Identity Theft Protection - Is It Worth It?
Posted on October 21, 2008 | Filed Under
Identity Theft Fraud
During the 2004 Super Bowl, America was introduced to two new terms: Wardrobe Malfunction and Identity Theft. A commercial aired featuring a stocky African-American male with the voice of a bad Paris Hilton impersonation. It was humorous...unless you have been a victim of ID Theft. Americans then realized they needed to protect their Identities.
Identity theft is the largest and fastest growing white-collar crime in America. The Federal Trade Commission (FTC) estimates that as many as 9 million Americans have their identities stolen each year. But it\'s not just fake credit cards, fraudulent checks, or Internet thieves lurking to get your Mother\'s maiden name. That\'s only about 27% of ID Theft. The other 70% of ID Theft is related to Social Security Numbers, Drivers Information, Medical Information, and Character/Criminal Information.
So how do credit card companies protect customers when they are wrongly detained for a DUI or being billed for an unknown medical procedure? NOTHING! So what are these companies protecting? THEIR MONEY...Not Yours. Many financial companies are charging their customers anywhere from $10 to $15 a month for voluntary credit card insurance. This is nothing new and actually is a complementary service.
A few companies are now offering consultation or \"resolution\" to ID Theft victims for a low monthly fee. Resolution is the equivalence of your house being on fire and the Fire Department sends you a Firefighter\'s uniform and a water hose. Finding out about ID Theft is devastating but correcting it is the major headache. The FTC says it takes an average of 600 hours and $1500 to put a victim\'s identity back to pre-theft status. The impact on small businesses and companies are worse.
Just like a doctor cannot truly prevent cancer, you cannot prevent ID Theft from happening. However, you can be sure to have a service that covers you before, during, and after the crime occurs. Be sure to have a service that monitors your complete Identity and not just one credit card. Most importantly, be sure to have a service that restores your identity for you. An ounce of prevention is still worth a pound of cure.
Mr. DeMarco K. Davidson is a Certified Identity Theft Risk Management Specialist specializing in personal and small business ID Theft protection. He conducts speaking engagements on the subject of ID Theft to organizations nationwide including schools, churches, companies, and small businesses. For more information, email him at DKDPPL@Gmail.com or go to http://www.DKDPPL.com
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