An Introduction to Identity Theft Protection

Identity theft protection services are subscription-based software and call center services that monitor, safeguard, and recover a person’s identifiable information.

What’s Identity Theft?

There are several types of identity theft, each changing from target to target. Here are a few of the most common types:

• Credit/Debit Theft: If a thief collects enough of your personal information, they can open a credit line under your name, take money from a debit account, and wreck your finances.
• Tax Theft: Identity thieves can file your taxes in your name and pocket the return checks.
• Unemployment Theft: Bad actors can file unemployment under your name, collecting unemployment money from the government even while you earn a paycheck.
• Medical Theft: Identity thieves can receive medical treatment in your name, making you fit the bill for their procedures and medicine.

How Identity Protection Services Work

Identity thieves can nab your Social Security number, credit card information, passwords, and other identifying information in several ways. Typically, identity thieves target information that lives online. For example, thieves can hack large companies to extract personal data, snag your information from an unsecured browser, or steal passwords using malware.

Identity protection services work to directly counter these popular theft techniques. Identity protection services typically employ a three-pronged approach to protection: monitoring, freezing, and restoring.

• Monitoring: Identity theft protection software uses advanced algorithms and AI technology to constantly monitor the internet for any and all uses of your identifying information. If suspicious activity occurs, your identity theft protection service will alert you and recommend solutions.
• Freezing: To prevent an identity thief from taking advantage of your stolen information, identity protection services can freeze many of your personal accounts. Once frozen, your account can’t be used by anyone, including you. Once a threat subsides, you can easily unfreeze your account.
• Restoring: If a thief manages to use your identifying information, identity protection services often offer restoration services to help you get your life back to normal. Customers will typically be assigned a live restoration specialist, an on-call employee who works with you individually to put your affairs back in order. On top of 1-on-1 service, identity protection services often offer fraud insurance to cover any asset losses resulting from the breach, typically up to $1 million.

Why Identity Protection is Worth It

Identity theft happens all-too-often in the United States. In 2020, the FTC reported $3.3 billion lost in identity fraud cases, costing the Average American $104 per second.

Every time an identity theft case occurs, the victim can face a slew of consequences, including:

• Loss of finances from stolen assets
• Conviction of crime(s)
• Loss of insurance benefits
• Loss of finances as a result of legal fees

To protect yourself from the consequences of identity theft at a fraction of the cost, consider signing up for protection.