ID Theft

Where do I go to get identity theft protection?What does this do and is it worth the fees?

Public Comments

1. The protection only protects you from having to pay any debts that occurred on account of fraud. It doesn't protect you from the fraud itself. The law in the united states basically says that if your credit card number is stolen and used, you are only responsible for the first $50 charged on each card. Most card companies don't even bother to attempt to collect, as the cost of the collection is more that the $50. You should ignore these offers.
2. An easy (and I believe free) way to protect yourself from ID theft is to notify the credit bureaus if ever your wallet is lost (or you feel your information was compromised). They will 'red flag' your name, SIN# (SS# in the US), etc. and will hold any applications that are filled out in your name until you confirm that you did indeed apply for them. This prevents any fraudsters from applying for credit cards, cell phones, or any other type of bills in your name. Also, some credit card companies now offer Identity Protection - either included in your monthly/annual fees (if this is applicable) or for an additional cost. Mainly what these programs do is you register all your credit cards, your SIN#/SS#, driver's license, etc. with them, and again, if your wallet is ever lost/stolen, you just make 1 phone call, and the program will call all the cards you listed to cancel and replace them on your behalf. Also, some of these programs will wire you funds (sometimes up to $1000 or more) if you lose your wallet while travelling. Unless you end up using the service, the fee can be quite costly - sometimes $8/month. But, if anything happens and you need to take advantage of the program, it can be a life-saver.
3. As a victim of identity theft, I learned the hardway- all you have to do is contact the Social Security admin and have them flag your number based on your concern for identity theft. Then contact your creditors Ie credit cards and do the same- they will call and ask questions only you could know the answers to such as when was the last time you used this card and in what city... your last billing statement had kxkxkx on it, can you verify if this is true or not, etc. Between the two processes I have caught another attempt before it could happen and sleep much better at night. Well worth the time it takes to get it done.