How a stolen phone can ruin your credit!

by Kedy J. Writer In today's high-tech society, many people use their phones for just about everything. From paying bills to updating their social media profiles, most people don't even think twice about protecting their information when they are using their own personal device. With all of this information stored on the average smart phone, this little device may have become a gateway to an entire identity. With cases of identity theft continuing to rise, people need to be more aware of the value and importance of protecting their personal data. By making your smart phone and social networks more secure and more private, you can help prevent identity theft.

How an Identity Gets Stolen

Even though identity theft is becoming more common every year, many people don't understand the basic question of“ How is your identity stolen?” Too many people believe that this is a crime that can't or won’t happen to them. However, identity theft can happen to anyone and at anytime. Here are just a few ways that an identity can be stolen:

• Losing your smart phone or wallet.
• You unknowingly submit your information to an identity thief via email or phone.
• Using an unsecure network or forgetting to log out of your accounts.
• Posting personal information on your social networks.

Most people don't think twice about keeping all of their information stored in their phone, or posting personal details like full birthdates or addresses on their social media profiles. Too many people believe that their information is secure because they have a four-digit pass code on their phone or because they think the information they share on their social media pages is private. Unfortunately, it is all too easy for an identity thief to get this information to steal an identity.

Smart Phones and Identity Theft

Many people in today's fast-paced world will use their phone for everything. It's not just a means for communicating. People pay their bills and store valuable account information on their phones. Many phones are protected with nothing more than a simple pass code that an identity thief could hack in seconds, and other phones aren't protected at all. If your phone is lost or stolen, an identity thief might gain instant access to your bank accounts and your personal information. This identity theft can lead to a quick accumulation of debt in your name, resulting in havoc on your credit score. An identity theft damaged credit score may hurt your ability to get future loans or good loan rates.

If you do lose your phone, it's important to immediately contact all of the financial institutions that may be impacted. Anytime you pay a bill or login to an account with your phone, that information might, potentially, be saved. It's a good idea to make sure your phone never remembers your password. It's also important to change your passwords frequently and to make sure you don't save any valuable personal information anywhere on your phone, including in your text messages.

Social Networking and Identity Theft

One of the most popular uses of smart phones today is social networking. The frequent use of social networking sites is a huge factor in identity theft. Identity theft and social networking often go hand-in-hand in today's world. Over 60% of Americans report using social media on a regular basis. Whenever you use social networking sites, your data is being collected. The more you use social media, the more you post, and the more games you play, the more information about you is being stored by a variety of websites. While most people trust these sites, these large collections of data are often the target of identity thieves looking for new identities to steal. No matter how secure a network might be, there are always vulnerabilities and always new methods of accessing information. By sharing your information less and by trusting fewer sites, you can help keep your identity safe. You should also be sure that you understand exactly with whom you are sharing your information whenever you use a site, and you should be sure not to save passwords on your phone.

Check Your Credit Often

One great way to safeguard against identity theft is to monitor credit scores. While this is especially important for anyone who has lost a phone or suspects the possibility of identity theft, everyone can benefit from this service. By checking your credit score on a regular basis, you may better understand how your financial habits are impacting you. Regular credit monitoring also gives you the upper hand against an identity thief. If you check your credit often, you can immediately spot any suspicious activity that might suggest identity theft. An identity theft credit score is often immediately recognizable because it is much lower than you expect. By reporting this immediately, you can help reduce the impact that identity theft may have on your credit score.

People today are sharing more information than ever before, and they are keeping more and more information on their phones. Smart phones have become maps of a person's identity, and anyone who has access to your smart phone has instant access to your entire life. From bank accounts to other personal information, an identity thief can often get everything he needs from your smart phone. By protecting your phone and securing your information, along with monitoring your credit on a regular basis, you can better safeguard yourself against identity theft, ensuring that your credit score will be safe. Protect yourself from falling victim to an identity thief damaging your credit score by protecting your information.

Kedy is an active finance blogger who is fond of sharing interesting finance management tips to encourage people to manage their personal finances. More specifically, she advocates that people should check credit reports and scores regularly.

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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