Why Should I Consider Family Protections?
Identity theft doesn’t occur in a vacuum. If a criminal can get their hands on the personal information of one family member, it’s likely they can and will use it to extract the information of others. Add to that the fact that children and the elderly are the primary targets of identity thieves, and you’ll start to understand why you should seek out protections for everyone, not just yourself.
That said, it can be difficult to pinpoint exactly what protections are best when you’re looking to keep the whole family safe. And with the multitude of identity theft protection services available on the market today, how can you decide which product is right for you? Well, for starters, you can read our in-depth ID theft protection guide to learn the ins and outs and what to look for in these products. We also give you a fairly comprehensive rundown below, so keep reading!
What Features Should I Look For?
When you’re shopping around for identity theft protection services, there are a few core features you should be on the lookout for. We always recommend plans that offer triple-bureau credit monitoring, financial account alerts, and dark web scanning. Beyond that, though, it’s really a matter of deciding which features work best for your situation.
For example, do you have a teenager in the house that likes to spend a lot of time online? You might want to consider a service that offers robust social media monitoring. Does your family always have the latest and greatest new gadgets? Look for a service that offers cybersecurity protections and device security. Are you recovering from financial hardship or looking to rebuild your credit? There are plenty of services on the market that offer robust financial planning tools and resources.
Ultimately it’s about understanding the risk factors for your particular situation and finding a plan that works best for you. We recommend taking a look at our identity theft protection comparison tool as a starting point.
Pro Tip: If you’re a planner, you’ll like this strategy. Choose an identity theft protection plan that comes with full restoration features. This way, if you happen to fall victim to identity theft, you’ll have a dedicated service team who can help you restore your credit, recover stolen funds, navigate all the paperwork, and the list goes on.
What are the Consequences of Not Protecting My Family?
In a word, they’re dire. If you choose not to protect your family from the threat of identity theft, you run the risk of not only your own financial ruin but the ruin of your children as well.
Some forms of identity theft are quick — someone steals your credit card information and uses it to make a few large purchases, maxing you out and stressing you out. But some are much slower burns, and these are the ones you really want to protect against.
For example, with kids, it’s possible for an identity thief to rack up hundreds of thousands of dollars worth of credit card debt, take out loans in the child’s name, even set up utilities using their identities. And this will only come to light much, much later once the child is old enough to start opening financial accounts of their own or apply for credit cards. The damage, which occurred years prior, is already done, and their family is left trying to untangle years worth of financial chaos. A true nightmare scenario.
With that in mind, it’s important to take family protections seriously. Identity theft is a growing problem, and it’s unwise to think it can’t happen to you or your loved ones. Protect yourself and your family today. Consider one of our best identity theft protection plans for children.
How To Protect Yourself from Identity Theft, and How to Protect Your Family
As the growing threat of identity theft becomes more apparent to more consumers, many people (and families!) are wondering how they can best protect themselves. The bad news is that identity theft can happen to anyone, but the good news is that with a little extra vigilance and developing a few better habits, you can dramatically decrease the likelihood you’ll become a victim.
For starters, consider investing in a subscription to an identity theft protection service from a reputable vendor. There are dozens of these services on the market, and each of them has a multitude of different offerings. We suggest looking at products that offer triple bureau credit monitoring, dark web scanning, financial account alerts, and some form of cybersecurity protection. If you’re looking for a place to start — NortonLifeLock, Identity Guard, and IdentityForce are all solid choices. As you see from our top 3 list above, these are popular options for families.
Did You Know? Identity theft prevention services aren’t going to break the bank for most folks. A run-of-the-mill service with decent protections will only run you around $10 to $15 per month. When presented with the alternative, that cost is more than reasonable.
Don’t want a subscription service? That’s fine. There are still ways you can protect yourself from ID theft. One of the best ways is to place a credit freeze on your reports at all three credit bureaus. This will prevent fraudsters from opening accounts or taking out loans in your name. Be aware, though, this also prevents reputable entities from accessing your files, so you’ll need to lift the freeze if you’re planning on applying for a new credit card, securing a mortgage, or purchasing a car.
You’re also going to want to go over your credit reports at least once a year. You’re legally entitled to a free copy of your credit report annually. Be on the lookout for accounts you don’t recognize or missed payments you made. Your credit score is also a great indicator of identity theft activity — if it starts to go down unexpectedly, it’s a good tip that something’s up. Check those about once a month.
You can also mitigate your risk in your day to day life by taking some preventative precautions. Always check your mail once a day. If something you were expecting doesn’t show up — particularly if it’s a bank statement or a utility bill — contact the issuing organization. If they sent it out but it never showed up, it might be in a fraudster’s hands. Additionally, never throw anything that has your personally identifying information away without shredding it first.
Keep high-value items like your passport and social security card under lock and key — these should never be in a place where anyone other than yourself would have access to them. The same goes for your devices. Don’t leave your phone on the table when you get up to use the bathroom, and don’t leave your laptop in your car when you’re running into the pharmacy.
Did You Know? We tend to think identity theft happens in digital spaces with hackers breaking into networks to steal your account numbers. While that does occur, you can also be victimized by a criminal of opportunity swiping your backpack when you’re not looking.
Additionally, avoid giving information out to organizations that don’t need it — particularly if you suspect they have weak cybersecurity protocols. Limit your exposure. No, your tennis league probably doesn’t need your social security number.
Finally, take precautions when you, your spouse, and your children are online.If you can, invest in a virtual private network (VPN) that will secure and encrypt your internet connection. Have a look at our roundup of the top VPNs out there. Barring that, employ antivirus software, and practice good digital hygiene.
Make sure your passwords are strong and unique for each account and be wary of unsavory online vendors. Limit the personal information you share on social media and most of all, don’t respond to emails asking you for your personal information no matter how legitimate they look. No reputable company is ever going to ask you to email them your password. Period. It’s wise to teach your kids this as well.
We know it sounds like a lot, but we promise none of these suggestions are overly burdensome. We don’t say this to make you feel paranoid, but to give you methods by which you can approach this threat with the gravity it deserves. You don’t have to get scared, but you do need to get serious to protect your family from fraudsters.
Features of Identity Theft Protection Services
Once thieves have access to your personal information they can open accounts, drain your bank account, open and charge credit cards, and a multitude of other acts that destroy your credit and take an emotional toll as you experience financial stress, anxiety, and emotional volatility. With identity theft service providers constantly changing and trying to stay ahead of fraudulent activities, it’s important to find a provider that best fits your needs. Here are features and extras to consider:
