Since 2005, more than nine million Americans have discovered their personal information stolen, leading the argument for the need for identity theft insurance. Stolen identities occur seven days a week, 24 hours a day; while shopping at the mall, and the grocery store, and the workplace and most often, online. With a loss over $50 Billion dollars a year, it is no wonder this topic draws increasing attention from the media and why American’s are more interested in identity theft insurance policies.
American’s Have Had To Rethink Their Stance On Identity Theft Insurance Over The Past Decade
Before the rise of the internet and online shopping, identity theft rarely occured outside of international passports and immigration scams. People tend to think of one-on-one crimes as being the most common; however it may come as a surprise that the opportunistic crime of identity theft is universal and more widespread than most consumers believe. Even when the loss is small, victims spend the most frustrating days notifying creditors, contacting credit reporting bureaus and proving to banking and law enforcement agencies that they’ve become a victim of identity theft.
While consumers have become more proactive in protecting their personal information, identity theft crimes have steadily increased. Consumers are unaware of the data carelessly lost and stolen from companies. Although the media, of course, places alerts on the news and radio, what about the loss and security breaches no one ever hears about? That is disturbing to think about and if you don’t have a good identity theft insurance policy, you might never realize how exposed your private information is.
The average consumer is oblivious to the various ways identity theft can occur. There is no one-size-fits-all thief. It’s amazing there is not more identity thefts reported because people make it easy to steal information.
• Personal information left in the desk at work
• Information discarded in trash, available for anyone to legally pick up
• Purse left in car, available for anyone to steal
There is a diverse community of identity thieves, all looking to use personal information for every occasion.
Credit bureaus recommend that consumers simply freeze their credit report, but smart thieves combined with emerging technology have found ways around this approach. No matter what the motivation is to steal personal data, enthusiastic thieves invent new ways to access data.
Many consumers typically look to an identity protection service to clean up the damage after it’s been done; the real solution is protecting the consumer and preventing any theft of personal information. The only effective solution is through identity theft insurance.
Common Features Of Identity Theft Insurance Policies
This type of insurance policy monitors your social security number, your name, and any other identifiable personal information and will alert you if it shows up through public records. The most widely-known companies that offer identity insurance will provide a million dollar guarantee to protect your name and financial records.
Why is so much invested in identity theft insurance? Individuals may need that much coverage for the possible financial damage. When personal information is stolen, it’s typically used to go on spending sprees, open up utility accounts, new credit cards, and most often sold on the open market. That’s a lot of damage.
As thieves become increasingly clever, this form of protection has become the most valuable asset for protecting everyone’s financial health. Americans have more reason than ever to invest in identity theft insurance.