Other Identity Protection Products and Services

Credit monitoring is only one type of identity theft protection service companies’ offer. With the proliferation of identity theft, there’s also an increase in the different classes of products and services entering the marketplace. Some companies even offer a combination of these services under various payment structures. With so many options, how do you choose? We’ve provided a brief outline of the more popular identity protection services available to assist you with your decision. As with any purchase, ask questions, read all contracts thoroughly, and carefully review both the limitations and benefits of the service you choose.

Data Sweep Services

Any information that has been published online potentially leaves you vulnerable to identity theft. For instance, cyber criminals now collect card numbers, addresses, phone numbers, emails and social security numbers, and sell this information on black market websites, sometimes referred to as carding websites. Companies that offer data sweep services scan the Internet for your personal identifying information, release alert notifications and then immediately remove the data.

Using this type of service in combination with credit monitoring can provide greater protection. Before signing up, find out what you’re paying for and if it’s right for you.

• Find out in detail what data they look for when conducting a data sweep. Is it just addresses, or do they include credit card and social security numbers?
• Inquire as to how often the data sweeps are conducted.
• If alerts are provided, find out how soon they notify you and what notification methods they use.
• Always ask if they work with law enforcement agencies.
• Ask if they sell this service in combination with other identity theft protection services.

Secure Payment Agents

Secure Payment Agents is relatively new to the market place. The one unique characteristic of the product is that it allows consumers to control the use of their personal identifying information when registering at websites, shopping online or paying bills. This product replaces an individual’s unique data with anonymous data, which expires after a transaction and cannot be traced back to the consumer.

Not all Secure Payment Agents are alike, some of the services Secure Payment Agents may provide include:

• Protection against phishing at websites or with incoming email.
• Switching your personal identifying information, (name, address, email, card numbers, and phone numbers) with anonymous data that is untraceable.
• The ability to use the SPA account with any device (pc or mobile) or from any location, at all e-commerce sites or bill pay sites that accept credit cards.
• Charge transactions directly to your credit card or bank account.
• Verifies both the user identity and the device every time before access of the SPA system or account can occur.
• Renders all personal identifying information useless if the SPA’s database system is breached.

When choosing a Secure Payment Agent, always inquire about the cost of the services. You may also want to consider asking these questions:

• Do you have a limited number of secure transactions you’re allowed?
• Are you notified when a transaction is successfully completed?
• How is your personal identifying information stored?
• What measures do they use to keep you personal data safe?
• What measures are taken if your SPA account is breached?
• Is downloading additional software required?
• Do you have access to your account online? Can you manage your login and passwords through the SPA software?
• Can the SPA protect you against medical identity theft, debit or check fraud?

More Secure Payment Agents are allowing free trials of their services on a limited basis. So there is an option to try before you buy, and it may just be the protection option that suits your needs.

Identity Theft Insurance

Identity theft insurance assists with the replacement of expenses when identity theft occurs, from out-of-pocket expenses to legal fees. Its goal is to protect consumers from the repercussions of one of the fastest-growing consumer crimes in history. Depending on the policy coverage, it can reimburse you for lost wages , long-distance calls, legal fees for defense costs in collection disputes, removal of wrongful civil judgments, refuting information on your credit reports, notary and certified-mail costs.

Identity theft insurance can be purchased as a single product, or purchased as part of an add-on to an existing insurance policy, such as homeowner’s insurance. According to ITRC (Identity Theft Resource Center), the costs can be minimal depending upon your coverage. Low cost premiums typically run between $25 and $50 annually.

With premiums so reasonable it may be worth the peace of mind for some people. However; not everyone agrees. Consumer Reports magazine suggest that the benefits can be limiting and recommend that consumers read the fine print carefully. Since it may take years before an ID theft is discovered, your insurance protection and the payout could come to exactly zero if your policy excludes coverage for losses that occurred prior to your policy purchase.

When considering identity theft insurance, get a low deductible. Your expenses may not be enough to justify a claim, if your deductible is too large. The FTC has reported that deductibles can range from $100 to $250, but can go as high as $1000.

Make the effort to verify that claims on your identity theft policy do not affect other policies you have with a current insurer. This is especially important if you acquired the policy through an add-on to a homeowner’s policy. You may also want to check with your current credit card companies, as some do offer an identity theft service free of charge.

What it comes down to is making the right choice for you. So weigh both the limitations and benefits of each type of Identity theft protection service or product, and ask questions. The more educated you are as a consumer, the better prepared you will be should you become an identity theft victim.