the US Fraud Center<\/a> to report the crime. Also, notify your bank if there\u2019s unauthorized or suspicious information that appears on your credit report.<\/p>\nOnline Shopping Fraud<\/strong>
\nAccording to a report by Experian, online shopping, or eCommerce fraud cases have increased more than 30% in the first six months of 2017 after credit cards with new chips were implemented in the US.<\/p>\nSocial Security Number Identity Theft<\/strong>
\nSocial security number (SSN) identity theft can occur when data breaches or Tax ID theft happen. If you find out that one of your mails has indicated the wrong last four digits of your SSN, or the wrong name or address, then you might be a victim of a Social Security Number Identity theft. To avoid this, make it a habit to regularly check your credit report and immediately report if you notice something unusual in your bank accounts \u2014 there are instances that it may just be an error from entering wrong information on a loan or credit application, but it still pays to check your information often.<\/p>\nAccount Takeover Identity Theft<\/strong>
\nThis type of identity theft occurs when someone gains access to your bank or credit card accounts \u2014 it can happen from a data breach, malware attack, or a phishing scam. Small businesses, commercial businesses, and corporate accounts are prone to account takeover identity theft, which has been happening for years. To prevent this from happening to your business, make it a habit to look for suspicious transactions on your account such as unknown charges. If someone manages to take over your account without your permission, call your bank and request a credit lock to prevent any damages or loss to your account.<\/p>\nSenior Identity Theft\/Senior Scams<\/strong>
\nOne of the most common forms of identity theft in the US is senior identity theft or senior scam. It\u2019s a crime where retired individuals entrust their bank account information to scammers who have already developed a relationship over time by preying on them over the phone or via email. According to the Federal Trade Commission (FTC ), 37% of Americans (60 years or older) made fraud complaints in 2016; 20% of those complaints were for ID theft.<\/p>\nWhat Can Happen if Someone Steals Your ID?<\/h2>\n
In our current age of digital technology, many cybercrimes occur every single day. Identity theft is becoming a norm in our daily life as there were 650,000 reported ID theft incidents in 2019. Many people have been victims of identity theft, which turns their world upside down in the blink of an eye. Here are some scenarios that you may experience from Identity theft:<\/p>\n
Low Credit Score:<\/strong> One common sign of being a victim of identity theft is having a low credit score even if you\u2019re paying your bills on time. Having a low credit score means it\u2019s going to be hard for you to get approved for a car loan application, home loan, personal loan, or even a student loan for your child.<\/p>\nOne possible reason why you\u2019re receiving a low rating on your credit scores can be because of an identity thief that has been using your personal information to obtain credit. After they get what they want, they will intentionally fail to make the monthly payments for the credit that they took out under your name, resulting in damages to your credit score.<\/p>\n
A Huge, Expensive Headache:<\/strong> Once you\u2019ve discovered that your account has been compromised by an identity thief, you need to do a lot of things to prevent damaging your credit score. You\u2019ll have to contact each of your credit reporting agencies associated with your account to freeze it and call them again to lift your credit account. Also, you have to manage a lot of paperwork, which may take longer than a year to get everything straightened out.<\/p>\nThat\u2019s why it\u2019s important to provide safety measures with your credit account to prevent anyone from stealing your personal information. Here are some ways to identify any suspicious activities that may lead to stealing your valuable information.<\/p>\n
