Being an identity theft victim can be tough because you’re left helpless in front of people who are using your data for fraudulent activities. This problem occurs when someone else uses your personal information, such as Social Security number and name, in order to commit crimes. It is used without your permission – hence the word “theft”.
Criminals are always on the run for new ways to exploit information and use it in malicious ways, which is why you should take measures to prevent it. If you were looking for ways to protect yourself, this article will tell you what identity theft protection companies do.
What Is Identity Theft?
As mentioned, identity theft happens when someone else uses your personal data for crimes. Most of the times, you don’t realize you’re a victim unless you check your credit card statement, or receive notices about charges you didn’t make or accounts you didn’t open. In some worse cases, you are even contacted by debt collectors.
Your information can be stolen through various ways, including Wi-Fi hacking, dark web marketplaces, credit card theft, internet hacking, and the list can go on. Thieves can also use it in a range of ways. For instance, they can use your credit card to make purchases, open fraudulent credit card accounts in your name, file fraudulent taxes or steal your tax refunds.
If an unfortunate event happens to you, you are at risk of financial loss, emotional distress, damage to your credit and many others.
What Identity Theft Protection Companies Do
Identity theft protection companies come as the light in the darkness for people whose identity has been stolen. Although there are ways through which you can protect yourself on your own, it’s better to seek the help of a professional. In addition, they can most likely do something you wouldn’t be able to.
The value of identity theft protection comes in two forms: monitoring and insurance. So, you will be compensated for the damage resulted from identity theft, and your account will also be monitored for suspicious occurrences. As such, they will alert you whether there are newly opened accounts in your name, if there are large withdrawals from your bank account if your name or other data appears on black market websites and so on.
The credit protection they offer will assist you in taking action to prevent any damages. Not only you will benefit from the things listed above, but you may also benefit from credit monitoring. Conversely, there are some extra features that entice customers when it comes to these companies. These include password managers, mobile apps, antivirus, keyboard encryption software and many others.
Although identity theft is such a serious issue that can have a huge impact on your finances as well as your well-being, you can still take steps toward protection. Identity theft protection companies exist with a wide range of services, to make sure your security is improved, and that your life can get on the good track. Hopefully, this article was helpful to you.