50 million Americans spend a whopping $3.5 billion per year every on ID theft protection plans, but there is just one problem - these plans are often not enough.
Valley Village, CA -- (ReleaseWire) -- 11/18/2015 --What ID theft protection plans provide
Through extensive research I've found out that 50 million Americans spend a whopping $3.5 billion per year every on ID theft protection plans, but there is just one problem - these plans are often not enough. Identity theft protection plans offer just basic packages for the most part and Credit bureau monitoring sometimes forms the primary service in many of those identity theft protection plans. However, according to statistics published in the Federal Trade Commission's 2015 Consumer Sentinel Network Data Book, financial events such as those relating to a debit/credit card, a fraudulent loan application or a savings/checking account formed only 30% of the total.
Of all the occurrences in identity theft, it is estimated that seventy percent of the instances involve medical identity theft, taxpayer identity theft, refund fraud and credential identity theft (passport, driver's license, student ID or employee ID), which are not covered by these identity theft protection companies. Most U.S. consumers pay around an annual fee of $120-300 to identity theft protection companies, but they are in reality under-protected. I've found that finding the right fight for each consumer can be very challenging.
In the past, consumers have fallen prey to services with deceptive marketing techniques. This has been changing quite a bit in the past few years for a number of reasons. First of all, the Consumer Financial Protection Bureau, a federal regulator, and the Federal Trade Commission, have imposed fines that have run into billions of dollars for companies that use deceptive marketing practices. The main deceptive marketing practice was to get people to sign up for their services is by offering a free trial - without telling them that they will be enrolled into the identity theft protection plan at the end of it. The advertising of these plans as 'preventing identity theft' when it does not do that is another misleading practice for which companies have been penalized. Secondly, these deceptive marketing practices have been fading due to the increases awareness and focus on identity theft protection companies. With hack and breaches occurring at an alarming rate, consumers are more aware of what companies can really do to protect them.
But do these identity theft protection companies really protect your identity from getting stolen?
Yes, I've realized that they do help and they help by raising the alarm when your identity is stolen and used dishonestly. At best, they create a sense of security among their customers.
For more added security and to help complement the protection plan, you can try using better computer security software, employ stronger passwords, and shred all your sensitive documents. Identity theft protection plans also help cover the 70% majority of identity theft instances, and there is a recovery plan even if your identity gets stolen. Some of the companies in the country that protect against identity theft and their services have been research and reviewed on our site here
Identity Securely, (https://IdentitySecurely.com), based in Los Angeles, CA, is a leading provider of identity theft protection plan reviews. Identity Securely provides real and researched reviews for consumers to make an educated decision on the right Identity Theft Protection Plan for them.