Question

How might this be a hindrance in deterring fraud? Alternatively, might there be a way social media might help identify someone external or internal to an organization that is stealing from the enterprise?

Answer 1

• The question is to be answered in two parts, one being how social media sites like the Facebook, Twitter and Instagram help facilitate identity theft and fraud.And two being what are the measure that we as an individual can take to prevent ourself from getting hacked.
• Lets answer this one and one and we will see in detail how the social media sites facilitate fraudulent identity theft
• Research has shown that over the recent past few years there is a high occurrence of identity theft (using someone else's identity as their own and transacting personal information like bank accounts and the money involved in it)
• The main reasons for the above are :
  • a lack of consumer knowledge to protect your identity online;
  • high level of trust with social platform providers;
  • lack of proper regulation or standard behind sharing of personal information;although GDPR (General Data Protection Regulation) is a regulation in EU law on data protection and privacy of the individual citizens of EU which is in force from 25th May 2018, however we do not have any concrete law in place for the USA for protecting the personal information
  • there is no oversight by the government authorities on the same
• Social media encourage the registered users to provide as much as personal information:
• Full name
• Gender
• Social security number
• Driving license number
• Date of birth (often required)
• Birth place
• Relationship status
• School locations and graduation dates
• Pet names
• Other affiliations, interests and hobbies

And by providing all these details our confidential personal information is vulnerable to hackers

We should take the below precautions before sharing our personal information:

• Never give your personal data as listed above unnecessarily
• Keep your passwords strong which consists of alphanumeric characters
• Change and update passwords regularly
• Never ever share your unique pin numbers over the call
• Never click on any links even though it says the link is from your bank, always verify with your bank whether the link is an appropriate one.
• And last but not least :Be smart and be safe

Give a thumbs up if you are satisfied with the answer.