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The Dark Web & Identity Theft: What You Should Know

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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 money, wreck your credit, and rack up debt in your name. 

To keep sensitive information safe, it helps to understand the three different “levels” of the web, and how you can protect your personal data. 

Surface Web 

The surface web contains publicly available websites and information that can be found using search engines like Google or Bing. Sites may include personal or business websites, open news sources, blogs, Wikipedia, YouTube, and other video-sharing sites. 

While we spend a great deal of time on the surface web, we don’t usually share any of our personal information while using it, until we move to the next level of the internet. 

Deep Web 

As the name suggests, the deep web is the level below the surface web and makes up most of the internet’s content. This is the portion of the internet that isn’t indexed by standard search engines, including password-protected sites, databases and private networks. 

The deep web includes: 

  • Password-protected sites – email, social media, online banking 
  • Paywalled content – subscription services, academic journals 
  • Private Databases and files – medical and legal records, company intranets, government databases, academic content 

We interact with a lot of these sites regularly. While they’re meant to be confidential, no system is perfect, and hackers may target these sites. The information they steal may end up on the deepest part of the internet. 

Dark Web 

This hidden part of the internet is accessible only through special software and overlay networks designed to keep users and websites anonymous. While there are legitimate uses, the dark web (the darknet) is known for its association with illegal activity. 

The anonymity of the dark web has created a 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. 

Protecting Your Information & Finances 

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

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 contactless card or digital wallet. When you make purchases at the store, tap your card to pay or insert your chip card in the payment terminal. Both options offer more security than swiping. Consider adding your card to your phones digital wallet so you don’t even need to present your card. 

Set up multi-factor authentication. Add an extra layer of protection to your online accounts. With multi-factor authentication, a login from an unrecognized device will require a confirmation code from a separate device, making it harder for criminals to break into your account using your password alone. 

Secure your online activity. Never use public Wi-Fi 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. If you use public Wi-Fi regularly, consider adding a virtual private network (VPN) for extra security. 

Set up account alerts. Setting up text or email notifications through your bank 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. 
  • File a police report. 
  • 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. 

If you want to learn more about protecting your information, visit our Resource Center.

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