Personal information is everywhere and is easily accessible to identity thieves.
Identity theft reperesents America's fastest growing crime.
Last year, an estimated 10 million people were victimized.
Victims can spend up to 2 years and thousands of dollars clearing their name.
Identity theft can affect your ability to conduct normal daily affairs.
Identity Fraud, Inc. is one of the original providers of identity protection products that provide defenses and remedies for consumers. Since our development that started in 1997, many companies have recently entered the marketplace to provide solutions. Generally speaking, Caveat Emptor (Buyer Beware) remains a fundamental practice that should be engaged when seeking identity protection solutions.
To help you compare which benefits and products are right for you, we provide a brief highlight and review of common deliverables. However, there is no substitute for your own research and due diligence.
(For the purposes of this review, we are not considering technology companies that provide computer firewalls, anti-spyware and other access controls, authentication devices or similarly related technologies that are very important and often considered essential to help protect your sensitive personal information)
As with any product or service, there should be a full disclosure of terms and conditions available for your review prior to your purchase. In many cases in the identity protection marketplace, it is difficult to locate terms and conditions. This should be a red flag and you should use caution before proceeding. Of course, Identity Fraud, Inc. proudly and opening discloses its terms and conditions of protection, which can be viewed in our Membership Agreement. In the event you have any questions, you may contact us.
There are different levels of support service that range from providing general directions, victim kits and assistance to more complete hands-on resolution. Whatever terminology is used, being able to transfer the majority of effort needed to resolve a case to an expert is typically the preferred and more valued benefit. In certain cases, you may also be able to provide a Limited Power of Attorney to a case worker that allows for another level of service that grants more authority to the case worker to engage resolution.
The Federal Trade Commission's Identity Theft hotline provides free guidance to victims. However, private companies can engage more in depth services. While services are typically provided as part of a benefit package or program requiring your participation before you are a victim, some providers will provide services for a flat or hourly rate to address cases when you are already victimized. In either case, generally, look for terms/terminology like:
Identity insurance is proper to maintain and prudent to help manage financial risk. After all, if your identity is an asset, why not protect that asset like you protect your home, autos and other assets? Javelin Strategy recent survey data indicates that one-in-four victims having an insurance benefit have made an insurance claim.
Identity insurance is most commonly secured from identity protection providers like Identity Fraud, Inc. or from Homeowner insurance companies as an endorsement to your policy. Terms and conditions can vary in important ways; however, coverage is generally provided for certain expenses you incur to help resolve your identity theft. These expenses include a) attorney fees, b) lost wages, and c) miscellaneous expenses like notaries, telephone and mail costs, etc. (Remember, as victim of fraud, you are not liable for losses in most cases, however, you must prove your innocence and because this can be troublesome and costly, insurance is a smart choice).
Most identity insurance protection will have a $0 deductible and limits of insurance that range from $5,000 to $25,000 per year. You may also find limits of $1,000,000, however, these limits tend to support marketing factors rather than actual risks.
Important terms/terminology to look for include:
Credit monitoring products that detect changes to information in your credit files are helpful because the more quickly you become aware of changes to your records, the more quickly you can investigate and remedy or dismiss the change(s). For example, if an inquiry or new credit account is opened in your name, you would receive an alert signaling the change.
Monitoring tools will typically monitor a single credit reporting agency or all three main credit reporting agencies (Equifax, Experian and TransUnion) on a weekly or daily basis. Each of the credit reporting agencies have similar products that include other benefits and features, however, they deviate in how many credit reports, FICO or similar credit scores are provided. Similarly, they include identity insurance protection, which terms and conditions will differ. Other vendors, wholesalers and resellers will typically have a solution that includes credit monitoring. For example, Identity Fraud, Inc. has partnered with Equifax to provide certain monitoring and credit related products.
Although monitoring is useful, it becomes less relevant when steps are taken to restrict access to credit information. For example, the law allows individuals to place a "Fraud Alert" and/or a "Credit Freeze" on their credit files. When this occurs, additional barriers to providing credit and accessing credit information are created, which can lessen the value of monitoring tools. Each person needs to independently determine their needs for credit and access to their credit information and therefore, the appropriateness of fraud alerts or credit freezes and ultimately credit monitoring tools.
Most banks, credit unions, credit card processors and other financial institutions already deploy sophisticated technologies that monitor your financial accounts and transaction activity for fraud since they are typically liable for the frauds that occur within the first 30-60 days, which is supported by your existing protection by law. (However, you must review your statements each month to ensure your proper and timely reporting to your institution of any discrepancies or fraud).
Additional monitoring tools are being deployed that monitor public databases and other sources like the Internet for the existence and potential abuse of your personal information. Again, early detection of abuse or the potential abuse of your information is useful. However, at some point, further monitoring efforts do not provide meaningful value. This is partially due to the fact that personal information is already virtually everywhere and not within your control.
Certain vendors have a $1 million or $2 million Guarantee. However, guarantees are not insurance and may be in violation of certain state insurance laws. For protection involving guarantees, review the terms and conditions very closely and see how and/or if a product must fail for the guarantee to be put to use. And, with all types of insurance or protection, read the limitations and exclusions and the applicable sublimits. Guarantees tend to be used most for marketing purposes rather than to provide actual indemnification and/or remedy.
Everyone's situation is unique. While obtaining a product or service that optimizes protection may be different from you to the next person, getting the most value or utility for your investment should be the common goal. But what protection is the right protection? Of course, the answer is: It depends. For example, can you install your own firewall on your computer? Do you know how to access a Fact Act Free Annual Credit Report? Have you heard of a fraud alert?
At the end of the day, identity protection is very personal and each individual needs to take certain steps and a certain responsibility to protect their own identity. No one can or should guarantee that you will not become a victim of fraud. There are over 25 different types of fraud and you need to consider all types of identity theft to ensure adequate protection.
Identity Fraud, Inc. has built its programs to provide everyone with the best, essential foundation of protection. Everyone should have unlimited access to professionals to help answer questions and to solve simple or complex cases of identity theft. Everyone should also have identity insurance to help pay for certain expenses and lost income often incurred in fighting identity theft, just like everyone should have auto and homeowners insurance.
With a proper foundation in place, you can take advantage of free resources provided by law, allow Identity Fraud, Inc. or others to engage proactive prevention tools for free or at a cost and/or secure monitoring tools that may be appropriate.
After starting development of solutions in 1997 and considering current protections available by law, we believe the following will optimize identity protection for most people. This includes engaging the following five basic steps:
By engaging the above, you'll be taking steps to effectively mitigate your exposure to identity theft and have credible protection in place for the exposures you cannot control. For a very small price, you can obtain the best protection at the least cost and optimize your solution..
