Identity Theft Protection: Pros and Cons
Every 3 seconds, someone falls victim to identity theft. Identity theft protection services are designed to add layers of protection between you and a cybercriminal — minimizing your chances of falling prey to a cyber attack or data breach. But are identity theft protection services worth it?
What is identity theft protection?
While identity theft cannot be prevented, however identity theft protection provides a proactive approach to protecting your information and assets, as well as your family’s. In the case of theft, Norton LifeLock works like insurance, reimbursing you for stolen funds and even providing compensation for legal charges to resolve your case.
The scale of an identity theft protection service varies based on the package you choose. This allows you to find the coverage that fits your needs and covers your concerns. However, popular protection features include:
- Secure VPN for anonymity online
- Resolution support in the case of a data breach
- Alerts if a crime is committed in your name
- Credit monitoring
- Stolen wallet protection
Benefits of identity theft protection
The frequency of identity theft may lead you to consider how identity theft protection can help protect your private information. There are many benefits to choosing to invest in identity theft protection services. Consider if these pros make enhancing your online security worth the cost of coverage.
Secure browsing on the go
Do you use the internet, check your bank information, or make online purchases while on the go? Identity theft protection offers VPNs for your smart devices, allowing you to search securely wherever you are. VPNs forward your internet traffic and location through a remote host, encrypting your data. This keeps the data inaccessible to the ISP or any bad actors. When you use a VPN, you get both security and convenience, allowing you to browse online without worrying about risking your information.
Bank and credit card alerts
Remove the weight of monitoring suspicious activity on your bank or credit card statements. With LifeLock, you will receive banking account application alerts and Payday loan monitoring and surveillance. You will also receive text, email, or phone alerts if there are changes to your bank account’s listed contact information.
This extra layer of surveillance means less opportunity for cybercriminals to make you their next victim. It also means you can take action faster if suspicious activity is noted, which means fewer opportunities for harm to be done.
Personal information protection
When your personal information falls into the hands of a cybercriminal, you become a victim of identity theft. Norton LifeLock works to protect your information through proactive methods and continual scans to quickly identify and resolve cases of identity theft. With LifeLock, you have someone looking out for you — monitoring over a trillion data points to keep your information safe and secure.
Stolen funds reimbursement
LifeLock isn’t just a proactive resource. It also offers critical help if identity theft happens to you. If stolen funds are taken in your name, LifeLock works to cover you in three ways:
- Compensation for personal expenses incurred as a result of identity theft
- Reimbursement of funds stolen while using LifeLock’s services
- Coverage for lawyers and experts to resolve your case
With up to 1 million dollars in reimbursement and compensation, LifeLock is committed to restoring financial loss due to identity theft.
Peace of mind
You never know when identity theft will occur or what identity thieves can take from you. The Aite Group reported that 47 percent of Americans experienced financial identity theft in 2020. Identity protection provides you with peace of mind, knowing that your personal information and finances are safer. LifeLock enables you to enjoy your online experiences while remaining confident in your online security.
Identity theft can leave you with a lot of questions. LifeLock provides 24/7 member support so that you can speak with our award-winning Identity Theft Protection Agents whenever you need to. This means you can call and receive help around the clock when you have a question or concern. The moment you receive an alert from LifeLock on a checking and savings account application, a data breach notification, or other application, you can reach live member support right away to get to the root of the problem.
Cons of identity theft protection
Even with all the pros you’ve discovered, you may still be wondering if identity protection is worth the investment. Depending on your perspective, there may be a few cons associated with investing in identity protection services.
You may not be the victim of identity theft
Identity theft protection could be compared to auto insurance. You may not get in an accident, but you will wish you had it if you do. While identity theft is rampant in an increasingly digital age, you or your family may never be the target of a cyber attack. If this happens, you may be investing in a service for little return. However, the peace of mind alone that LifeLock provides may be worth the financial commitment. You never know how much identity theft could cost you; identity theft protection is a small financial investment that can provide you with confidence online. With LifeLock, you can search the web worry-free knowing that you’re prepared for the worst-case scenario.
Theft is still possible
The opposite is also true; no one can prevent identity theft. If you want an identity protection service that guarantees zero risk of theft, you may be disappointed. Even after investing in the best theft protection, you may fall prey to identity thieves. Even still, when the worst happens, LifeLock works to reverse fraudulent charges and restore your identity online.
Is identity theft protection right for me?
Before purchasing identity theft protection, you need to determine if identity theft protection is right for you. While everyone can benefit from the peace of mind identity theft protection provides, you may decide it is right for you if you fit some or all of the following criteria.
You want to protect your finances
If you’re concerned about your financial information being stolen and used against you, LifeLock can help. LifeLock provides an easy way to protect you and your family from fraudulent charges and monetary loss due to cybercriminals.
With Lifelock, you’ll receive the following alerts and notifications, which help you gain a greater knowledge of your personal finances:
- Bank Account and Credit Card Activity Alerts
- Alerts on Crimes Committed in Your Name
- Annual Three Bureau Credit Reports + Credit Scores
- 401(k) and Investment Account Activity Alerts
You’ve had a data breach before
If you or someone you know has had a data breach before and suffered the consequences, you may feel safer knowing you have a reputable identity protection company working on your behalf moving forward. Alternatively, you may not want to learn the hard way — choosing to invest in protection before you become a target is always a good choice.
You use public Wi-Fi frequently
If you use public Wi-Fi, your personal information is more vulnerable to cybercriminals, as it makes it easier for others to snoop on your online activities. VPNs help maintain your privacy by encoding your data and hiding your true IP address, making your online presence anonymous and safer from hackers. If you want to browse online more securely while on the go, identity theft protection with a secure VPN may be right for you.
You want to protect your family from theft
Even if you follow “best practices” on the internet to protect your information, identity theft is still possible. With family packages, you can help protect those closest to you from great loss and inconvenience — meaning you are helping keep their information and assets safer while also protecting your own. It is a win for everyone involved.
You are proactive
Identity theft protection is right for you if you prefer to take a proactive approach to protecting your personal information and assets. It is not right for you if you prefer to hedge your bets and deal with the potential consequences if or when your information becomes compromised. Identity protection is a defensive investment, protecting you and your family from potential theft and its repercussions.
Choosing a plan
Identity theft protection comes in a variety of plans so you can find the coverage that is right for you. Decide what services matter more to you and your family and decide from three different tiers.
When deciding what is important to you, ask yourself these questions:
- How many devices require VPN?
- Is this coverage for me or for my family as well?
- Do I prefer maximum coverage or minimum monthly cost?
- Do I want to further protect my assets with bank and credit card alerts?
- Do I have a 401K or investment accounts?
Get protection today
After reviewing the pros and cons of identity protection, you may be ready to make an informed decision. Consider investing in quality protection for you and your family with LifeLock identity theft protection. Take a look at our identity theft protection packages to find the right plan for you and enjoy the peace of mind identity protection provides. With rising cases of identity theft being reported, there’s no reason to not be prepared.