It’s a great question, “Is Identity Theft Protection Necessary?”.
Let’s face it; fear sells, there’s really no other way to put it.
That’s why there’s a huge market for identity theft protection services.
Is Identity Theft Protection Necessary?
We live in a constantly evolving digital age. As a result, criminals are constantly finding new ways to steal your identity.
For example, in 2017, hackers accessed the personal data of more than 143 million Equifax (official credit reporting agency) clients.
It was a pretty big deal, especially considering how many people were affected.
It also showed that even official agencies are vulnerable.
Often your personal information is sold on the black market or dark web.
Buyers can use this information to either blackmail you or try to impersonate you.
That’s why a lot of identity protection services offer to monitor the dark web for your information.
If your data is being sold, then there is obviously a breach of security. And you’ll need to take the necessary steps to recovery.
As you can see, identity theft protection services can be very useful.
When it Comes to Identity Theft, Fear Sells:
Naturally, people are afraid of losing their hard earned money.
No one likes grinding it out on a 9 to 5 for a nest egg, only to find it stolen by some identity thief.
That’s right, identity and credit card fraud can do serious damage.
In fact, billions of dollars are lost due to some form of identity theft.
People who know the dangers of identity fraud often consider signing up to a protection program or service.
However, you should know that these protection services do not prevent identity theft from happening.
No ID Protection Service is 100% Safe:
Actually, there really isn’t any full proof protection for that matter.
These products do however, offer services that make it easier for you to defend and recover from identity theft.
So, the question is, is identity theft protection necessary?
To answer this question properly, we have to know to more about what these products actually do.
Most Important Feature of Identity Fraud Services:
There are plenty of ID theft products out there, including programs from official credit bureaus (Experian, Equifax, and TransUnion).
ID Shield and ID Watchdog are two other popular protection services on the market.
Most of these products more or less offer the same services.
However, the most important service they offer is around the clock monitoring of your credit card and credit score.
Why is this feature the most important?
Well, if you find out early enough that your personal information has been compromised, then you could possibly prevent your assets from being stolen.
The earlier you discover identity fraud, the easier the recovery process will be.
While you can certainly monitor for suspicious activities yourself, it’s not very easy or convenient.
Every Thought About Making Money Online?
Here’s My Top Recommended Training >>
What You Can Do To Prevent ID Theft?
You can certainly do a lot of the monitoring yourself.
Regularly checking your credit score, credit card, and bank account information for suspicious changes, will do a whole lot in protecting your identity.
But, it’s easier said than done.
For instance, The Fair Credit Reporting Act only grants you one free consumer credit report per year.
Now, since it’s important to catch identity theft in it’s early stages, getting one credit report per year doesn’t really cut it.
Keep an Eye on Your Credit Report:
You need to review your credit report occasionally to make sure that all of the information on it is accurate.
So, if you want to regularly check your credit score or reports, you will mostly need to find a provider elsewhere.
Now there are apparently ways you can get these reports for free, but some identity theft protection companies will include it as a feature.
For instance, Experian Credit Works allows you to check your credit report on a regular basis.
However, you will have to shell out $24.99 a month for the CreditWorks program.
Keep in mind that CreditWorks is a separate program from IdentityWorks, which is Experian’s identity theft program.
This means that you won’t be getting protection services if you purchase CreditWork.
There are other methods you can use yourself that can help prevent identity theft.
ID Theft and Passwords:
You can use a password manager, for instance, to beef up security.
Regularly changing your password on your bank accounts and using virtual credit cards can help in some ways as well.
However, the most useful thing you can do yourself is to freeze your credit.
You can usually do this for free or at a small cost, depending on your area.
Basically a credit freeze will lock access to your credit report and score. This will in turn prevent anyone from opening new bank accounts, credit cards, etc, in your name.
Can I Monitor My Own Identity?
On the other hand, there are simply somethings you cannot do without the help of an identity theft protection service.
You won’t have an insurance plan without an identity theft protection product. Of course, different insurance plans will offer different benefits.
It’s very important to read the fine print of the terms and conditions of each insurance plan you are considering.
The maximum insurance payout will also vary, depending on the product.
For instance, ID Watchdog has a $ 1 million dollar maximum recovery insurance, while ID Shield offers a $ 5 million USD recovery insurance plan.
What do these insurance plans usually cover?
Usually these plans will cover the costs of:
- Traveling expenses
- Monetary Loss
- Theft Assistance
- Legal costs
- Recovery costs
- Stolen wallets or purse
Remember, not all plans are the same, so make sure to do your research.
You’re a Smart Person: Get the Training You Need >>
Conclusion: Do You Need Identity Protection or What?
So all in all, is identity theft protection necessary?
Well, the bottom line is that these products are not essential.
But, they certain can help you in many ways.
With these type of products, it will be easier for you to prevent identity theft. Not to mention, you will be given a lot of recovery tools if you ever become a victim.
So if you want that extra layer of protection you should check out ID Shield.
Well, it’s got the most competitive pricing. To top it off, they have excellent customer service.
What are your thoughts on identity theft services? Do you think they are necessary? Let us know in the comment section below.
Leave a Reply