One reason that fraudsters have a high rate of success is because they are able to rush people into making decisions. Scammers usually run a con so fast that the victim doesn’t have time to think or ask questions. However, it is possible to reduce the chances of becoming a victim to an imposter scam with advance knowledge about how they work.
Well-known lenders, like banks, become household names because they have a history of reputable lending practices. The lucky customers who can qualify for credit with these companies do not have to worry that they will fall victim to a loan scam. The remainder of individuals who need a business or personal loan must exercise caution in order to avoid becoming prey to dishonest and predatory lenders.
Cyber insurance is a specialized policy that is usually not included in your business insurance, and specifically protects your business, employees, and customers from various cyber risks. In the case your business is hacked and undergoes the hardships of identity theft, data breach or a cyber-attack, cyber insurance will protect your business reputation, finances and allow you to resume to business as usual.
In this third installment of our Identity Theft Series will provide practical prevention suggestions and outline what is being done to combat this illegal activity.
In Part 1 of the Smarter.Loans Identity Theft Series, the ways in which people are robbed of their identity, signs of identity theft, and actions that victims can take were explored. In this second installment, the financial crime of child identity theft will be covered. As with adults, thieves steal identity from children to get credit like auto loans, mortgages and charge cards in the child’s name, among other reasons. They have no intention to repay, which ruins a child’s credit before it even gets started.
This is the first in the Smarter.Loans series of articles on the topic of a real 21st century threat to credit and finances; namely, identity theft. Night and day, news reports worldwide broadcast the devastating consequences of this crime such as bad credit, lost time and money, stress and much more.