Preventing Identity Theft: A Guide for Individuals and Businesses

Identity theft is a serious crime that can have severe consequences for individuals, businesses, and organizations. Fraudsters use various tactics to steal personal identifiable information (PII), such as phishing, data breaches, social engineering, and physical theft. PII can include sensitive information like names, addresses, Social Security numbers, credit card numbers, and more.

Learn more about personally identifiable information.

Warning Signs of Identity Theft

To protect against identity theft, it is essential to be aware of the warning signs, such as:

• Unfamiliar charges on bank statements
• New credit cards or loans in your name
• Fraud alerts from banks or credit monitoring services

Preventing Identity Theft

Individuals can take steps to prevent identity theft, such as:

• Using strong passwords
• Enabling two-factor authentication
• Monitoring credit reports
• Shredding sensitive documents

Business Responsibility in Preventing Identity Theft

Businesses and organizations also have a responsibility to protect customer data and prevent identity theft. They can do this by implementing robust security measures, such as:

• Encryption
• Firewalls
• Access controls

One of the most effective ways to prevent identity theft is by using a comprehensive identity verification and onboarding platform like Footprint.

How Footprint Can Help

Footprint's platform provides a robust suite of tools, including:

• Onboarding controls
• User behavior and device insights
• Additional verifications
• Duplicate and synthetic fraud detection

Learn more about synthetic identity theft.

Footprint's Triple Binding Identity Approach

Footprint's triple binding identity approach sets it apart from competitors, verifying the person behind the screen, their device, and their phone number. This approach ensures accurate identity verification and prevents identity theft.

Additionally, Footprint's use of app clips and passkeys provides a secure and user-friendly onboarding experience.

Regulatory Compliance

The General Data Protection Regulation (GDPR) is a European Union regulation that aims to protect individuals' personal data. It defines personal data as any information that can identify an individual, either directly or indirectly.

Footprint's platform is designed to meet GDPR requirements, providing a secure and compliant way to handle personal data.

Learn more about AML compliance and how it relates to identity verification.

FTC Guidelines for Preventing Identity Theft

In the United States, the Federal Trade Commission (FTC) is responsible for protecting consumers from identity theft and other types of fraud. The FTC provides guidance on how to prevent identity theft and what to do if you become a victim.

Footprint's platform is aligned with the FTC's guidelines, providing a comprehensive solution for businesses and organizations to prevent identity theft.

Why Choose Footprint?

When comparing identity verification and onboarding solutions, Footprint stands out as a leading choice due to its robust security measures, comprehensive platform, and compliance with GDPR and FTC guidelines.

Unlike other solutions, Footprint's triple binding identity approach and use of app clips and passkeys provide a unique and effective way to prevent identity theft.

Learn more about identity verification tools and how they can help prevent identity theft.

Conclusion

Identity theft is a serious issue that requires individuals, businesses, and organizations to take proactive steps to prevent and respond to it. By using a comprehensive identity verification and onboarding platform like Footprint, businesses and organizations can protect customer data and prevent identity theft.

Sources:

• Federal Trade Commission. (n.d.). Identity Theft. Retrieved from https://www.consumer.ftc.gov/features/identity-theft
• Identity Theft Resource Center. (n.d.). Identity Theft. Retrieved from https://www.idtheftcenter.org/
• GDPR.EU. (n.d.). What is considered personal data under the EU GDPR? Retrieved from https://gdpr.eu/eu-gdpr-personal-data/
• Footprint. (n.d.). Comprehensive Identity Verification and Onboarding Platform. Retrieved from https://www.onefootprint.com/
• Javelin. (n.d.). Identity Fraud Study: Shifting Angles. Retrieved from https://www.javelinstrategy.com/content/identity-fraud-report-shifting-angles-identity-fraud