Get Fraud Alert on Your Credit Report:<\/strong> A fraud alert is a preventive measure that notifies any businesses to confirm your identity before moving forward with a new credit application. It\u2019s a method that hinders identity thieves to make a new application under your name. Fraud alerts can last from 90 days to 7 years depending on the type of alert you add on your credit report. Also, adding a fraud alert to your credit report gives you a free copy of your credit report, which is a great opportunity to find any suspicious activity under your name.<\/p>\nFreeze Your Credit Report:<\/strong> Unlike fraud alerts that require the creditor to verify your identity, a security freeze places a lock on your credit record, which prevents identity thieves from making new accounts under your name. It’s free to freeze your account, just hand in the required documents to prove your identity, and make a call to the credit bureaus to request a security freeze.<\/p>\nOrder Your Free Credit Reports<\/strong> Every year, you’re entitled to get a free copy of your credit report from the three main credit bureaus \u2014 utilize the opportunity by requesting one of your three reports every four months, so that you can monitor your credit for the whole year. However, the downside of this method is you can only see one bureau’s report at a time.<\/p>\nBuy Your Credit Reports<\/strong> You can also buy credit reports from the credit bureaus if you have already used your free credit reports. If you want to thoroughly monitor your credit report, you can request a three-in-one report that gives you a more comprehensive view of your credit history.<\/p>\nMonitor Your Accounts Online<\/strong>: Creating an online account with your bank and each of your credit card and loan accounts allows you to easily keep up with your account activity. Log in to check your account periodically to make sure no unauthorized charges have been made on your account. Keep your login information safe by not writing it down and not sharing it with anyone.<\/p>\nKeep Your Social Security Number Safe<\/strong>: If your SSN falls into the wrong hands, it may play a major role in your credit score. Social Security numbers can be used for opening various accounts under your name, filing fraudulent tax returns, accessing medical care, or committing crimes. To prevent that from happening, avoid carrying your SSN card in your wallet and be aware of your surroundings when giving your number to customer service representatives.<\/p>\nStop Pre-Approved Credit Card Offers<\/strong>
\nNotify your banks to stop sending your pre-approved credit cards to you via mail. Pre-approved credit cards contain personal information that thieves can use for illegal activities. Also, if you have already received your credit card and are planning to dispose of it, shred it first to destroy any prints that could expose your identity.<\/p>\nHow do Thieves Steal your ID?<\/h2>\n
Thieves or fraudsters have different ways to steal your information. Here are some methods that criminals use to obtain personal and sensitive information from you.<\/p>\n
Phishing and SMiShing<\/strong> This cybercrime method occurs when cybercriminals attempt to send a fraudulent business email \u2014 emails that look very similar to official bank emails \u2014 to your email. They usually try to copy bank emails to get confidential and sensitive information from you. For example, a fraudulent email that looks very similar to an official email from a bank that wants you to verify your account. Once you\u2019ve clicked the \u201cverify link\u201d indicated in the email, it will direct you to a website, which looks similar to your local bank and requires you to fill out personal information to \u201cverify\u201d your account.<\/p>\nPhishing can be done by opening anonymous emails that pretend to be official emails from different establishments like banks, restaurants, universities, and others. On the other hand, SMiShing is most likely similar to phishing, however, criminals use text messaging to obtain personal information instead of using emails.<\/p>\n
Dumpster Diving<\/strong> Even though it may sound like a load of rubbish, dumpster diving is another method for criminals to obtain information from pre-approved credit cards and bank statements. To avoid getting your information stolen from the dumpster diving method, make it a habit to shred important documents before you dispose of it.<\/p>\nWireless Hacking<\/strong> Wireless hacking is a new method to collect personal information without getting permission from its owner. It occurs when hackers intentionally gather confidential data from individuals that connect their devices into public WIFI networks or unsecured home networks. Some hackers may even install keylogging software \u2014 software that tracks users\u2019 credentials such as usernames and passwords \u2014 which track the websites that you visit on your devices. To prevent this from happening, always make sure to connect your device from secured WIFI and home networks.<\/p>\nFake Lottery Winnings and Job Ads<\/strong> \u201cYou\u2019ve won $300, click this link to claim your prize!