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How Identity Theft Can Ruin Your Life

How Identity Theft Can Ruin Your Life

When people think of Web 5.0, there are so many questions about WHY this technology is and will be useful. Take the example of Gerry, whose line of questioning goes something like this:

Why should I verify my identity or have a vault on the internet? Why am I supposed to care if Apple, or Credit Score company manages my identity?

To answer this, Yes, in a perfect world, all companies would treat your information with love and respect. The problem is, that we see these big companies selling/losing/using your information without your consent. There is a chance that Wells Fargo could use your identity to open a fake bank account with your name on it. Ironically enough, this has happened, and they were fined over $3 billion dollars!

To most, this feels like a “This would never happen to me” situation. And hopefully, it doesn’t. But did you know that over 47% of people in the US have experienced identity theft?

Now, when you’re going to refinance your house or buy a new car, the TransUnion algorithm picks up that fake bank account. You’re considered a “high risk” client and have higher interest rates because of your unknown “unpaid bank fees”. Instead of enjoying that new car smell, you’re spending your free time on the phone with fraud departments.

This is how easy identity theft is, and how hacking and fraud can cost you your sanity, time, and money.

The digital world has ever-increasing threats to our assets and identities. Regularly we read about NFTs being stolen, businesses being hacked, deep fakes, catfishing, etc. All because people have the ability to take what’s yours and make it theirs.

At BlockCerts, our philosophy is “Privacy, Security, and Freedom are your business, don’t let others make it theirs”.

When large companies like Equifax control your information, they also can “lose” 140 million records to hackers

Web 3.0 allows you the freedom to choose who you share your information with. Your personal data, financials, and wallets are stored virtually on the blockchain, which is un-hackable. Your information is broken down into small segments and spread all over the world. No hacker has the ability to connect all of the pieces.

No longer will businesses have the ability to manipulate your information. They will never have all the "segments" to piece together.

This is the future. It’s a giant paradigm shift from letting big companies control what we do and see virtually.

BlockCerts is so passionate about giving people the chance to join the next internet, we're letting you download our secure wallet for FREE for a limited time! You can authenticate your identity now, and we will pay you to protect your information.

Author

Melissa

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