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Identity theft is a serious threat that can have devastating consequences for your life if you’re not careful. According to the Identity Theft Research Centre, cybercrimes are on the rise, with data compromises increasing by 68% in 2021 alone. In order to protect yourself, it’s important to use one of the best identity theft protection services available.
The Risks of Identity Theft
Falling victim to identity theft can result in direct attacks on your credit. The criminals may also commit other crimes using your stolen identity, causing further problems. Your Social Security number, bank account, and other personal information are at risk, which is why it’s crucial to be proactive in protecting yourself.
Importance of Identity Theft Protection Services
The best way to safeguard your personal information is by using identity theft protection services. These services typically offer ID protection, credit monitoring, and more to keep your sensitive data away from prying eyes. They can help you monitor suspicious activity and assist with recovery if you become a victim of a data breach.
The Growing Need for ID Theft Protection
Identity theft protection is becoming increasingly essential. In 2019 alone, there were over 13 million cases of identity fraud in the US, resulting in victims losing nearly $17 billion and suffering damage to their credit reports. The Equifax breach in 2017 was a particularly notable incident, and there have been other major data breaches since then, such as the Marriott hack in 2020.
Top Picks for Identity Theft Protection Services
Here are some of the best identity theft protection services available for online fraud monitoring:
1. IdentityForce
- Price: $100
- Offers two tiers of service: UltraSecure and UltraSecure Plus Credit
- Provides credit score monitoring for all three reporting agencies
- Offers ID protection and credit monitoring services
2. PrivacyGuard
- Price: $120
- Offers a 14-day trial program for $1
- Provides credit monitoring services from all three credit bureaus
- Offers ID protection and credit monitoring services
3. Equifax
- Price: Varies
- Offers a limited identity theft insurance policy
- Provides credit monitoring services from all three credit bureaus
- Offers ID protection and credit monitoring services
Key Considerations for Identity Theft Protection Services
Here are some important things to keep in mind when choosing an identity theft protection service:
Early Detection is Key
- The main goal of these protection services is to provide early detection of suspicious activity. This allows you to take action and prevent further damage to your identity. Monitoring your credit and accounts regularly is essential.
Understanding Personal Information Usage
- Identity theft protection services can help you monitor the usage of your personal information and notify you if any accounts or information are being misused. They can also help you with credit freezes and provide reimbursement if necessary.
Personal Banking Activity Monitoring
- It’s important to note that these protection services do not monitor your actual banking activity. It’s recommended to regularly examine all your accounts and transactions to detect any fraudulent activity.
Read the Fine Print
- Each protection service has different terms and conditions. It’s crucial to read and understand their fine print before signing up for their services. This will ensure that you are fully aware of what you’re getting and any associated fees.
In conclusion, online fraud monitoring is essential in protecting your identity from theft. By using the best identity theft protection services, you can proactively monitor your personal information, detect suspicious activity early on, and take the necessary steps to prevent further damage. Remember to regularly monitor your own banking activity and read the fine print of any protection service you choose. Stay vigilant and protect yourself from the growing threat of identity theft.