\u201d Sounds familiar, doesn\u2019t it? These ads circulate on the internet and lure individuals to click the advertisements. Once you\u2019ve clicked these ads on the internet, it directs you to a web page that requires you to fill out personal information before you claim your prize. This is another method of identity theft that fraudsters use to obtain information and create fake identification to make illegal transactions. Protect yourself by remembering this simple saying, \u201cIf it sounds too good to be true, it probably is.\u201d<\/p>\nATM and Payment Machines<\/strong> Automated Teller Machines (ATM) and payment machines are not exempted from identity theft criminals, as these machines are often used by many people to withdraw money and pay different transactions. Cybercrime occurs when thieves tamper with the machines\u2019 card slot with a device that can steal information. To avoid this crime, be aware of your surroundings and conduct a simple inspection of the machine. If it looks like it has been tampered with, don\u2019t use it.<\/p>\nWhat Information is Considered Private?<\/h2>\n
When talking about privacy, there are different terms that you can use to define it, such as: personal information, personal data, personally identifiable information, private information, protected health information, individually identifiable information, or individually identifiable health information. Here are some forms of information that can be considered private:<\/p>\n
\n- Names: Your full name, maiden name, and your mother\u2019s maiden name are all considered private.<\/li>\n
- Driver\u2019s License: An official document that permits individuals to operate one or more types of vehicles on the road. The driver\u2019s license can also be used to open bank accounts, credit cards, loan applications (house, car, mortgage, etc.).<\/li>\n
- Biometrics: Fingerprints, retina scans, facial geometry, or voice signatures are also considered private information as they are widely used for opening smartphones, applications (banks, e-wallets), and computers.<\/li>\n
- Social Security Number: A social security number (SSN) is a unique nine-digit number issued to U.S. citizens, permanent and temporary residents. It can be used for making new credit accounts and a required identification when setting up a medical care and health account.<\/li>\n
- Bank Checks and Pre-approved Credit Cards: Checks and pre-approved credit cards contain confidential information such as checking account number and routing number that can be used to make new purchases.<\/li>\n
- Medical History or Records: A medical history is a private piece of information that should be kept by its owner. Even sending medical history or records requires the sender to encrypt and secure the file by following the rule indicated by the United States Department of Health and Human Services (HHS).<\/li>\n<\/ul>\n
Do You Need ID Theft Protection?<\/h2>\n
Identity theft services monitor personally identifiable information in credit applications, public records, websites, and other places for any unusual activity that could be signs of identity theft.<\/p>\n
ID Theft Protection is a service that protects valuable, sensitive, and confidential information such as credit card accounts, bank accounts, and personal accounts (Full name, mailing address, date of birth, Social Security Number, Tax ID).<\/p>\n
Do you Recommend ID Theft Protection?<\/h2>\n
Yes!<\/strong> With the different methods that criminals use today to collect someone\u2019s data for illegal activities, it\u2019s important to protect your private information and prevent thieves from stealing from you.<\/p>\nCompanies that offer ID Theft protection cover different types of cybercrimes. Here are some services that they offer:<\/p>\n
\n- Certain out-of-pocket losses<\/li>\n
- Chat room monitoring<\/li>\n
- Public record searches<\/li>\n
- Monitoring of black market websites<\/li>\n
- Virus protection software<\/li>\n<\/ul>\n
Some insurance companies include a credit monitoring service that monitors your credit history and provides periodic credit scores.<\/p>\n
Before choosing what kind of service you want to protect your information, it\u2019s important to understand the blueprint of what they can offer you. Most of the companies that provide ID Theft services claim to provide a \u201cfree\u201d service. However, before you accept their \u201cfree\u201d service, make sure that it doesn\u2019t come with any hidden trial periods, fees, or cancellation requirements. Finally, conduct a background check of the company to know if they have existing complaints from other customers.<\/p>\n
Free Ways to Prevent Identity Theft<\/h2>\n
Implement a Security Freeze<\/strong>
