Identity fraud has grown substantially in the past two decades, and unfortunately, it is here to stay. Here we share 10 quick tips about identity protection so that you’d have the necessary knowledge when choosing among the best identity theft protection services.
The number of people hit by identity theft each year is staggering. In the US alone, this number reached over 16 million in 2017. The stats from the rest of the world are similar. Hence, the rising demand for identity theft services.
These services monitor personal information on websites, public records, and other credit applications to look for suspicious activity. Click here for a basic intro by the consumer financial protection bureau. The major service providers, besides providing protection against identity theft, offer insurance for the following;
- Specific out-of-pocket losses
- Chat room monitoring
- Public record searches
- Monitoring black market websites
- Anti-virus software
10 quick tips about identity verification services
- Identity theft protection services basically offer monitory and recovery services. Monitoring keeps an eye out for thieves looking to steal your identity, while recovery service helps to deal with the aftermath.
- There are two main types of monitoring services; credit monitoring and identity monitoring
- Depending upon your choice, credit monitoring can track your credit reports at different credit bureaus
- Credit monitoring services might alert you when;
- a firm examines your credit account
- a new credit card account is opened under your name
- a creditor or debt collector says your payment is late
- You file for bankruptcy
- There is a legal judgment against you
- Credit limit changes
- There are changes in personal information (name, address, phone number etc.)
- Your monitoring service will only alert you when something suspicious shows up on your credit report. If an identity thief steals your social security number or files a tax return in your name, your theft protection service will not inform you.
- Identity monitoring services inform you when there are unusual requests regarding your identity. For instance, a request for a change in address.
- Identity recovery services help you after the theft. Normally, the trained counselors and case managers help you in recovering your name and finances.
- Major identity theft services offer insurance as well. Normally, they only cover out of pocket expenses, for example, in reclaiming your identity.
- Putting a security freeze on your credit report will prevent the thief from opening any more accounts in your name. You can unfreeze it free of cost by credit reporting companies – Experian, TransUnion, and Equifax (in the U.S.).
- If you suspect that someone has stolen your identity, you can put a fraud alert on your credit report. This will not freeze your account but the new lender will take extra measures to verify your identity.
Credit monitoring products from credit bureaus generally do not provide robust coverage. They might also reduce your rights to sue them. You should seek identity verification services that give you the best cover. The most comprehensive theft protection service is Shufti Pro. It provides the protection using state of the art artificial intelligence and machine learning algorithms, for a fast and accurate theft protection system.