Watch Out for These Top Trends in Identity Theft

Halloween is a great reason to don a costume and dress up as someone you’re not, but cybercriminals don’t need that excuse. Through email scams, social media phishing, website spoofs, and other nefarious techniques, they masquerade as someone they’re not—all in an attempt to swipe sensitive or secure information, potentially crippling your business and tallying up millions in damages. According to the FBI, cybercrime cost the United States $6.9 billion last year alone.  

October is Cybersecurity Awareness Month, and in the spirit of cyber safety, here are three email fraud and identity theft trends to watch out for:

  1. Personalized email scams. We’re much more likely to respond to messages from someone we know or take action on requests that are personalized. Social media makes it easier than ever for cybercriminals to collect personal information they can use to send targeted “spear phishing” attacks, tricking unsuspecting individuals into sending sensitive data or unknowingly installing malicious programs.
  2. Medical identity theft. With this form of fraud, someone uses your personal identification information (like your name, social security number, or health insurance number), so they can illegally receive reimbursements for healthcare services, obtain medical treatment, or purchase prescriptions and other medical equipment. These types of identity thefts have risen significantly in recent years, with the total number of cases increasing from 6,800 in 2017 to almost 43,000 in 2021
  3. Business impersonation. This type of fraud attempts to steal sensitive information (like credit card numbers, passwords, or security pins) by impersonating a legitimate business or organization.  

Learn about these three types of identity theft techniques and more here.

Although it’s important to put proper cyber safety measures in place, cyber coverage gives businesses the peace of mind that they’re protected against damages in the event of a data breach or attack. Jencap’s cyber liability experts can guide you through finding the right coverage for your clients’ needs. Contact Jencap today to learn more. 

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