MyCybercare, a cyber insurance company, has released MyID, a solution it says offers 24/7 surveillance across the public Net, deep Web and dark Net to prevent confidential information from being stolen and exploited.
CEO of MyCybercare, Simon Campbell-Young, says MyID differentiates itself through its proactive protection that raises warning flags when it identifies suspicious activity.
"It's different to standard ID products as it provides deeper knowledge of potential ID usage on the Internet. Most solutions use the information from credit bureaus, but we are not just looking at credit status via bureau feeds. We offer a real-time view across the World Wide Web, watching your back. It works on a global level to see if someone is trying to build a profile using your details."
Growing scourge
According to Campbell-Young, ID theft is one of the fastest-growing crimes across the globe.
"More than 7.1 billion identities have been exposed in data breaches since 2010, a number that is growing daily. Moreover, it takes an average of 201 days to discover that an identity has been stolen."
He adds that identity theft has grown by 200% in South Africa over the past six years.
"Social media users are at a much higher risk of having their identities compromised. As we spend more and more time online, the risks grow exponentially. The risks are real and scourges rife. These could include credit card fraud, social networking scams, ransomware and identify theft."
In his opinion, identify theft is the most damaging, as its effects are long lasting, and it can take years to recover. "Credit records are tarnished, no loans or bonds can be applied for, and often victims battle to find a job."
Choose your info
With MyID, users can choose which data they want to secure and register any information such as credit card numbers, email addresses or personal ID numbers that they would like the solution to monitor.
Once done, the user can start an Internet-wide data search. The solution will initially perform an historical check for any old breaches, and then continuously monitor from that point for any sign of the user's secured information potentially being used maliciously.
"If MyID detects that secure data is available in the wrong online forum, the system will immediately send the user a warning along with a recommended course of action to secure their information."
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