Didyou know

Third party identity theft services provide peace of mind in that they take measures to protect your identity and take immediate action when an identity is compromised.

The services Identity Theft Protection vendors provide vary, but the majority offer a bundle of services to make identity theft protection and recovery easier and less painful.

The Pros and Cons of Identity Theft Protection Providers:

They're an easy and convenient way to have someone else restore your "Good Name"

They can help prevent ID theft before it starts

They provide a strong collection of evidence useful for chargeback proceedings

They have specialized professionals on-hand to help victims

They offer guarantees to restore your name and credit

They have real-time identity theft prevention technologies

It is important to realize these services only cover identity theft that involves credit fraud... For example, they typically don't cover someone using your name in a traffic ticket or when your identity has been used and taxes are owed.

 

Subscribe to our newsletter

 

Identity Theft Protection Providers

Identity theft is the fastest growing crime in the world and has become a major concern in the minds of consumers. Identity thieves aren't just focused on opening new credit card accounts in your name, but also using your information for setting up phone accounts, online transactions, medical fraud, loan applications, tax returns, government benefits, or even getting a job utilizing your social security number.

With identity theft on the rise, third party identity theft services could provide peace of mind and some useful assistance in the event your identity is compromised. Unfortunately, most consumers don't find out about identity theft until its too late... Luckily these services are proactive about keeping your identity safe and are responsive when your identity is compromised.

At The Fraud Practice, we hope to promote consumer and merchant awareness on identity theft through statistical information, steps on how to protect yourself, and the steps to take if your information has been compromised.

For more information on Identity Theft Statistics please visit: Identity Theft Statistics

For more information and resources on Protecting Yourself please visit: Protecting Yourself and Reporting Identity Theft

Considerations when Buying or Implementing Identity Theft Protection Services:

How much does the service cost?
How much value do they add to the credit bureaus' fraud alerts?
Will they do all they can to help you recover your good name?
Any limitations to the Guarantee?
Can their service really stop ID theft before it happens?
What's the potential cost savings from buying this service vs. having my identity compromised?
Does the service provide coverage in the region where you are?
Does it only cover credit card fraud?
Does the service cover all three credit bureaus?
Certain fraudulent transactions may not be covered by the "Guarantee"
Fraud alerts can be done for free through the credit bureaus
If you are a New York resident then you will not be covered by the identity theft guarantee due to state law restrictions.

Estimating the Impact

The costs associated with Identity Theft can vary dramatically, but it's important to note that even though the number of incidents declined from 2009 to 2010 the costs to the consumer have increased. Typically, consumers are fully covered through zero liability programs but that shouldn't deter the average consumer from taking precautionary measures. Resolving identity theft cases may include hours or years of effort, lawyer fees and countless headaches. There are a number of Identity Theft Protection Services that can provide value to consumers who don't want to get their hands "dirty" with fraud alerts, contacting credit bureaus and credit card companies. The value of these Identity Protection Providers is in their ability to help a consumer recover from an incident. Their specialists know the ins and outs of the process.

Additionalresources

  • Best Practices for Protecting Yourself When Transacting Online.

    Going online is a part of everyone's daily life today, but not everyone understands what, where and how they are at risk. This training session provides an introduction to common attacks that occure when going online such as phishing, pharming, account takeovers, malware, spyware, antivirus and identity theft. Learn about some of the best practices to get yourself more comfortable with companies or people you may interact with online.

  • Introduction to Ecommerce Fraud Fundamentals.

    Provides participants foundation level knowledge about the theories, best practices and terminology surrounding electronic payment fraud. Presented in a standard format covering the history of eCommerce Fraud, consumer fraud, merchant fraud, fraudster motivation, fraud trends, identity verification and phishing.

  • The Fraud practice llc.

    Offering a neutral, unbiased, source for information related to setting up and maintaining solutions for online payments and fraud prevention.

KeyNotes

  • Vendors - LifeLock, Equifax ID Patrol, FreeIDENTITY Protect, IDarmor, Identity Guard, Identity Truth, ID Watchdog, LockDownMyID, LoudSiren, TrustedID
  • Alternative Solutions - The main benefit from these Identity Theft Protection vendors has been viewed by security industry professionals as convenience. For more information on protecting yourself and steps to take when your identity has been compromised visit our webpage: Steps for Protection and Steps for Reporting Identity Theft.