Types of identity theft
There are several types of identity theft that companies can help you avoid. Some of the most common types of identity theft include the following:
Criminal Identity Theft—One person gets arrested or cited for breaking the law and uses another person's identity/information for the criminal record.
Medical Identity Theft—Someone uses a stolen identity to obtain healthcare, medical insurance, prescription drugs, etc.
Financial Identity Theft—Someone uses another person's credit card number/name/other financial information to open bank accounts/credit card accounts, build up debt, make large purchases, etc.
Synthetic Identity Theft—A person creates a completely fake identity for illegal use.
Child Identity Theft—Happens when someone steals the identity/social security number of a child to obtain government benefits, financial accounts, etc.
Social Security Identity Theft—Someone steals the social security number of someone else and uses it to obtain other important information from the victim.
Driver's License Identity Theft—Someone steals a driver's license number to commit a variety of crimes like parking and speeding violations.
Tax Identity Theft—Someone uses a stolen social security number and identity to obtain a large tax refund.
You may be more concerned about one type of identity theft or identity fraud than another which may direct you towards a specific type of identity protection company. Doing your own research will help you figure out which services each company offers. Most customers are interested in finding protection from either all or several different types of identity theft.
Since there are often a variety of people who end up becoming a victim of identity theft, the best identity theft companies offer 24/7 monitoring services for individuals, families, and businesses/organizations.
Remember that some identity protection companies provide higher quality protection plans and services than others. Typically, the identity theft protection companies with the highest customer reviews offer more reliable services than those with lower customer ratings.
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Services
Identity theft protection services can vary depending on what company you choose. The best identity theft companies will provide protection services against multiple types of identity theft (if not all), credit monitoring services for the major credit bureaus, internet monitoring, social security monitoring, social media monitoring, financial account monitoring, data breach protection, and more.
Finding a company with some or all of these monitoring services will ensure that you are getting high-level protection that will put an end to any kind of suspicious activity or identity fraud before it’s too late.
In addition to monitoring services, many identity protection companies offer specialized plans for groups or individuals that include dedicated recovery services. One downside of many identity theft protection companies is that they do not often accept preexisting identity theft conditions.
On the bright side, the recovery services that are offered to enrolled customers (who have fallen victim to identity theft) are often very helpful. Most identity protection companies provide customers with up to $1 million in identity theft insurance which can cover anything from stolen funds to identity theft related out-of-pocket expenses.
Pricing
Prices for identity protection services depend on the type of services you are getting, the package options you choose, the quality and quantity of protection you are purchasing, and the identity protection company you choose.
Although identity protection prices may vary, most companies within the industry charge monthly fees. Top-rated identity protection company services are usually reasonably priced compared to other identity protection companies.
Like many other industries, identity theft company prices may increase as the quantity and quality of protection in each plan increases. Consider how much you are willing to pay for the protection of your personal information and security.
If the price is a major concern, your choices may be limited. Fortunately, there are still plenty of strong options to choose from as the industry includes companies with lower-priced services available.
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Plans
Identity protection companies often provide anywhere from one to three identity protection plans to customers. Most companies offer an individual plan, a family plan, and/or a plan for businesses and organizations.
Typically, the individual plans are the cheapest but include everything that an individual would need for identity protection including fraud alert services, monitoring services, and recovery/insurance options. Most family plans will cover you, a spouse, and a limited number of children.
Family plans often include child identity theft monitoring and protection options. Not every company offers a plan for businesses and organizations which is important to keep in mind.
Identity recovery
Looking at identity theft recovery options can help you pick a company. Some identity protection companies offer top-notch identity recovery services while others do not. If you have preexisting identity theft conditions, then your company options may be fairly limited as many identity protection companies do not help with preexisting situations.
Although not many companies deal with preexisting conditions, there are a few that shouldn't be ignored as they will handle your preexisting conditions and provide you with future recovery services.
If you do not have any preexisting identity theft conditions, then you will have more options. Many identity protection companies offer up to $1 million for reimbursement of stolen funds, lost wallets, legal costs, time, etc., along with some form of guarantee.
Although these companies are designed to protect your personal identity, it is impossible for them to keep you and your data 100 percent safe from identity theft criminals.
Some identity protection companies will provide you with two-factor authentication as an extra step to help keep their data safe. However, if you do become a victim of identity theft while using an identity monitoring service, most companies will provide you with access to certified identity recovery experts who will help you step-by-step through your identity theft recovery process.
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Protective software
Protective software, like anti-virus software and anti-keylogging software, is a feature that some identity protection companies provide.
Having protective software will help you keep your information and data safe on all of your personal computers and devices. Although not all identity protection companies offer this type of software, it is definitely a desirable option.
If a company provides this type of software with its plans and services, then there is no need to worry about finding and installing the software on your own.
Identity protection companies that do include antivirus software recognize that customers need additional protection regardless of the identity theft services they are already using. Antivirus software is especially good for those who have home computers and family members who use them.