In the first of a ten-part series on fraud, Mathew Clingerman, of fraud investigator and asset recovery specialist KRyS Global, looks at identity theft.

A 2014 report carried out by Javelin Strategy & Research found that identity fraud occurred approximately every two seconds in the US during 2013.

How many of us have checked our bank account online while sitting in an airport or internet cafe?

WiFi hotspots are a favourite haunt of fraudsters who can monitor your keystrokes and gain access to your logon credentials and personal data. Alternatively, criminals can insert malware into e-mail messages or websites where clicking on a link or accessing a website allows the malware to be downloaded onto your computer.

Malware can also attach itself to a known and trusted application, infecting your PC as soon as you install. Once a computer is infected, criminals may have access to your computer to obtain personal data such as online banking credentials.

Another common method of obtaining sensitive information is phishing where fraudsters try to trick you into providing them with your personal information. This is usually achieved by sending an e-mail that looks like it has been sent from a legitimate source, for example a bank.

There are various safeguards that can be put in place to protect your identity and stop your personal data falling into the wrong hands. If an e-mail comes from an unknown sender, think carefully before clicking on any links. Your bank or other financial/government institutions will never ask you to confirm your identity or password via e-mail.

As an additional precaution, you should ensure that your virus scanner is up to date and your firewall is active. You should never download an application from an unauthorised website.

If you suspect that you may have been a victim of identity theft it is important to act quickly. Contact your bank or relevant organisation as soon as possible to investigate the fraud and report any criminal activity to the police. If you think your computer may be affected by malware, you should contact a specialist forensic firm who can analyse your device for any such software.

This series will continue to run on Thursdays in The Royal Gazette Business section. KRyS Global, a fraud investigation and asset recovery firm based in Bermuda, wrote this article as a way to increase community awareness about fraud. For more information contact Mathew Clingerman, managing director, KRyS Global, at Mathew.Clingerman@krys-global.com