“Identity theft” and “account takeover” might be terms you’ve heard before, but perhaps you’re still wondering what the big deal is with these. In that case, this article is for you.
We will explore the key differences between these cybersecurity attacks so that you can better protect your digital information.
Let’s dive in!
Identity theft: what is it?
First, let’s talk about identity theft. This is what happens when someone steals your private info, like your social security number, full name, and address. Afterward, they pretend to be you and scam people or try other fraudulent activities. As a result, your finances and credit score can be thrown into chaos.
According to the Federal Trade Commission (FTC), of all fraud cases reported, 1.4 million (25%) were specific to identity theft. The FTC has put this crime into its category, and you can report it separately from fraud, so you know how serious this problem is.
Understanding account takeover
Now that you know more about identity theft, what exactly is an account takeover? It sounds similar, but it’s not the same. In this kind of cyberattack, hackers get into your online accounts without authorization. They can get into your social media, email, or even banking accounts.
Once they’re in, they can do as they please, from trying to scam your friends and followers to buying things online to sending your money to themselves and other people.
It’s similar to someone occupying your house and playing host. Research has shown that account takeover fraud is expected to grow to $16.8 billion globally by 2025.
The key differences
Let’s tackle the main issue: what are the differences between these two attacks?
In a nutshell, it’s all about what the hackers focus on. When taking over your accounts, they are not aiming to steal your information rather than simply lock you out of as many online accounts as they can. They have tactics like phishing, malware, and even brute force attacks: they want your passwords and usernames.
When stealing your identity, their goal changes. In this case, they are going for your personal information because they want to commit fraud in your name. They can open new accounts with your identity, of course, but normally they are after your finances.
How to protect yourself?
Now that you understand the basic differences between these two let’s talk about prevention and self-protection in the digital realm. If you intend to stop hackers from performing a successful cyberattack, here are a few steps you can take:
- Make up strong and unique passwords, and don’t use the same one on different accounts. If you’re afraid that your memory might fail, get a password manager to do it for you.
- Turn on two-factor authentication and authorize your access manually. If a hacker tries to take over your account, you’ll get notified. MFA blocks 99.9% of modern automated cyberattacks.
- Don’t click on suspicious links, and don’t give out personal details over the phone or through emails.
- Make sure to set aside some time to go over your bank statements, credit reports, and online activity to detect and report anything suspicious before it becomes a real problem.
- Get a VPN and hide your internet connection behind an encryption wall. If you regularly connect to public Wi-Fi, this is especially important, but it works for every network you connect to. Learn more about it here.
Conclusion
While both threats are serious and require you to act quickly, understanding how they work can help you prevent attacks before they happen. Protecting yourself in the digital world is a necessity, now more than ever.
Stay informed and use the tools that are at your disposal to prevent people from trying to impersonate you or steal your information.
