Increasing digital infra leads to identity frauds

As we continue to rely more on technology in our daily lives, we often leave behind a digital footprint that can be exploited by cybercriminals. Increasing digital infrastructure has indeed made it easier for identity fraudsters to operate. This is because more and more of our personal information is being stored online, which makes it a prime target for hackers.

Social media platforms are a rich source of personal information, and criminals are increasingly using this information to target their victims. For example, they may use this information to create fake profiles or to send phishing scams. Additionally, the rise of e-commerce and online banking has made it simpler for criminals to use stolen identities to commit fraud. Cybercriminals are using AI algorithms to analyze users’ online behavior and create fake identities, impersonate people, and commit fraud.

The recent data breaches at Capital One, Facebook, and Equifax highlight the potential risks of AI-powered identity theft. Cybercriminals can use AI algorithms to exploit vulnerabilities in systems and steal sensitive data, leading to financial loss, reputation damage, and legal troubles.

Now with the increasing adoption of AI, there is a growing concern about the potential for AI-powered identity theft and how our digital footprints could be used against us. Identity theft can take many forms, as scammers can use someone else's personal information to take out a loan, open a credit card, sign up for government benefits or make online purchases.

Personal information could be available on the dark web for as low as $1, which means identity thieves need to steal a lot of information to make a profit. Scanned pictures of driver's licenses, passports, and utility bills go for about $10-35 per document.

One of the most critical steps in protecting your digital footprint is being aware of the potential risks. Companies must also invest in robust cybersecurity measures and AI-powered detection tools to prevent and detect identity theft before it becomes a significant issue. By using AI-powered algorithms, companies can identify and mitigate potential threats before they can cause damage. It's crucial for companies to prioritize cybersecurity to protect their customers' data and maintain their trust.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA