Identity theft surges by 356% in the last year, how to protect yourself

Clement Manyathela speaks with Lance Fanaroff, iiDENTIFii co-founder and Chief Strategy Officer.

Listen to the interview in the audio below.

Identity theft has reportedly surged by 356% in the past year.

A stolen identity can cause serious financial and reputational damage to the victim.

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Fraudsters can use someone's personal details to open accounts, take out credit, and more.

“The effects can go on for a long time… there is a lot of emotional and financial trauma.”

- Lance Fanaroff, co-founder and Chief Strategy Officer at iiDENTIFii

Fanaroff says South Africans are vulnerable and must use the latest technology to stop fraud before it happens.

Firstly, you should make sure businesses you transact with have good security on their side.

Having biometric verification that gives ‘proof of liveness,’ such as facial biometrics, give strong additional security.

In addition to this, you should never share an OTP and must keep your passwords secure.

Fanaroff adds that young people who post everything online are at high risk of identity theft.

“They need to understand with stuff on social media, once you put something out there it is very hard to undo it.”

- Lance Fanaroff, co-founder and Chief Strategy Officer at iiDENTIFii

If you do fall victim, it can take months to get your identity back, if you can get it back at all.

Scroll up to the audio player to listen to the interview.