The volume of illegally traded personal information online has soared to a record high, according to new figures from Experian.
It found more than 110 million pieces of personal data have been bought and sold by criminals so far in 2014.
That’s a 40% rise compared to the amount traded in 2013 and represents a 300% rise compared to figures from 2012.
What’s being traded?
Experian says the vast majority (96.5%) of illegally traded data is made up of login details like username and password combinations for online accounts.
This information is valuable to fraudsters as it provides a master key to access further details, like where you bank or shop, linked accounts which may have passwords saved automatically and sensitive information you may have shared over email.
Compromised email accounts also contain personal contact lists that could in turn be targeted by fraudsters.
The remaining data (3.5%) being traded illegally is made up of passport and payment card details.
Fighting back
The alarming rise in illegally traded information comes despite signs the UK is becoming more web-savvy.
In separate research Experian found the average person has 19 different online accounts, 27% less than in 2012. Just one in 20 sign up to six or more new online accounts each month compared to one in five in 2012.
People are also getting better at shutting down accounts they no longer use.
This year 18% were found to leave inactive social media accounts open compared to 26% in 2012. 10% have inactive email accounts down from 18% in 2012. And 10% have online retail accounts that are no longer used compared to 21% in 2012.
Despite improvements, there are still signs of poor password practice.
Experian found one in 20 use the same log in details for all their online accounts and one in ten never change their passwords.
How to protect yourself from ID theft
Here are some tips from Experian on protecting your identity online.
Online passwords
Use unique passwords for your different online accounts, at least one for each type of provider such as financial services, retail services, email and social.
Passwords should contain letters and numbers and should be changed every few months at least.
Read How to protect your PINs and passwords for more.
Emails
Be wary of sophisticated phishing emails. Don’t be tempted to click on links or attachments in emails from people you don’t know.
If you do click a link and are sent to a website asking for your account information, don’t enter any without checking it’s a legitimate site.
If you have any doubts, contact the company in question and do a quick search to highlight any current scams doing the rounds.
Read Eight ways to spot a phishing scam for more.
On the move
Always use a passcode or a gesture lock on your mobile device.
Without this your phone could be a goldmine for fraudsters if your device is lost or stolen.
Also be aware of the information you are storing in emails and apps that aren’t password protected.
Open Wi-Fi hotspots that do not require a password are riskier than private networks so avoid accessing financial information using these.
Keep your antivirus software up to date on all your internet connected devices to protect you from malware.
Know how your details are being used
It’s a good idea to monitor your credit report to ensure everything is accurate paying special attention to credit checks being carried out in your name or new accounts being opened.
You can compare different credit report providers over at our credit report comparison centre.