Please find information on Identity Theft and how to prevent it below.


Identity Theft Protection

What is Identity Theft?

It may sound strange, but your identity (ID) can be 'stolen' anytime. It can happen when you are using the ATM machine to withdraw cash, it can happen when you pay for goods in a store or restaurant, it can happen when you check your bank account online.

Once your personal information has been intercepted by a criminal, he/she can use it to steal your money, pay for services under your name, open rental contracts on real estate under your name, even purchase a cellphone contract!

Once they have used your identity and money they will move on to the next victim. You are left with a damaged credit file and score, much confusion and of course less money. Cleaning up the damage is difficult many lenders and banks will see the 'bad' behaviour on your credit file and assume it was you, and turn you down for future credit applications. It takes a lot of time and effort to remove the mess that the criminal has made of your good name.

What is ID Theft Protection?

Also known as Identity Theft fraud protection, this is a method of preventing criminals from accessing your personal information. Offered by numerous expert services, this is a great way to stop your ID from ending up in the wrong hands.

ID theft protection works by setting a monitoring or alert on your credit file. Whenever something looks suspicious around your bank accounts or credit card use, this will be flagged if a criminal has been at work, they can be stopped before they get in too deep. The frightening thing about ID theft is that a criminal could be at work for some time before the victim even realizes that they have been targeted.

How Much does it Cost?

This depends mainly on the service that you use each one has its own fee structure. It is normal for an ID theft protection service on your credit file to carry a monthly fee which can range from around $10 to $20 each month.

Many ID theft protection services will offer you a free trial of up to 30 days so that you can test them out without paying anything at all.

Note: it may be up to you to cancel the free trial before it enters 'full subscription' mode so if you do not want to pay the monthly fee you may have to personally request to stop the service.


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