Identity Theft Protection Services

What is identity theft protection?

Before we dive into what identity theft protection is, let’s talk a little bit more about what identity theft itself is. Identity theft is the term used to describe the act of a criminal, or criminals, stealing personal information such as your social security number, and use that information to create new accounts, make unauthorized purchases, or commit any other type of fraud. 

Due to the nature and prevalence of online data sharing, ensuring that your information is protected is crucial. Identity theft protection is a set of services that is designed to mitigate the risks of identity theft occurrence. The role of identity theft protection is to safeguard your personal and financial information, making it nearly impossible for your information to fall into the hands of cybercriminals. Providers that offer identity theft protection services typically also include additional services such as credit monitoring, dark web scanning, and often even insurance or recovery assistance. 

How do  identity theft protection services work?

Identity theft protection typically works by continuously monitoring your financial profile by watching for suspicious changes or activities. Signs of unauthorized use of your personal information may be apparent in your credit report, online databases, or in public records. Identity theft protection services ensure that any suspicious activity is detected early and reported to the individual enlisted in these protection services. This early warning system gives you the chance to act early on fraudulent activities. 

Other services that may be included with identity theft protection include: 

• Ability to remove your personal information from people finder databases
• Ability to lock and unlock your credit file
• Real time alerts if any credit has been applied for in your name
• Even non-credit loans, such as payday loans, can be detected
• Notifications if a registered sex offender has relocated to your area
• Alerts if your address has reportedly been changed, or if an application for redirection of your mail has been submitted 
• Alerts if any other name or address is used in association with your Social Security number

What does identity theft protection keep you safe from?

As stated above, identity theft protection isn’t fool proof. Here is what it can potentially keep you safe from: 

• Social Security fraud: You should be notified in the event that your social security number is used for fraudulent employment or benefit claims. 
• Legal trouble: Sometimes, criminals fraudulently use someone else’s identity when interacting with law-enforcement. This can lead to false legal implications if not immediately addressed. 
• Tax fraud: Fraudulent tax forms can be filed in order to receive a refund, which could potentially lead to trouble for you. 
• Credit card fraud: Identity theft protection can alert you if any suspicious charges are detected. This can include charges made in a different city or state, or large purchases that are out of the norm for you.
• Financial fraud: By monitoring all of your financial accounts and credit profile, you could identify and report unauthorized transactions immediately.