Has your Identity Been Stolen, Now What?

28 August 2024

Articles

Identity theft is a fast-growing crime that can have devastating financial and emotional consequences. It occurs when someone steals your personal information - such as your name, address, tax file number, driver’s licence, credit card number, date of birth or Medicare details.

In the six months leading up to December 2023, reports of data breaches surged by 19% from the first half of the year1. Given this increased prevalence of cybercriminals stealing data, knowing if your personal information is being traded on the dark web can play a crucial role in protecting yourself.

What happens when your identity is stolen?

The consequences of identity theft can be severe, ranging from unauthorised transactions on your accounts to the creation of new credit accounts in your name. In some cases, you may not even realise your identity has been stolen until you start receiving bills for purchases you didn’t make or until your credit score takes a significant hit.

The impact of identity crime doesn’t end with financial loss. Victims often spend countless hours and significant resources trying to rectify their predicament. According to the Australian Institute of Criminology 2, 13 hours is the average time it takes to deal with the consequences relating to identity theft. However, it can take months or even years to fully recover from the financial and emotional damage caused.

How to protect yourself from identity theft

Preventing identity theft requires proactive measures. Here are some steps you can take to protect your personal information:

Secure your personal information: Keep sensitive documents in a safe place and shred any documents that contain personal information before discarding them. Avoid sharing personal details online or over the phone unless you are certain of the recipient’s trustworthiness.
Monitor your credit report: Regularly reviewing your credit report can help you spot any unusual activity early on. At Equifax, you can check your credit history for free once every three months, which you can access to check for discrepancies.
Use strong, unique passwords: Ensure your passwords are strong and unique for each account. Use a combination of letters, numbers, and special characters. Consider using a password manager to keep track of them securely.
Be wary of phishing scams: Phishing scams often trick people into revealing personal information through fake emails or websites. Always verify the source before clicking on links or downloading attachments.
Enable two-factor authentication: Whenever possible, enable two-factor authentication on your accounts. This adds an extra layer of security by requiring a password and a second piece of information, such as a code sent to your phone.

Should you be worried if your personal information is on the dark web?

Even with the best precautions, there’s still a chance that your personal information could end up on the dark web – a hidden part of the internet where cybercriminals buy and sell stolen data. If your personal information is being traded on the dark web, there’s a high chance it can be used for identity theft.

Dark web monitoring is a service that scans these parts of the internet for your personal information and alerts you if your data has been compromised. Equifax credit and identity protection plans combine dark web and social media monitoring, powered by Norton™, scanning for information like your bank account numbers, credit card numbers, email addresses, phone numbers, physical addresses, insurance ID numbers, mother’s maiden name and driver’s license number. You’ll be notified immediately if your information is found, allowing you to take swift action to mitigate any potential damage.

Think of dark web monitoring as an early warning system. While it can’t prevent your information from being stolen, it can alert you to potential threats so that you can act quickly to protect yourself and reduce the risk of financial loss. This might involve changing passwords or freezing your credit file before your data can be used.

Learn more about how Equifax credit and identity protection plans, powered by Norton™, can help you reduce the risks of becoming a victim.

1 Notifiable data breaches report July to Dec 2023, OAIC
2 The Aust Institute of Criminology (AIC), Australian cybercrime survey, Identity crime and misuse in Australia 2023

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.