Why Identity Theft Insurance Matters

identity-theft-protectionStatistics indicate that identity theft is one of the most reported crimes in the United States. However, most of us have no idea what identity theft is.

So, what exactly is identity theft? Identity theft also called identity fraud is the deliberate impersonation of another person mostly with an aim of either accessing their finances illegally or for the purpose of committing a crime. This kind of fraud involves the use of another person’s name, social media account, social security number, date of birth and banking information by pretending to be them.

It is because of this illegal violation that identity theft insurance was developed. Identity theft insurance is focused on preventing and mitigating the negative consequences of identity fraud. This article attempts to clarify the necessity of identity theft insurance;

  1. Most identity theft insurance schemes include identity protection services that assist in preventing identity fraud. Insurance companies that offer this service have sophisticated software technology and security experts who ensure your identity is kept private. This is impressive technology provides 24/7 card monitoring, instant credit report and instant credit score. This ensures that any unusual activity on your credit cards is noticed before much harm is done. Another invaluable technology that most insurance companies have that will come in handy when protecting your identity is the Social Security Number Trace (SSN Trace) which monitors all the activities pertaining to your social security number so as to notice any suspicious activity.
  2. Identity theft insurance ensures your reputation is protected particularly if your social media accounts are hacked or if your communication devices such as phones, ipads and tablets are compromised. Modern identity theft insurance schemes are in tune with trending identity fraud crimes such as the hacking of online-based information. Informed insurance companies have a social media compromise assist that acts quickly and swiftly to restore hacked websites and social media accounts before irreversible damage to your reputation is done especially when dealing with a corporate institution or a social personality. We are living in an age where social media is a social amenity used to communicate, relay important messages and do business. Online impersonation can be detrimental to your business and completely assassinate your character, therefore identity theft insurance is a much needed service.
  3. Apart from mitigating the negative consequences of identity fraud, identity theft insurance schemes are accompanied by intricate guidelines by experts on the protective guidelines that decrease susceptibility to identity fraud. This is essentially, protecting you from the fraud before it happens. Such guidelines include training on how to effectively safeguard personal information.
  4. Credible insurance companies that provide identity theft insurance schemes have viable business relations with institutions such as United Postal Services to ensure that any change of address is closely monitored. Most fraudsters take advantage vulnerable instances such as when changing addresses to defraud you of your identity. Identity theft insurance schemes are implemented in close association with financial institutions to ensure non-credit loans such as short-term loans taken in your name are closely monitored.

  5. Identity theft insurance like any other insurance scheme also keeps you worry free by enabling you focus on other productive endeavors while it takes charge of keeping your personal information private. Most insurance companies offering this insurance scheme closely and thoroughly monitor criminal websites using CyberGuard in order to track any illegal exchange of personal information. This not only helps you but also assists legal authorities in ensuring the criminals are brought to book.
  6. The most important benefit of identity theft insurance is that most identity insurance schemes offer restoration services. This restoration services are handled by dedicated resolution specialists who take charge of remediating harm done after your identity has been stolen.
  7. Depending on your particular insurance scheme and the company you choose, you can opt for a deductible plan that reimburses you for any out of pocket costs incurred when your identity is stolen.

Your identity is the most essential part of your being whether it pertains to an individual or a corporation. Therefore preserving it is of utmost importance. Identity fraud can have adverse effects such as loss of money, arrest for crimes not committed and character assassination. For this reason, it is necessary to have an insurance scheme which is specifically tailored to handle the after-effects of identity fraud and this is where identity theft insurance comes in.

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