Identity theft has become a huge problem these days. How can you protect yourself from it? In this LifeLock Identity theft protection review you will find out if a LifeLock membership is best for you.
According to the LifeLock website, in 2019 there was a victim of identity theft every 3 seconds. That’s insane! I have to imagine that rate has gone up since 2019.
What is Identity Theft
Identity theft can happen a number of different ways. Basically, Identity theft is when someone steals your personal information to open new accounts or, take over one of your accounts.
They can buy or rent properties, file tax returns, or do a number of other criminal activities in your name. Criminals can drain your accounts by withdrawing money or making purchases while sticking you with the bill.
They can open credit card accounts or, obtain loans in your name to steal money or make purchases. Thieves can use your insurance information to get medical care. This list goes on and on.
These criminals find new ways of stealing identity all the time and it’s likely to get worse. How do you combat against something you can’t even see?
How Does Identity Theft Happen
There are a number of ways thieves can steal your personal information and with so much more of everything being done online, stealing happens more. For example, these criminals might get your information from a data security breach.
I seem to remember a big one happening with Equifax. You know Equifax, one of the largest credit bureaus in the US. This breach exposed personal information of about 148 million consumers.
The types of information these criminals are looking for might include the following:
- Full name
- Birth date
- Social Security number
- Insurance account numbers (medical or auto)
- Bank or credit card account numbers
With this information thieves can do a lot of damage. A few common things are maxing out your credit cards, draining your bank account or even renting a place to live in your name.
Could you imagine checking your bank account one morning with your cup of coffee and seeing a big fat zero! I would certainly have a heart attack.
What is LifeLock
LifeLock is an American Identity theft protection company. The LifeLock system will monitor for identity theft, credit score changes and the use of your personal information.
LifeLock also offers security and VPN (Virtual Private Network) for your devices such as your phone and computers. The Lifelock company was actually renamed Norton 360 LifeLock in 2019.
Also, LifeLock has reimbursement for stolen funds which varies based on the protection level you choose.
Who Needs LifeLock Identity Theft Protection
According to the LifeLock website there are many people that could benefit from Identity theft protection. They say people are at risk of Identity theft at every stage of life. Knowing what criminals will do to steal from you, I tend to agree.
Many people wouldn’t think their kids would be at risk but, they do have social security numbers. Since they don’t have any credit yet it makes it easier for thieves to obtain accounts in their names.
People who use social media are vulnerable if not careful. They might share their address, phone numbers or birthdays with the wrong people.
When using dating sites someone might overshare private information unintentionally and open the door to a whole host of problems.
Whenever changes to existing accounts are made or opening new accounts it can expose personal information.
Anytime you shop online there is a potential for Identity theft without the proper protection. With the world going to mostly digital this will increase dramatically.
Anyway, it seems that almost anyone could benefit from LifeLock Identity Theft Protection.
Why I Believe in LifeLock Identity Theft Protection
There are a number of reasons why I believe in having LifeLock on your side. Here are a few short stories of instances where this protection would have been worth the cost.
When my stepdaughter was in high school she ran into a problem with identity theft. She was only 16 and started receiving obscure letters from the Social Security Department. These letters were saying that she owed money and that they would be seeking certain actions if not paid.
Anyway, it took a lot of work to straighten out but, someone had her Social Security number and was claiming Social Security benefits in her name.
They said it might follow her around the rest of her life. She was told to seek some type of identity theft monitoring. She has LifeLock and knock on wood, there haven’t been any further problems.
About a year ago, my boss ran into a problem with his business. One day, he checked the mail at the office and found a brand new credit card in the business name he didn’t ask for. He called the credit card company and said he didn’t apply for the card.
After a lot of confusion, and many phone calls, he found out the truth. Someone used his Social Security number and the business tax ID number and applied for a credit card.
Somehow they also had his birthday. The card was supposed to be mailed to somewhere in Louisiana but it ended up at our office. This was a blessing since, he would have never found out until it was too late.
He was told that the criminals must have been amateurs, since the card was sent to our office address instead of in to the thieves hands.
The next week 2 more brand new credit cards he didn’t apply for showed up at the office. He immediately signed up for LifeLock knowing what problems this could have really caused.
If criminals were to run his companies credit in the ground, we would not be able to do business. His business relies heavily on the revolving credit needed to get things done. This would have affected me very negatively as I would have been out of a job.
Are LifeLock Memeberships Worth Their Cost
Only you can decide this. I’m sure there is a level of protection that is right for you based on what you stand to lose. People that have a ton that can be lost should go for a more robust plan.
Be sure to look at all the details of each plan to find the one that fits you best. Once you have the monthly cost in your budget it will be just like any other bill you pay and probably a lot less than most of them.
A Very wide range of monitoring and alerts
LifeLock monitors many aspects of your personal information and will alert you if there is anything out of the ordinary or suspicious.
Stolen funds reimbursement
This is a big pro that could keep you from having the heart attack I mentioned earlier. You won’t be as freaked out if you find out some money is missing out of one of your accounts.
60 – Day money back guarantee
This is a good thing for any type service you purchase.
It can’t stop all identity theft
You may still wake up to a drained bank account but, at least you will have the reimbursement of some or all of it.
No comprehensive family plan
LifeLock doesn’t have a good family plan to my knowledge. If you need protection for your whole family the separate memberships could get expensive.
Membership prices go up after the first year
The prices don’t go up a ton after the first year but, it is something to plan for sure.
As more and more things are going digital, Identity theft protection will become more important. Like I said, you don’t want to wake up to a zero bank account someday if you can avoid it.
Using LifeLock identity theft protection is easy. How much do you think your piece of mind should cost every month. It can take a huge worry of your mind, which will help you do better in other areas. You will be able to buy things online without the fear that goes along with it.
If you have been a victim of identity theft or fraud in the past, you probably already have something like LifeLock in place. On the other hand, if you are worried about becoming a victim in the future, I suggest you put LifeLock in place now.
They say, it’s not a matter of if. It’s just a matter of when you will become a victim of identity theft.