With the amount of personal information circulating today, identity theft has become a concern for many people.
If your Social Security number, bank account, or credit card information falls into the wrong hands, someone could use it to impersonate you and cause a lot of financial damage.
In the past, identity thieves typically used wallets and checkbooks or made phone calls to steal information, but advances in technology have introduced even more risks. Now thieves use electronics like computers and smartphones to gain access to everything they need. There are also email scams, known as “phishing,” where identity thieves use the same phone tactic of claiming to be a legitimate organization to get you to give them sensitive information.
While there are ways to recover your assets, the impact of even a temporary loss is still overwhelming, and the recovery process can take up to several years. A compromised credit score can be a huge obstacle during a job or apartment hunt, and gaining credit becomes difficult. Identity theft insurance can better address the seriousness of these consequences.
What can an identity theft policy do for you?
- Assign a fraud specialist to provide direction for your case
- Replace identification and other important documents and restore credit
- Assist with legal operations related to the theft
- Reimburse legal and administrative fees
Identity theft insurance can provide more comprehensive protection than alternatives like homeowners and renters insurance, which may cover your assets only up to a certain point and do not offer personalized restoration services to put you on the road to full recovery.
There are ways that you can reduce your risk of identity theft, like protecting your personal information from suspicious sources, reviewing your credit report for errors and keeping your credit card out of view of fellow customers when making purchases.
However, if you do still get targeted, identity theft insurance is there to help and give you the peace of mind you deserve.
Content by Lockton Dunning Benefits with info from https://www.iii.org/article/identity-theft-insurance