer world of digitalization is developing and evolving, so we still don’t have a clear understanding of how to completely eradicate this problem. However, there are a few recommended practices that can help us reduce the likelihood of identity fraud in our own lives.
Don’t Expose Your Personal Information
The increasing popularity of social media sites, such as Facebook and LinkedIn, have seen the proliferation of individuals sharing large amounts of personal information online, without the due diligence to protect that information from potential criminals. Some experts believe that veteran social networking users are two times as likely to become victims of identity theft than those newer to social networking. In order to better defend yourself and your information, adjust your privacy parameters to the highest level and avoid divulging information such as your birthdate or other data that could reveal an answer for your security questions.
Create a Strong Password
With internet banking becoming a universal practice, access to your net worth is just a password and username away. This ease-of-access almost makes it absolutely imperative that you utilise a strong password. To protect yourself from identity theft, avoid using obvious passwords or similar passwords on multiple accounts.
Use a Visa Prepaid Card
Prepaid cards shine as a more secure and safer alternative to credit cards, because prepaid cards are not linked to any credit facilities. This means that even if your ID and account information are stolen or become compromised, the financial loss is limited only to what you have loaded on your prepaid card. Any damage done will not be reflected on your credit history, nor can the thief access your other account balance. Visa prepaid card is one of the best payment method in this day and age as it gives you strengthen security. There are also other hidden benefits about prepaid cards that you may wish to look into.
Go Further with a Virtual Prepaid Card
To really step up your payment security, get yourself a virtual prepaid card. While daily occurrences of customer data are stolen from large corporations on a daily basis, a virtual prepaid card can protect you from such hacks. How? Each virtual prepaid card transaction generates a unique,single use, sixteen-digit number that is only used and approved for that specific transaction. Because of this unique transaction number, corporations have no need to retain personal information about their customer. The feature of a unique transaction number offers an unrivaled level of payment security with virtual prepaid cards.
As the internet age marches on and internet banking evolves, banks will continue to search for definitive ways they can safeguard consumers from potential identity theft. For now, you can integrate the protective solutions listed above into your financial life. Opt for highly secure payments methods like virtual prepaid cards and prepaid cards, and you will be able to effectively reduce the potential dangers associated with online shopping.