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Why Do You Need Identity Theft Protection?
Identity theft affects a large number of Americans every day. Nationally, the Federal Trade Commission (FTC) reported over 15 million incidents of identity theft in 2016. 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 a necessity.
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. Identity Theft Protection assists with the costs of restoring and repairing a consumer’s identity and credit history.
Did You Know?
According to a 2016 identity fraud survey report by Javelin Strategy Group:
- In 2016, there were 15.4 million US victims of fraud; up 2 million compared to 2015
- There were 16% more victims in 2016 over 2015
- Card-Not-Present (CNP) fraud rose 40%
- Account takeover losses increased by 60%
- The amount fraudsters took rose nearly one billion compared to the previous year to $16 billion
- Consumers with breached debit cards are most likely to become a fraud victims
Identity Theft May Cost You More Than You Realize
In today’s information-driven society, your personal information is collected, used and shared in ways you may not be aware of. Get peace of mind knowing you are protected in the event of ID theft and that you have a dedicated advocate who will work on your behalf.
What is Covered With Identity Theft Protection?
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