Should You Use an Identity Theft Protection Service?
As a cybersecurity expert with over 40 years of experience, I’ve worked with numerous identity theft protection companies and used more than a dozen services. My relationship with these services is complicated. While they’ve helped many people, the industry has a checkered past with companies often exaggerating their capabilities.
The identity protection industry has evolved significantly due to AI-driven cybercrime. Modern services offer more comprehensive protection, including bank account monitoring, password management, and antivirus protection. These tools can be valuable for those who don’t want to actively monitor their identity and online security.
The Case for Signing Up for ID Theft Protection
Identity theft protection services have become more sophisticated, offering features beyond basic identity monitoring. Some benefits include:
- Constant reminders and education on protecting yourself online
- Three credit bureau monitoring to alert you of new accounts opened in your name
- Tools to help restore your identity if it’s stolen
However, it’s crucial to understand that these services can’t prevent identity theft. They can only alert you to potential issues.
Early Identity Theft Industry Scandals
The industry has faced significant challenges in the past. Companies like LifeLock have been fined and sanctioned for making misleading claims about their services. The Consumer Financial Protection Bureau has also taken action against companies that deceptively enrolled customers in services they didn’t request.
Is Identity Theft Protection Right for You?
Consider the following three factors:
- Affordability: Identity theft protection services can be expensive, especially for family plans.
- Understanding limitations: Recognize that these services can’t prevent identity theft.
- Using the included features: To get value, you need to actively use the tools and services provided.
Identity theft protection can be particularly useful if you’ve been a victim of identity theft or a scam. When choosing a service, do your research, compare prices and features, and look at the company’s track record.
Ultimately, whether identity theft protection is worth it depends on your individual circumstances and how you use the service. By being informed and taking proactive steps, you can significantly improve your protection against cybercrime.