\nIf a cybercriminal has already hacked your credit accounts or bank accounts, it\u2019s recommended to notify your bank immediately to avoid any transaction to be made under your name. A security freeze is a great method that holds your credit account and prevents new credit from being opened in your name. However, just remember that if you put your account on freeze, you\u2019ll need to unfreeze it before you can open new accounts in your name.<\/p>\nOn September 21, 2018, a federal law was created to allow consumers to freeze and unfreeze their credit records and place one-year fraud alerts for free. Under the new Economic, Growth, Regulatory Relief, and Consumer Protection Act, consumers in some states that have already frozen their credit records and are still paying fees for those services are no longer required to pay their providers. However, it does not apply for someone that wants to have your credit report for tenant-screening, insurance purposes, or employment.<\/p>\n
Enroll in Fraud Alerts<\/strong>
\nIf you believe that your account has been compromised by cyber thieves, or about to become one, you can put a fraud alert on your credit report. Although this action doesn\u2019t stop thieves from stealing your information, it\u2019s a procedure that lenders use to take certain measures to verify your identity first before checking your credit report. Normally, a fraud alert can last up to one year unless you decide to remove it sooner.<\/p>\nIs freezing your credit enough?<\/h2>\n
Although freezing your credit record is one of the most important steps that you need to take against identity thieves, it\u2019s not enough to protect your account<\/strong>. Credit freezing doesn\u2019t guarantee 100% protection on your account as you need to notify each credit reporting agency to issue a credit freeze. You will then need to call them to lift the freeze on your account. Also, you\u2019re not allowed to open a new credit account (mortgage, auto loan, credit card, etc.) once you freeze your account.<\/p>\nHow is ID Theft Protection Different from Credit Monitoring?<\/h2>\n
A credit record is an important factor when you want to apply for a loan application (car, house, mortgage). That\u2019s why you must regularly monitor it from identity thieves that want to take advantage of your credit records. Identity Theft Protection and Credit Monitoring are two examples of how you can monitor and secure your accounts from thieves, however, there are differences between these two methods. Credit monitoring is a great tool for people that want to monitor the activity of their credit records and help people who want to improve their credit scores. On the other hand, identity theft protection is designed to provide services to its customers that surpass the services that credit monitoring can offer. Here are some benefits that are included in the identity theft protection services.<\/p>\n
\n- Stolen Funds reimbursement<\/strong> – If you have money that was stolen because of identity theft, providers of identity theft protection will reimburse your loss from $25,000 up to $100,000. Some companies reimburse up to $1 million or are based on the limits of your plan.<\/li>\n<\/ul>\n
\n- Transaction Monitoring – <\/strong>Transaction monitoring is a service that monitors your transactions including your past and present activities, transfers, deposits, and withdrawals. It\u2019s a great tool to analyze your data and to check if there are unknown activities in your credit reports.<\/li>\n<\/ul>\n
\n- Home Title Monitoring – <\/strong>Identity Theft Protection offers home title monitoring to ensure your home\u2019s deed 24\/7 against home title fraud \u2014 it\u2019s a crime where thieves use your title to exploit money and commit illegal activities.<\/li>\n<\/ul>\n
\n- Fictitious Names – <\/strong>Fraudsters who commit identity theft steal information from someone to create a synthetic identity. They usually steal Social Security numbers (SSNs) and use them to create accounts with false information like names, dates of birth, and addresses.<\/li>\n<\/ul>\n
\n- ID Theft Restoration<\/strong> – Many people are victimized by identity theft every year, which is a great threat for most Americans. If your personal information falls to the wrong person, there\u2019s a higher chance that you\u2019ll need to pay a large sum of money before recovering it, not to mention the time, energy, and stress you get from these fraudsters. That\u2019s why many companies offer Identity theft restoration for your identity and credit, which also alerts you from any suspicious activities.<\/li>\n<\/ul>\n
What Should you Look For in ID Theft Protection Services?<\/h2>\n
