Despite the emphasis on cybersecurity, identity theft is on the rise at an unparalleled rate. Identity theft affected 16.7 million Americans last year. In 2017, there were more breaches than in any other year in recorded history. The total amount is taken, over $17 billion, also reached new highs.
As one might expect, the overall number of data breaches and compromised records has likewise increased dramatically. According to the Identity Theft Resource Center, 1,579 breaches compromised over 180 million data.
Identity theft may cost you time and money, and it can also have long-term emotional consequences. It might have a significant influence on your life, making it harder to find work, affecting your Social Security payments, preventing your children from receiving financial help for college, and so on.
Identity theft protection services may provide you with peace of mind as well as important services that can assist you in both preventing identity theft and recovering your identity if you have been a victim. These applications monitor your credit and the dark web, warning you if your sensitive information is in the hands of the wrong people.
They may also include the ability to immediately lock or unlock your credit reports, provide real-time notifications if someone files for credit in your name, notify you of aliases connected with your Social Security number, and more. Finally, free identity theft protection might provide coverage for stolen cash.
If you know your personal information was compromised in a data breach or you’ve previously been a victim of identity theft, it may be worthwhile to pay for a more thorough service. It’s also tough to be vigilant at all times—identity theft protection takes care of that for you.
You can check your credit scores on your own, but you will only be allowed to obtain them for free from each credit bureau once a year. You may also freeze your credit reports, but fraud protection services make it easy to immediately lock and unlock your credit, allowing you to simply apply for new credit when necessary. Assuredly, insurance to protect stolen cash might be a lifeline if your identity and money are compromised.
Identity theft prevention software, in general, provides three major services:
Monitoring: Identity theft protection companies monitor your credit files and notify you when there is activity, such as new accounts established in your name or credit queries received, so you can respond immediately.
Alerts: Notify you when your personal information is exploited, such as when someone tries to create a bank account in your name. This can be beneficial since many people do not discover identity theft has occurred until their credit has been ruined, their bank accounts have been drained, or they have a large amount of new debt in their name.
Recovery: If someone accesses your information and uses it maliciously, these firms can assist you in recouping lost funds and repairing credit harm.
Many companies also provide ancillary services, such as identity theft news alerts and local sex offender registries. Some monitor dark websites are known to traffic in stolen personal and financial data, something you cannot accomplish on your own.
You may decide that you want a comprehensive suite of protection and are willing to pay for peace of mind. You may also be aware that you will not be able to do the task on your own.
If this is the case, compare pricing and coverage information to discover a plan that works for you. Make certain that the program you select monitors credit data at all three credit agencies; otherwise, you’ll be paying for insufficient protection.
Avoid credit monitoring programs from credit bureaus, which often provide less comprehensive coverage and may limit your ability to sue them, even if they are the ones who disclosed your financial data.
KAPED is a fintech company established to help provide lines of credit and financial services for businesses. The company offers various innovative products, tools, and software that help companies and users in various industries improve their business processes, reduce costs, and achieve growth.