What is an identity theft monitoring service (and do you need one)?

What is an identity theft monitoring service?

An identity theft monitoring service is a type of technology that keeps track of your personal information and how it’s used online. These services alert you of the first signs of identity theft to help you create a plan of action as soon as possible. Some identity theft monitoring services will even help you get your money back and repair your credit score. So, it helps to think of it as a form of insurance—the levels of monitoring will vary depending on the plan you choose, and you will get compensated if damages occur.

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Why do people get identity theft monitoring services?

Thinking about whether your identity has been stolen online is probably not at the top of your list of priorities. Getting an identity theft monitoring service can be useful for people who are especially concerned about how their identity is used outside of their control. This includes people who are worried about their credit scores because they are looking to take out loans, are buying a house, or are opening a new credit account. The financial and legal effects of identity theft can last for years, and catching the first signs of identity theft will help with minimizing the damages.

What are the downsides of getting an identity theft monitoring service?

While identity theft monitoring services are helpful, they can also be a costly expense. Service prices can range from $10-$30 a month per individual or $30-$50 a month per family. If you or your family members practice good cyber hygiene and are cautious about avoiding malware, these services may not end up being used. Identity theft monitoring services also do not stop scammers from hacking into your devices, and they only let you know that your personal information has been compromised after it has happened. Malware detection tools are more useful for preventing identity theft from occurring in the first place.

Should you sign up for an identity theft monitoring service?

Using an identity theft monitoring service may be a good idea if you feel that you are at a high risk of getting your identity stolen online. Online identity theft can happen to anyone, but knowing how to detect signs of internet scams and consistently keeping up with your credit reports will assure you that your private information is secure.

You may also have identity theft monitors in place through your antivirus software or other financial and security subscriptions. If you have a Microsoft 365 subscription, then you automatically have access to Microsoft Defender’s identity theft monitoring feature. Defender will continuously monitor your personal data online and let you know when your information is compromised or at risk.

Other ways to keep your personal information safe

With so much of our personal information online, it’s important to take the appropriate measures for staying safe when we can. Along with avoiding suspicious websites and links, creating strong passwords and using two-factor authentication for your personal accounts will help keep scammers and cybercriminals at bay. If you’re worried about finding your information online at all, you can take steps toward removing yourself online. Browse through our privacy and safety tips to find more ways to stay secure online.