Could Your Cell Phone Steal Your Identity?

I have a tendency to read a lot and was reading my Businessweek magazine the other day. I typically read Businessweek and Forbes cover to cover and keep one with me at all times so that I can read while waiting at the dentist or at the kids practices. I came across this article that discusses the possibility of hackers stealing your identity through the use of smartphone apps.

Especially shocking was the fact that certain applications can be written that will send your text messages to criminals looking to gather personal information which can be used for identity theft. I couldn't believe it! I have used my smartphone for surfing the web and checking various account balances at times. I currently have text notifications from my checking account when the balance falls below a certain level so that I know to stop spending money.

This begs the question?  Can identity theft ever be adequately prevented?  I shred plenty of documents each year and have burned through two shredders already over the past five years.  I try to make sure no one is looking over my shoulder at the ATM.  I have several computers at home that have Webroot security software to prevent viruses and malware.  But now my cell phone?  Come on guys.  With the increasing number of devices that are connecting to the internet, I feel like I have a target sitting on my back.

You may or may not have heard of LifeLock.  It is a company that attempts to protect you from identity theft, will work with you to clear your name should your identity and credit be compromised and provide you with up to $1 million worth of financial protection against fraudulent activity.  With all of the potential risk for having my identity stolen, I am considering looking into LifeLock to protect me against identity theft.

I know a few people who are actually using the service that LifeLock provides.  The most interesting and alarming comment that I heard from one of the individuals at work was the fact that many identity thieves will use the social security numbers of children to open credit cards and other credit lines.  Until the child turns 18, few parents (myself included) will think of even bothering to check a credit report on a child.  This allows the thieves several years or even a decade or more to spend money and ruin your child's credit before it even exists.

Unbelievable!  It is certainly something that I wouldn't have suspected.  With LifeLock, this concern is addressed and seems like it might be the most valuable aspect of the service as far as I am concerned.  I have 6 kids so that puts my family at three times the risk of a family with only 2 kids.  Yikes!  Although I haven't signed up yet, I am certainly considering it.  I do like the commercial which I have seen on TV.  I think that speaks volumes to the confidence of the founder in his service.  You can check out the commercial in the video below.

Anyway, I just thought I would raise awareness of the fact that the increased use of applications through smartphones could potentially increase the risk of having one's identity stolen.  It never had occurred to me as a possibility, and I am sure that this will be news to many who read this as well.