Identity theft costs victims and financial services millions of dollars every year, and once your identity has been compromised it can take a lot of time and effort to regain control and sort out the damage that has been done to your good name.  Anyone can be targeted by identity thieves, regardless of age, sex or circumstance, so it is important that everyone takes steps to protect themselves from this growing crime.

Identity Theft Recovery

There is no 100% guarantee against identity theft so many people feel more secure if they have some kind of financial protection in place from a dedicated identity theft insurance policy, which can help to cover the costs in the event they do become a victim of these crimes.  ID theft insurance is provided privately by a number of leading insurance companies, (some financial account providers are also now offering this service) or as a part of various identity theft protection services such as LifeLock, TrustedID and ID Patrol, and will help to pay for any legal costs, loss of earnings and general fees involved in resolving your case.  These policies do have a number of limitations though, so make sure you check through the full policy carefully to ensure you are getting the type of cover you need.

Identity Theft Protection Services

Several companies offer dedicated identity theft protection services and these can include measures such as:

• Consumer credit file monitoring – this measure monitors your credit file for any suspicious activity which could indicate thieves are trying to use your personal details to apply for new credit products in your name.
• Computer Security – companies such as Identity Guard offer additional security software for your home computer to help protect you against thieves and hackers.
• Online Monitoring – stolen identity is traded online, so several identity protection services provide online monitoring services that will alert you if any of your personal details are appearing on known black market websites.