An October 2019 report from the FTC explains that millennials are more likely to fall for fraud and internet scams than people over 40. Specifically, millennials are 25 percent more likely to fall for fraud and 77 percent more likely to fall for email scams. This raises concerns, because cybercriminals are always looking for easy prey, and younger generations are demonstrating that they are exactly the type of people who the cybercriminals target.

Cybercrime Is On the Rise

Incidents of cybercrime have skyrocketed in the past decade. Scams that affect individuals and businesses, both large and small, are becoming a multi-trillion dollar industry. Crimes such as credit theft and identity fraud are affecting millions of new people each year, and the best way to stay safe and prevent theft and fraud is to educate oneself and learn to avoid the traps set by these cybercriminals. Younger generations may not be learning how to protect themselves, and this is only going to increase the crime rate.

How Cybercriminals Gain Access

Identity theft is running rampant. Cybercriminals will use any means to get the information they need to open up bank accounts or credit accounts in someone else’s name. There are many types of fraud and many ways for these fraudsters to get the information they need.

By using phishing or vishing scams, criminals can pose as official and familiar businesses or persons and get victims to give up personally identifiable information that can be used to gain access to financial accounts. Email scams to steal information are known as phishing, and phone scams are known as vishing.

The FTC has recognized that millennials are more likely to fall for email scams. Emails that state accounts have been overdrawn or unsecured or compromised abound, and when people open up these emails and put in their passwords to gain access to their accounts, they’re taken to dummy sites that are designed to steal information from unsuspecting individuals.

Types of Fraud

Cybercriminals will then use this information to sell identities, open credit and bank accounts, collect disability insurance under false identities, gain employment or housing under false identities, and so forth.

One of the more frightening examples is home or real estate title fraud. Title fraud occurs when a fraudster can use personally identifiable information to secure ownership of a real estate title. Fraudulent real estate transactions like this can go unnoticed until it is too late. Once the title is in the fraudster’s name, home equity can be used to take out loans and lines of credit. Victims may not know until it is too late and foreclosure notices are received. What’s worse, it may be difficult to prove these real estate transactions weren’t legitimate, and a title company may issue or transfer title and not be able to help without the launch of a criminal investigation. Fortunately, our company, Qualified Title Services, implements strict identification standards and policies to ensure the Seller is properly identified.

Oftentimes, cybercriminals will use phishing emails to get personally identifiable information that can be used to commit crimes such as home title fraud. One can only imagine how daunting and overwhelming being in this position must be.

Protect Against Fraud

It is important to always be alert and not give any personally identifiable information to anyone, whether through email or by any other means, without fully trusting the person asking for the information. Prevention is always better than responding to a difficult situation. At the same time, checking one’s credit reports regularly, staying on top of one’s bills, and using an identity theft prevention service can all help to ensure identity safety.

Addys Dieguez with QualifiedTitle.com is experienced since 2002 in the Real Estate field, coordinates the interests of all parties to a real estate transaction, including the buyers, sellers, mortgage lender and real estate agents. We make sure that all requirements for settlement are fully satisfied and as an agent for Old Republic National Title Insurance Company & others, we issue title insurance to the buyers and the mortgage lender which insures them against loss from defective titles, liens, and encumbrances. Please call Addys Dieguez at 305-557-0590 or email at addys@qualifiedtitle.com