Identity theft is one of the most downplayed yet incredibly risky threats to your data security. As can be inferred from the name, it involves impersonation. Usually the hacker or criminal will gain your personal data and use it for their own financial gain. They can use your passwords to gain access to your accounts, and then proceed to make purchases or borrow loans in your name.
Signs that you may be a victim of identity fraud include strange purchases made in your name, inexplicable transactions carried out using your cards or even not getting your bills when you should. Identity theft can indeed have far reaching financial consequences.
To protect yourself, make sure that all your cards and accounts are protected using passwords, preferably different passwords for different accounts. Additionally, steer clear of shady websites, and never give out your passwords or PINs under any circumstances. Ensure that your devices are properly protected from unwanted access using superior quality software. Finally, always carry few cards with you so that you know when one is missing