Whether you are a homeowner looking to sell your property or a house-hunter searching for a home to purchase or rent, protecting your identifiable data is crucial for many reasons. And a single vulnerability could expose you to potential threats with costly outcomes. So, in this article, we’ll explore why you should keep your PII secure and how you can do that in four simple steps.

But first, let’s understand the basics: what is PII? Personally identifiable information, or PII, stands for any type of data that could identify you. In the past, recognizing these details was easier since they included highly confidential and sensitive information, such as your SSN or bank account details. But today, the lines are somewhat blurred. Your identifiable information could even include basic data that you may regularly need to disclose for mundane tasks like buying groceries. For instance, even your home address and phone number can count as PII.

Then there are factors like fingerprints and facial biometrics, the use of which was limited in the old days. But now, these are frequently used for everyday activities like unlocking your phone.

The result of all these is usually a carefree approach to personal data security. When you regularly use certain identifiable data for routine tasks, you could easily forget that they deserve protection. And uber-digitization has led to the online migration of many of these identifiable details. Take, for instance, the amount of personal information you have disclosed on your online accounts, personal blogs, websites, and social media.

But what’s the risk?

The threats to your personally identifiable information are countless. For instance, you can experience a hacking attack using malware or an email phishing scam.

And your data could even get exposed due to a breach at an external organization. For example, your home insurance company and mortgage firm have a remarkable amount of customer data. And if their databases face a hacking attack, you naturally run the risk of losing your data safety and privacy. The breach at the title insurance and settlement services provider, First American Financial Corp., is a good example of this. It exposed hundreds of thousands of personal and mortgage information of their customers that they have collected for years.

And once you face an identity breach, things could quickly get out of hand. For example, an identity thief could get hold of your property title and transfer the ownership to another name without your knowledge. They could then commit a series of financial frauds, such as taking out mortgages. This is what’s known as home title fraud. And when these scammers default on payments, you could eventually get entangled in a complex web of issues.

Then there is real estate wire fraud. It’s another common threat to homeowners and buyers who have experienced an identity breach. For example, a scammer could hack into your email account and silently observe your communications on a home purchase. And at the right moment, they could intervene and pose as the real estate agent or the title company. Then, they could provide a fraudulent account for you to transfer the money and walk away with a hefty payout. Unfortunately, these crimes are on the rise and leave little chance of recovering what you have lost.

Protecting your PII is the only option.

Losing control of your identifiable data could be a costly affair. So, taking effective steps to ensure their safety is critical to avoid the possibly lasting consequences of a breach.

Here’s what you should do.

1. Weigh the risks before disclosing personal details

The truth is, there’s no telling how and where your personal data could encounter a breach. So, whenever you need to share personally identifiable information, it’s first essential to weigh the potential risks attached.

So, for example, be mindful of what you share on social media. Be on the lookout for email and phone phishing scams that may impersonate organizations known to you. Avoid sharing personal data, especially on email, even when you are convinced of the authenticity of the individual making the request.

2. Understand data security policies

In some instances, you will need to hand over personal information and documents to external organizations for various reasons. For example, it could be to apply for a home loan or to obtain insurance. Sometimes, it could even be for some day-to-day activity such as online shopping.

Whatever the purpose, ensure you understand their data security policies so that you know how they will use, store, and handle your identifiable information.

3. Protect your devices

Safeguard your devices, such as laptops and phones, from unauthorized intrusions. Install antivirus protection and keep all other device software updated to help minimize malware and hacking attacks. Use strong passwords to limit access and opt for biometric verifications for added security. Also, keep all devices within your reach when traveling to prevent physical theft.

4. Protect your online accounts

According to a Harris Poll study, an average person in the US has around 27 online accounts with passwords. And this number continues to grow with increased online activities. Unfortunately, this increases your exposure to data breaches.

So, keeping accounts safe is essential to protect your identity. Adopt hard-to-guess passwords, avoid reusing them, install a password manager, and set up two-factor authentication for extra security. Deactivate data tracking and sharing options to prevent unwelcomed monitoring and data collection. In addition, set up a VPN, and wherever possible, delete accounts you do not use often. This will allow you to minimize your online data footprint.

Remember, real estate transactions are of high value. As a result, they can attract plenty of scammers and criminals. So, if you want to protect your personal wealth and ensure long-term data safety, adopting prudent security measures to keep your PII safe is absolutely crucial.