Experian Launches Identity Theft Monitoring Tool, TrackMyID
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Consumer credit reporting company Experian has introduced TrackMyID, a personal information monitoring service that can help its customers track their digital data that may have been compromised on the Dark Web. This also marks an extension of Experian’s partnership with CyberSecurity Malaysia to help the MalaysiaN public protect their identity online.

To begin, the Dark Web is described as a network of websites that uses encryption software to obscure their identities and IP addresses. As such, it is often free ground to carry out illegal and illicit transactions, such as the sales of stolen goods and personal data – which can then be used for fraud and scams, ultimately damaging your credit score.

According to Experian, TrackMyID uses its proprietary CyberAgent technology to detect personal information that is unduly exposed on the Dark Web. It can then inform users of the information that have been compromised, such as their email addresses and bank account information, source of breach, and other information detected.

The user will also be guided to take the necessary steps to protect themselves and limit the severity of the damage. Additionally, they can use the TrackMyID report to an official report at CyberSecurity Malaysia’s Cyber999 help centre.

In launching TrackMyID, the chief executive officer of Experian, Dawn Lai emphasised that cyber protection is important as safe digital transactions form the foundation of a productive and secure remote financial ecosystem. “As consumers, we must take proactive steps together to monitor and protect our digital identities as cyber threats are increasing and evolving. These measures will provide safeguards for us to navigate the new digital economy with trust and confidence,” she said.

Experian also backed its observation with some global statistics, saying that it has found 3.4 billion compromised personal records in the first eight months of 2021, compared to 5.1 billion in 2020. Additionally, the Experian 2021 Global Identity and Fraud Report noted that 33% of consumers are concerned about identity theft since the start of the Covid-19 pandemic. Meanwhile, Experian Global CyberAgent data showed a 76.6% increase in newly compromised personal records found in the Dark Web over the last 18 months.

Within Malaysia itself, cyber crimes are also expected to increase in 2021 based on the numbers seen in the first quarter itself. According to CyberSecurity Malaysia, its Cyber999 Incident Statistics 2021 noted 319 identity theft cases within the country between January until August 2021. Meanwhile, there was a total of 517 cases in the whole of 2020.

TrackMyID is available as a yearly subscription service that is currently priced at a promotional rate of RM15.90, with the usual price being RM31.80. You can cancel anytime to discontinue your subscription, but the amount paid is non-refundable. Alternatively, you can also opt for the more extensive JagaMyID package, which provides the TrackMyID service along with additional features, including monthly CCRIS updates. This is priced at a discounted RM31.80 (yearly subscription), with the usual rate being RM63.30.

(Sources: Experian, FintechNews Malaysia)

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