| We've all clicked on the banners, heard the radio ads | | | | against 80% or more of today's Identity Theft. |
| and seen the commercials for companies that say by | | | | There are, literally, hundreds of ways your identity can |
| "monitoring" your credit, they'll protect your identity. | | | | be utilized that will never turn up on your credit: |
| Don't buy it. Not for one second. | | | | immigration fraud, tax fraud, employment fraud, false |
| 9/10 of these companies do nothing that you can't do | | | | driver's licenses, medical fraud, utilities fraud...how is |
| yourself for free. They also do nothing to stop identity | | | | monitoring your credit going to find these? |
| theft's new face. See, 80 percent of identity fraud | | | | Truth? It won't. |
| today is synthetic ID fraud or "ID cloning". The ID | | | | Credit monitoring will not find, stop, or fix any of the |
| thieves take only your SSN and through a variety of | | | | above crimes. It's hard enough for them to just find |
| clever methods, create a brand new person. Here's | | | | financial fraud: Experian actually admitted to the New |
| the problem: Since the only identifier that matches you | | | | York Times that their credit-monitoring products could |
| is the SSN, this type of fraud usually won't show up on | | | | not detect fraud cases in which a credit applicant used |
| your credit report. | | | | his/her own name, address and phone number with |
| And if the fraud is not financial? It won't show up at | | | | someone else's (i.e. YOU) Social Security number. To |
| all...nice, huh? | | | | re-iterate, this "ID Cloning" is upwards of 80% of |
| As a matter of fact, LifeLock, Inc. has agreed to pay | | | | Identity Fraud! |
| $11 million to the Federal Trade Commission and $1 | | | | The unfortunate truth is that you cannot protect your |
| million to a group of 35 state attorneys general for | | | | identity alone. Your information is sitting in thousands of |
| claiming its service would protect consumers against all | | | | databases across the US- Driver's License, Motor |
| forms of identity theft, when, in fact, LifeLock offered | | | | Vehicle, Social Security, Criminal, Civil, Legal Medical, |
| only limited protection against only some forms of id | | | | Marketing, Licensing, Financial, Consumer- and your |
| theft. Almost every "Identity Theft" company out there | | | | information is only as secure as the database it's in. |
| offered the same services, just under different guises. | | | | There is no way that you and I as individuals can keep |
| Lifelock also settled with credit giant Experian and can | | | | up with this information, much less check it for |
| no longer offer to place fraud alerts for consumers. | | | | accuracy or fraud. |
| Most of these companies offer 20,000 to ONE | | | | Data breaches increased 47% between 2007 and |
| MILLION DOLLARS insurance for customers who | | | | 2008, reaching 656 breaches in 2008 alone. MILLIONS |
| become victims of identity theft, but aside from the | | | | of identities have been compromised in these |
| fact that this is nothing but marketing at its best (or | | | | breaches! It seems like every week there's a new |
| worst) and that these reimbursements are also | | | | story about a security breach and given consumer |
| covered in the majority of Homeowner's insurance | | | | access to competent identity theft detection, that |
| policies, it is also very unlikely a victim would ever even | | | | means you could already be a victim of Identity Theft |
| need it! A victim's financial losses are typically covered | | | | and just don't know it...yet. |
| by the bank, merchant, or credit card company that | | | | Thankfully, there are now a few companies out there |
| gave credit to the wrong person, as Federal law | | | | that monitor your full identity by monitoring more than |
| states that you are not responsible for debts incurred | | | | just your credit. When it comes to finding a good |
| through fraud. | | | | company to protect your identity from theft and fraud, |
| As far as the guarantees go, once you peruse the | | | | look for companies that will: |
| fine print, you'll see that there are enough exceptions | | | | 1. Find it. |
| and disclaimers and to keep a team of lawyers busy | | | | 2. Stop it. |
| for weeks. These so-called "guarantees" guarantee | | | | 3. Fix it. |
| YOU nothing. But the biggest flaw is that, according to | | | | Please do not fall for gimmicks, guarantees and a |
| the latest FTC stats, only around 20% of identity | | | | product that leaves you vulnerable to the largest and |
| crimes reported in 2008 were related to credit report | | | | most dangerous percentage of Identity Theft. Don't be |
| relevant matters! | | | | taken in by slick marketing tactics and "fine print" |
| "They" won't tell you that credit card fraud is only a | | | | exceptions and "guarantees" that protect them, not |
| small percentage of identity theft, the easiest to | | | | you. |
| resolve and the least of your worries. | | | | Credit monitoring is a scam. Don't fall for it! |
| "They" won't tell you that they can't protect you | | | | |