While many might see having a credit card stolen as identity theft, this is an oversimplification that can prove dangerous. While credit card theft can be an element of identity theft, equating the two means that other forms of identity theft are overlooked. In today’s blog, we’ll go over why identity theft and credit card theft aren’t exactly the same thing, and what you can do to help keep your business safe from damage.
As we mentioned, while credit card theft and identity theft are related to one another, they aren’t terms that should be used interchangeably. Rather, credit card theft is just one of many kinds of identity theft. Think of it this way: cars, trucks, and SUVs are all types of motor vehicle. In this example, credit card theft is the car, while identity theft is represented by all varieties of motor vehicle--including trucks and SUVs.
Summed up, credit card theft is what happens when someone is able to access your account and make purchases without your permission. While this isn’t the only form of identity theft, it is certainly a prevalent one. A 2015 report from the Bureau of Justice Statistics, a section of the U.S. Department of Justice, states that 8.6 million Americans of age 16 or older were victimized in 2014 alone, out of a total of 17.6 million affected by identity theft.
Identity theft is a blanket term for criminal activity that falls into one of three categories:
Protecting Yourself (and Your Clients and Employees) from Identity Theft
Of course, you’ve probably already considered how much personal or otherwise sensitive data you have stored on your business network. There’s your business’ financial data, with employee information if they are paid through direct deposit bundled in there. Additionally, if any of your clients have financial data on file, that certainly counts as well. This also includes any non-financial records your business may keep on your clients.
In short, you have plenty of data that needs to be protected, including credit card and other personally identifiable information. MERIT Solutions can help you keep it safe. Call us at (757) 420-5150 for more information.