Identity Theft Protection

Identity Theft affects a large number of Americans every day. Nationally, the Federal Trade Commission (FTC) reported over three million incidents of identity theft in 2015. According to the FTC, Identity Theft was the #1 consumer complaint in America for the sixteenth year in a row in 2015. Identity thieves fraudulently obtain and use other people’s personal information, bank account numbers, Social Security Numbers, Driver’s License Numbers and other personal information to open fraudulent bank accounts, establish unauthorized credit lines, obtain loans and wrongfully report wages. As a result, identity theft insurance has become necessary.

While victims are often not held responsible for the fraudulent debts established in their name, the responsibility for contacting banks, credit issuers and other agencies to dispute these fraudulent charges does fall on the victims of identity theft. The hours and effort required to contact these agencies and bureaus are a major inconvenience, significantly impacting the lives of victims as well as consumer prices and interest rates for everyone.

In addition to the coverage offered through identity theft protection, consumers can take the following steps to help protect their personal information and prevent identity theft:

• Report lost or stolen checks immediately
• Shred or destroy financial and personal documents before disposing of them
• Protect your ATM pin number and keep track of transaction receipts
• Review your credit files with the major credit reporting agencies annually
• Limit the amount of personal information in your purse or wallet
• Be mindful of “shoulder surfers” when making purchases with credit or debit cards
• Only buy from reputable online retailers with secure, encrypted networks
• Beware of email, telephone or online requests for personal information
• Track your credit card and bank activity

Limited reimbursement for the expenses associated from fraud may include:

• Certified Mail
• Long distance phone calls
• Notary services for declarations and affidavits
• Lost wages
• Reasonable attorney fees
• Loan application fees