Identity theft is a growing issue in the United States. According to the credit reporting agency Equifax, more than 143 million Americans have experienced some type of identity theft. This includes the loss of personal and private information such as banking information, Social Security numbers, state-issued driver’s license information, and other forms of identity used to open fake accounts or defraud consumers.
ID theft can happen to anyone at any time. Individuals living in the Germantown area and the greater Milwaukee Metropolitan area are as susceptible to having their sensitive data compromised as those living in New York, Miami, or Los Angeles. Taking affirmative steps to combat ID Theft, including the purchase of ID theft insurance, can help protect consumers from the financial risks associated with this crime.
What is ID Theft
ID theft is any attempt by an individual or organization to gain illegal access to the personal data of another person (or organization). There are many different types of identity theft and fraud that take place. Some of the common types include:
- Online fraud – any type of fraud that takes place online, including phishing, fraudulent emails, and websites designed to fraudulently steal or capture personal information.
- Theft of individual Social Security Number – the illegal capture of an individual’s Social Security Number.
- Identity theft of a child or senior – the illegal capture of the personal information of a child (minor under the age of 18) or elder person (age 65 and older).
- Theft of an individual’s medical identity – the illegal use of an individual’s medical identity, including insurance and other data.
- Theft of an individual’s employment identity – the illegal use of a person’s job-related data to gain access to their place of employment or use such information for fraudulent purposes.
Many of the different forms of theft that take place involve data breaches, where information stored in large computer systems is illegally. Large system data breaches have been reported by banks, large retailers, and municipalities, costing businesses and individuals millions of dollars.
Types of Coverage Available to Combat ID Theft
Combating ID theft can happen through many techniques. The use of credit monitoring services, many of which are offered through the three major credit reporting agencies, can help individuals look for unusual patterns and behaviors that can indicate that ID theft has taken place. Another approach to combating ID theft is through the purchase of ID theft insurance. This form of protection helps an individual whose personal information has been compromised as a result of a data breach or other type of identity theft and fraud.
This coverage may be coupled with credit monitoring services, allowing for residual protection to be paid if recurring fees, charges, and debt occurs after the theft and fraud has been detected.
Frydach Insurance is an insurance agency specializing in many forms of insurance coverages for consumers. The agency offers ID theft insurance and other forms of protection to help individuals