Is it Worth Paying for Identity Theft Protection?
Identity theft is a growing concern in today’s digital world. With an estimated one-third of U.S. residents falling victim to this crime, many are turning to identity theft protection services for help. But do these services really work? And are they worth the cost? Let’s take a closer look.
Identity theft protection plans typically offer a combination of account monitoring, alerts, and restoration support. While these services can provide some benefits to victims, they primarily focus on cleaning up the mess after identity theft has occurred rather than preventing it in the first place. This has led some experts to argue that these services create a false sense of security, causing users to neglect basic cyber hygiene practices.
According to Aura, a company that provides identity theft protection plans, most of the services offered by these plans can be done on your own. While monitoring and fraud alerts can help protect your identity, they don’t offer anything that you couldn’t do yourself with a little effort and vigilance.
If you do decide to invest in ID protection, it’s important to note that not all plans are created equal. The best plans are those that offer tried-and-true features such as VPNs and password managers. VPNs hide your IP address and encrypt your data while browsing the internet, providing an extra layer of security. Password managers generate and store unique passwords for each of your accounts, reducing the risk of password-related breaches.
However, many plans come with flashy features that may not deliver as promised. Identity theft insurance, for example, may cover the costs incurred during the recovery process but often does not cover financial losses. Live restoration support, which provides access to customer service agents after an incident or alert, can be helpful but may not fully undo the damage caused by identity theft.
Mitch Mayne, a cybersecurity consultant and former incident responder for IBM Security X-Force, warns that getting an insurance claim approved by an ID theft monitoring company can be incredibly difficult. Even with their help, it can take years to recover your money and restore your identity. For some, the damage is never fully undone.
In conclusion, while identity theft protection services can offer some benefits to victims, it’s important to approach them with caution. They can provide a false sense of security that leads to neglecting basic cyber hygiene practices. If you do decide to invest in these services, choose a plan that offers essential features such as VPNs and password managers. And remember, no plan can guarantee complete protection against identity theft. It’s essential to remain vigilant and take proactive steps to safeguard your personal information.
