Understanding Online Threats – Identity Theft

BiMPay, the Central Bank of Barbados’ new national instant payment system, will bring efficiency to everyday financial transactions, so it’s to be expected that more Barbadians, including those new to electronic payments, will come onboard. When it comes to money matters, it is important to understand how to safeguard your personal and financial information. While online platforms carry risks, informed users can significantly reduce those threats. Knowledge is a powerful tool. 

So, drawing on expertise from the Information Systems Security Association (ISSA) Barbados Chapter and its President, Anthony Harris, this article examines a key risk in the digital space and what users should know to better protect themselves.

What is identity theft?

Identity theft is when someone uses your personal information without your permission to pretend to be you, usually to steal money or commit fraud.

What are the different ways people are able to steal my identity?

People can steal your identity by tricking you into giving out personal info through fake emails or calls, hacking into your accounts, stealing your mail or trash, or even by getting info from data breaches at companies you use. They can also get information from public Wi-Fi snooping or lost/stolen devices.

What are the consequences of someone stealing my identity?     

If someone steals your identity, they can spend your money, open new accounts in your name, ruin your credit rating, and even get you in trouble for things you didn’t do. It can take a lot of time, money, and effort to fix the mess.

What steps can I take to prevent someone from stealing my identity?

To help protect yourself, use strong, unique passwords for your accounts, don’t share personal info with people you don’t trust, be careful with emails or messages that seem suspicious, and regularly check your bank and credit card statements for anything unusual. Shred important papers before throwing them away and keep your personal documents in a safe place.