With the shocking surge of identity theft cases every year, many companies offer different levels of Identity theft protection services on the market. But do you know how to find a good Identity theft protection service? Some companies use a combination of professionals and technology to regularly monitor databases and websites from unusual or suspicious activities. Usually, if fraudulent activity has been detected in your credit record, your provider will automatically send an alert through email, or text message. Here are some services that should be included in your identity theft protection services:<\/p>\n
\n- \n
\n- Insurance Policy – <\/strong>One of the great benefits of having identity theft protection is they save you hundreds of hours by taking care of all the paperwork, making calls to each credit reporting agency, and doing all the tedious tasks to ensure that your identity is restored and secured.<\/li>\n
- Stolen Funds Protection – <\/strong>Protect your money by having stolen funds protection connected to your identity theft protection plan. Providers will reimburse your stolen money \u2013 read your terms and agreement first before adding a stolen funds protection in your plan. Some providers can only reimburse up to $ 25,000, others can reimburse you up to $1 million.<\/li>\n
- Proactive Alerts – <\/strong>Adding proactive alerts to your plan is a great way to monitor your credit records when lenders like banks, auto dealers, government agencies, and mortgage companies request a copy of your credit reports. Also, it can detect unusual activities in your account like fraudulent attempts to open a new account under your name, which can greatly affect your credit score.<\/li>\n
- Credit Monitoring <\/strong>It\u2019s a method that monitors your transactions and keeps track of your credit score. Some companies use software to conduct credit monitoring for their customers, others hire experts and use software to do the task.Credit monitoring services look for unusual activity in your credit file that may indicate your financial information is being used fraudulently. Here are some signs that you may be a victim of identity theft:\n
\n- Fraudulent credit card changes<\/li>\n
- Bogus loan applications<\/li>\n
- Social Security number for sale on the dark web<\/li>\n<\/ul>\n<\/li>\n
- Family Plans<\/strong> If you also want to protect the identity of your family (children, partner, parents), you should look for a provider that offers identity theft protection with a family plan included. Some providers call it child social security monitoring or insurance coverage for family members.<\/li>\n
- Dark Web Monitoring – <\/strong>Rule of the thumb when meeting individuals on the internet: not everyone has good intentions. Dark web monitoring is a great service to add in your identity theft protection plan where your provider will search through the deeper parts of the internet and check if your personal information has been used for criminal activities.<\/li>\n
- Restoration Services – <\/strong>Another service that you need to look for is a dedicated support team that will take over for the recovery process of your personal information or credit report. Top identity theft protection companies offer you a counselor or specialist that will help you through the process of contacting credit agencies and completing paperwork.<\/li>\n<\/ul>\n
How much should ID Theft Protection Cost?<\/h2>\n
Good identity theft protection should cost around $6 up to $17 per month. This will include different services that can help you secure your personal information and credit reports. To help you learn more about the costs of having identity theft protection, we\u2019ll discuss the different plans that might be suitable for your needs.<\/p>\n
But before we discuss it, we\u2019ll use the Identity Guard\u2019s identity theft protection plans to explain the costs per services \u2014 one of the top companies that provides excellent services when it comes to identity theft protection.<\/p>\n
Value: $7.50\/month<\/p>\n
Basic Identity Protection:<\/p>\n
\n- $1Million Identity Theft Insurance**<\/li>\n
- US-based Customer Care Team<\/li>\n
- Risk Management Report<\/li>\n
- Data Breach Notifications<\/li>\n
- Dark Web Monitoring<\/li>\n
- High-Risk Transaction Monitoring<\/li>\n
- Safe Browsing Tool<\/li>\n<\/ul>\n
If you\u2019re looking for an affordable plan that can protect your identity and credit records, then the Value plan from Identity Guard is a good choice for you. It also provides $1 million identity theft insurance and other essential services such as dark web monitoring, risk management report, and many more.<\/p>\n
Total $16.67\/month<\/p>\n
Standard Identity Protection:<\/p>\n