Identity Theft Reviewed

Professional services such as Life Lock, Trusted ID and ID Watch Dog provide real-time monitoring and response to ID theft threats for consumers. Reports suggest that millions of consumers are directly affected by identity theft each year, resulting in billions of dollars in economic damage. In addition to direct loses, consumers and businesses face a larger risk from damage caused to their financing and credit records. An impaired credit file can cost consumers thousands in higher financing fees, as well as expensive legal costs related to restoring one’s credit file.

It’s important to understand the breadth of potential data that can be stolen. For one, all of the physical documents carried around provide a gateway to your credit record, including your social security, credit and bank information. ID theft monitoring services can help you become aware of any potentially fraudulent transactions on your account so that you can act on the information before your records become impaired. Many services, such as Life Lock, provide both a service that allows you to report any suspected loses of your wallet or purse, as well as having automated services which ensure that your accounts are temporarily frozen until any suspected issues can be cleared up.

A growing, additional source of potential loses comes from electronic data. Criminals are actively searching the Internet for the latest consumer records, which they utilize for gaining access to credit files. Being aware of your computer behavior and utilizing computer security software can prevent some, but not all, risks to your identity online. In addition to taking precautions, having an ID theft prevention service provides continuous background monitoring of your credit file – most of the time, consumers and businesses aren’t aware of the source of identity theft, so Trusted ID can ensure that you are alerted of potentially suspicious account behavior.

Alerts, Monitoring and Assurances
No matter how aware of your credit file you might be, nobody can monitor their records in real-time. Accounts can be opened by criminals in a matter of minutes, and an ID alert service can ensure you are notified every time an account is opened using your name, address or social security number. This can prevent loses on your credit report, as criminals will usually cause quick damage within the first few weeks.

By having credit information instantly, you can assure that your accounts are temporarily frozen before purchases can be made in your name – saving you time, resources and potential legal fees down the road. Being able to sleep at night knowing that automated monitoring is in place can help businesses and individuals to protect their credit records at all times.