The Dark Web & Identity Theft: What You Should Know

Fraud and identity theft are a quickly growing threat, costing U.S. consumers billions of dollars a year. One of the biggest drivers of identity theft is the dark web, where personal financial information can be sold to the highest bidder.

Once this information is purchased, cybercriminals can use it to invade your bank account, steal your earnings, wreck your credit, and rack up debt in your name.

Dark Web

The dark web (also known as the darknet) represents roughly 6% of all internet content. Accessing the dark web requires special software and overlay networks designed to keep users and websites anonymous.

When you use the surface web or deep web with a standard web browser, you leave digital fingerprints. This means your activity is visible to the websites you visit and to your internet service provider. On the dark web, websites and activity are much more anonymous.

On its own, using the dark web isn’t illegal. However, the anonymity of the dark web makes it an ideal marketplace for illegal goods and services. Unfortunately, one of the most widely trafficked goods on the dark web is personal information. When someone hacks a company and steals its customer records or takes someone’s information using a phishing scam, this information could be sold to the highest bidder on the dark web.  

When your information is stolen and used by identity thieves, the damage to your finances can be very serious.

Protecting Your Information & Finances

Consider these five steps to keep your financial information out of the hands of identity thieves – and off the dark web.  

1. Protect your passwords

Use strong passwords for all your accounts and avoid using the same password or PIN across accounts. It’s also a good idea to change passwords regularly.

• Pay with a chip card or digital wallet

When you make credit or debit card purchases at the store, inserting your chip card in the payment terminal is safer than swiping the card’s magnetic stripe. Contactless purchases with your phone’s mobile wallet offer similar protection.   

• Set up two-factor authentication

Add an extra layer of protection to your online accounts by setting up two-factor authentication. Logins from an unrecognized device require a confirmation code that is sent to your phone, making it harder for criminals to break into your account using your password alone.  

• Secure your online activity

Never use public Wi-Fi when using your phone or computer to make purchases, access online banking, or send sensitive information. The same goes for shared computers (such as those at libraries or hotel business centers). Only access this information using your home network or cellular data plan.

• Set up account alerts

Setting up text or email notifications through your bank, credit union, or credit card issuer will help you monitor your account activity, so you can spot a suspicious transaction right away.  

If You Experience Fraud or Identity Theft

Take these steps right away:

• Contact your financial institution if you think your account has been compromised.
• Place a security freeze on your credit reports with all three credit reporting agencies.
• Review your credit report for possible unauthorized activity. 
• Change your online logins.
• Consider filing a police report as well as a report with the Federal Trade Commission.

If you want to learn more about protecting your information, visit First Bank’s security page: Security › First Bank (firstbank.com)