Have you ever had your identity stolen?
If you said no, then unfortunately you are probably wrong.
According to digital identity experts, most Americans have had their identity compromised at some point. According to PYMNTS.com, “if one were to add up the total number of accounts that have been compromised as a result of data breaches in 2015 alone, it’s four times the U.S. population” or 954M.
With the enormous quantity of “digital exhaust” that we create as online consumers in the hands of fraudsters, all of your personally identifiable information (PII) loses its value. So what does that mean for you?
Sunil Madhu, Co-founder and CEO of Socure, suggests that checking your PII for accuracy is no longer enough to authenticate your digital identity.
“We need a better way of not only going beyond PII comparison, but putting a hurdle in the path of the fraudster so that they just can’t steal PII and submit it,” Madhu told PYMNTS.
In the absence of a streamlined process to do that, Madhu said that the best thing you can do is make it as difficult as possible for a fraudster to replicate your digital identity.
“Most fraudsters aren’t going to steal and identity and then create an entire online and social network around it – it’s just inefficient, particularly when there are many other paths of least resistance for them to follow,” Madhu said. “It’s much harder to synthetically create a network of hundreds of people on multiple types of platforms just to vouch for one digital identity.”