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Cybercrime is on the rise, with scammers and hackers getting ever more creative at setting online traps to steal your money and identity.
More than 1 million complaints of cyber-crime were reported to the FBI by the public in 2025, with total losses reaching nearly $21 billion.1
Another 5.4 million consumers filed a report with the Federal Trade Commission in 2023 — 48 percent were for fraud and 19 percent for identity theft.2
Many of those losses stemmed from stolen personal information through data breaches involving malicious software, but identify theft schemes are increasingly attributed to email and social media fraud as well as payment account fraud, increasingly enabled by AI.
Armed with personally identifiable information, criminals can withdraw funds from your financial accounts, file a tax return to collect your refund, open a credit card in your name and rack up charges, and ding your credit by opening a new checking account and writing bad checks.
Staying offline doesn’t help. Consumer Reports notes that criminals can purchase basic information about consumers on the dark web, including their name, address, phone number, birthdate, and even Social Security number. It’s often enough to initiate online access to an existing banking or investment account.3
Discover how to stay protected online
But there are steps that consumers can take to help keep their digital data secure. Here’s how:
- Register for free online banking and mobile apps to monitor your checking and credit accounts daily. And use two-factor authentication (such as facial recognition to access an online app or a one-time code texted to your phone) to add an extra layer of protection.
- Log in regularly to your online accounts It’s not enough to ditch paper documents and “go green.” You must also secure your account with a unique password and select “challenge” clues, where possible, to recover forgotten usernames and passwords. Consumer advocates recommend against using automatic login features. They also suggest using multi-factor authentication, passkeys, and password managers to secure your accounts.
- Request a free credit report each year from the three major credit reporting bureaus — Experian, TransUnion, and Equifax. (Related: Managing credit card debt)
- Protect your online transactions using encryption software that scrambles information you send over the internet. Not sure if your browser is secure? The Federal Trade Commission urges consumers to look for the “lock” icon on the status bar of their browser, which indicates the personal and financial information they send is secure.3
- Never share your passwords or Social Security number with anyone who does not need to know it. If someone asks you to share your Social Security number, the FTC suggests you ask why they need it, how it will be used, how they will protect it, and what happens if you don’t share the number.
- Avoid phishing emails by not opening files, clicking links, or downloading programs sent by strangers, the FTC urges. It could expose your system to a computer virus or spyware that can capture your passwords.
- Enable automatic updates on your phones, tablets, and computers, which help fix security vulnerabilities that hackers exploit using malware. Just be sure you update through official app sites or the software’s official website as scammers often disguise malware as an urgent alert to complete an update or download a file.
- Safely dispose of digitized personal information before you trash your computer or give it away, by deleting all personal information stored on the hard drive.
- Rein in your social networking posts the FTC suggests, which can give cybercriminals details they can use to answer “challenge” questions on your accounts and gain access to your money and personal information. Consider limiting access to your networking page to a small group of people.
For consumers who seek to thwart cybercriminals, the best defense is a good offense. Secure your accounts with adequate passwords, keep your personal information private, and monitor your online accounts regularly to keep your assets and identity safe.
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Frequently asked questions about how to protect yourself from identity theft
Q: How can I keep my personal information safe online?
A: Use a password manager to create and store unique passwords, turn on two-factor authentication for your important accounts, keep your devices updated, and think before you click on links or share personal details on social media. Monitoring your bank and credit accounts regularly helps you spot problems early.
Q: What is two-factor authentication, and why does it matter?
A: Two-factor authentication (2FA) adds a second step to logging in — such as a code sent to your phone, an authenticator app prompt, or a fingerprint scan. Even if a scammer steals your password, 2FA makes it harder for them to access your account.
Q: What should I do if I think I've been hacked?
A: Change your passwords immediately, starting with your email account; turn on two-factor authentication; contact your bank and credit card issuers; place a fraud alert or credit freeze with the three bureaus; and file a report at IdentityTheft.gov. The sooner you act, the more you can potentially limit the damage.
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This article was originally published in September 2020. It has been updated.
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1 Federal Bureau of Investigation, “Internet Crime Report,” 2025.
2 Federal Trade Commission, “Consumer Sentinel Network Data Book 2023,” February 2024.
3 Consumer Reports, ”Why a Credit Freeze Alone Won’t Stop Identity Theft,” April 12, 2022.
