Am I at Risk of Identity Theft?
Personal identity protection has become even more vital due to the increased demand for digital services that occurred during the COVID-19 pandemic. The widespread use of email and online shopping also calls for adequate precautions for your identity and credit protection.
According to Javelin Strategy & Research—a subsidiary of award-winning analytics and advisory firm Escalent—15 million Americans were victims of identity fraud in 2021, amounting to losses of over $24 billion. By combining identity fraud and scam statistics, Javelin established that the total losses in the US were as high as $52 billion, with 42 million victims. Thus, failing to protect your identity could see you suffering a similar fate.
Is an Identity Theft Protection Tool Worth the Investment?
An identity theft protection tool can be the difference between being safe or suffering financial and legal consequences. Identity theft victims suffer the stress of trying to get their identity back, restoring their credit scores, and organizing the repayment of any financial implications of the crime. Identity thieves can also alter your medical records, which could harm your future medical care if not detected immediately.
Therefore, it’s worth investing in the best identity theft protection to secure your personal details. ID safety companies offer free trials to sample their full-service offerings, and you can also get discounts for your first annual subscription.
How Do These Tools Work?
The best identity protection services provide an all-round ID safety solution to help you guard your credentials but also recover if a personal data breach occurs. The protection companies monitor credit bureaus for any changes to your financial status. For example, if a criminal attempts to open a fraudulent bank account in your name, the protection service will spot it and notify you.
Identity protection service providers check that your personal information is not being used anywhere else. They’ll scan the dark web, check social media, and send you suspicious activity alerts to enable you to be proactive about your safety. Furthermore, they offer money recovery services through their insurance policies and help to repair your credit score. Other solutions on offer include password managers, safe browsing and anti-phishing tools, and a virtual private network (VPN) application to guard you when using public internet networks.
Here are some features and capabilities offered by the best identity protection services on the market today:
Detect changes in your credit score
Identity Restoration Specialists
Be alerted when your information is stolen or offered for sale
Up to $1M reimbursement of stolen funds
Learn of social media activity using your name or photos
Coverage for lawyers and experts
Learn of crimes reported in your name
Know if your mail has been redirected
Find out about addresses associated with your Social Security Number
Detect attempts to take over your account or loans taken in your name
Learn if an offender moves into your neighborhood
Learn if someone uses your driver’s license fraudulently
Not all identity theft protection services have all of these capabilities. To find the best one to meet your needs, just go through the chart above or read our reviews of the top services on the market.
It’s Your Identity—Protect It
With so much activity occurring online today, our personal information is “up for grabs”—from your credit card number, address, Social Security number, bank information, personal photos, and more. A good identity theft protection service ensures that determined scammers keep their hands off your precious personal data.
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