Identity Theft

Comprehensive Guide to Identity Theft – Prevention, Knowledge, and Tools

January 7, 2024

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January 7, 2024

Understanding Identity Theft

Identity theft involves the unauthorized acquisition and use of someone’s personal information, usually for financial gain. This can include stealing a person’s name, Social Security number, credit card number, or other financial account information.

Identity theft poses a significant threat, encompassing various forms such as financial, medical, and criminal theft, impacting victims’ lives profoundly.

Types of Identity Theft

Financial Identity Theft: Using another’s identity to obtain goods and services.
Medical Identity Theft: Using someone else’s identity to receive medical care.
Criminal Identity Theft: Posing as another when apprehended for a crime.
Child Identity Theft: Using a child’s identity for various fraudulent purposes.

How Identity Theft Happens

Data Breaches: Hackers steal large volumes of personal data from companies.
Phishing Scams: Fraudulent emails or messages trick individuals into revealing personal information.
Mail Theft: Stealing credit card offers, bank statements, or tax information from mailboxes.
Old-Fashioned Stealing: Purse-snatching or pickpocketing to obtain personal information.

Prevention Strategies

Secure Personal Information: Shred sensitive documents, secure online accounts with strong passwords, and be cautious about sharing personal information.
Monitor Financial Accounts: Regularly check bank and credit card statements for unauthorized transactions.
Be Alert to Scams and Phishing Attempts: Don’t click on links from unknown sources and verify the authenticity of requests for personal information.
Protect Your Social Security Number: Don’t carry your Social Security card in your wallet and only give out your SSN when absolutely necessary.
Use Security Software: Install and maintain anti-virus and anti-malware software.

Recovery Steps if You’re a Victim

Report and Close Fraudulent Accounts: Contact the businesses where fraud occurred.
Place a Fraud Alert: Contact one of the three credit bureaus to place a fraud alert on your credit reports.
Report to the FTC and Local Police: File a report with the Federal Trade Commission and local police.
Fix Your Credit Report: Write to each of the credit bureaus detailing the discrepancies brought on by the identity theft.

Tools for Protection: Norton LifeLock Overview

Norton LifeLock Features

Credit Monitoring: Tracks your credit file for changes that could indicate fraud.
Identity and Social Security Number Alerts: Notifies you if your personal information is being used in ways that could suggest identity theft.
Bank & Credit Card Activity Alerts: Alerts you to certain large transactions.
Alerts on Crimes in Your Name: Informs you if crimes are committed in your name.
Privacy Monitor: Helps reduce public exposure of your personal information.
LifeLock Identity Alert™ System: Provides notifications via phone, email, or text.

Norton LifeLock Plans

Standard Plan: Basic protection including SSN and credit alerts.
Advantage Plan: Adds bank and credit card activity alerts, alerts on crimes in your name, and data breach notifications.
Ultimate Plus Plan: Extends coverage to all credit bureaus, bank account takeover alerts, and more.

Norton LifeLock Coverage

Stolen Funds Reimbursement: Offers reimbursement for stolen funds up to the limit of your plan.
Personal Expense Compensation: Covers personal expenses incurred due to identity theft.
Coverage for Lawyers and Experts: Provides access to a network of lawyers and experts if needed.

Conclusion

Identity theft is a serious and growing issue, requiring vigilant personal security habits and the use of specialized tools. Norton LifeLock is a comprehensive option that provides a range of protections to help safeguard your identity. It’s crucial to remain proactive, regularly monitor your personal information, and respond swiftly if you suspect identity theft.