Social media use can lead to identity theft

Hundreds of millions of consumers browse social media sites Facebook and Twitter each and every day, and by doing so, they are putting themselves at risk of identity theft.

When personal information is compromised, short term lenders can be a good line of defense, as ID verification procedures can help prevent criminals from taking out loans using false names.

Social media puts people at risk because they post so much information about themselves, including their names, addresses, birthdays and more. Additionally, data posted by friends and family members can also lead to a greater risk of identity theft, KFSN noted.

Cyber thieves are able to use this information in many ways, such as trying to determine what passwords could be. Facebook, alone, has more than 1 billion active users, according to Yahoo News, so these sites can be a hotbed for identity thieves.

When identities are stolen, a person's consumer credit score could take a major hit. During these times, it can be difficult to secure a traditional loan, which is why short term lending might prove beneficial.