With the digitalization and online payment system, you always want to ensure the transactions are safely done and it does not reach the hands of hackers. The information published and submitted on the internet and alike is not misused. Hence, for this reason the identity theft protection services [ITPS] comes to your rescue.
However, do you really require this services and is it worth spending on it? Do they actually protect from getting the identity stolen? Do they take preemptive measures? – Let us see by highlighting few points.
Monitoring the credit report:
The identity is stolen either to make payments, generate loans or opening new credit card. The credit report shall display any such activity done. With the help of ITPS, the credit report is monitored and any suspicious activity is brought to your notice to take further action. Alerts are generated by monitoring the credit report when
- Credit history is checked by the company.
- New loans or credit account is opened by using your identity.
- Late payment alert by the creditor even if the payment is made on time.
- Any public records displaying your name as bankruptcy.
- Any changes made to your personal information with regards to name, phone number or address.
Monitoring your financials:
Monitoring the credit report can track unusual activity but there are few fraud instances that do not reflect in your credit report. Hence the ITPS monitors your financials such as bank accounts, credit cards as well applications filed either for loan or credit.
Monitoring your personal information:
Monitoring of personal information is even important as you monitor credit report or financial report – since you are not aware for what purpose the information is used by the hackers or scammers. The ITPS will alert you when your personal information is being misused or changes appear. The personal information consisting of bank account, passport, driving license, social security number or medical ID number are generally used for
- Address change requests.
- Social media
- Arrest or court records
- Payday loan applications
- New utility like cable or wireless services is ordered.
The suspicious activity in personal information is cracked by checking databases from different types of agencies possessing the information. However, the service checks shall depend on the kind of database dealt with. There might be instances where in you might not be alerted for government benefits fraud such as Medicare, welfare and social security frauds.
Providing security software:
The identity theft is usually through hacking and in such cases the ITPS provides antivirus software that acts as safeguards and provides encrypted logins, anti-key logging etc. to prevent the theft through computer hackers.
It is important to have identity recovery services besides protecting your identity. This is necessary to regain control after the theft has occurred so that your name and finances are properly restored. You need to review the companies providing the services. You can check Lifelock reviews to know the process of recovery services. Usually this is through guidance in writing letters to debt collectors and creditors, place a freeze credit reports / files.
Thus, if you are the victim of identity theft you should approach companies who have expertise in providing identity theft protection services. There are few companies that provide trial services. You check the feature and then plan accordingly.