Should you use an identity theft monitoring service?

Identity theft poses risks to your financial health. These risks should be evaluated to take precautions that are reasonable and keep your financial future secure. One way to help prevent identity theft is to sign up for identity theft monitoring and protection services. Different companies offer an array of services to alert you of any threats and take immediate action against identity thieves. Learn about the risks of identity theft and the benefits of identity monitoring and protection services.

What are the risks of identity theft?

Identity theft can involve many crimes—debit card theft, mail theft, bank account takeovers, Social Security number theft, and more that criminals commit to steal personal information. They use this personal information for their financial gain. They can open lines of credit, withdraw money from your bank accounts, shop online, take out fraudulent loans, and more. Once they have access to your identity, the ramifications can be severe. The consequences of identity theft crimes can include:

Wiped out bank accounts
Ruined credit and credit history
Wrongful arrest

Having your identity stolen is not only financially detrimental but can cause emotional distress. You can feel powerless when your finances are being extracted by an unknown culprit. And afterward, you must deal with the financial ruin someone else caused. If you are dealing with the aftermath of identity theft, there are resources you can turn to—learn how to repair your credit score and what to do when your identity is stolen.

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Identity thieves can gain access to your personal information through data breaches, computer malware, mail theft, stolen credit and debit cards, and other methods. With so many options, it’s best to stay protected. Identity monitoring and protection services can help offer you security, and keep you alert of potential threats.

What is an identity monitoring service?

Identity theft monitoring helps to protect your personal information from criminals who wish to steal your identity or commit fraud. With an identity theft monitoring service, you’ll receive alerts to any suspicious activity. Service providers will monitor your name, bank accounts, credit cards, email addresses, Social Security number, phone numbers, driver’s licenses, passport numbers, and other sensitive information. Identity theft monitoring can also help you after you’ve been a victim of identity theft. Providers can help you restore your credit, and identity, and give you peace of mind.

There are plenty of identity theft monitoring services available with a reasonable budget and with plenty of benefits. For example, Microsoft Defender is partnered with Experian to provide high-quality monitoring services for customers. Visit Microsoft Defender for information and to get started.

Identity theft monitoring services offer benefits like credit monitoring, social media monitoring, credit monitoring, restoration support, and identity theft insurance. Identity theft insurance is one of the best responses to identity theft. It can help offset and reimburse costs during the recovery process. Benefits of identity theft insurance include the following:

Legal fees for attorneys, judgments, and court hearings
Cost of replacing lost or stolen identifying documents
Cost of placing fraud alerts
Lost wages associated with identity theft
Fees charged by financial institutions for fraudulent activity.

“Identity theft monitoring doesn’t guarantee your identity won’t be stolen. But it puts additional safeguards, alerts, and protective measures to lower the harm it can do to your finances and identity.”

Before signing up for a service, understand what services are being provided and how much it costs. Providers offer different benefits, and some providers may offer better service. Compare your options to determine which will be the best fit for your budget and needs.

Identity theft monitoring doesn’t guarantee your identity won’t be stolen. But it puts additional safeguards, alerts, and protective measures to lower the harm it can do to your finances and identity.

Identity theft can be ruinous to your financial health, so it’s best to take the necessary precautions to protect it. Learn more ways you can protect your privacy and safety.