This week major news organizations revealed the largest case of identity theft in U.S. history. A hacker stole over 130 million credit and debit card accounts. Now more than ever it is important for individuals to take extra precautions to protect themselves from identity theft. One thing that individuals can do is to obtain assistance from companies such as LifeLock.
Online PR News – 23-August-2009 – – On August 17, 2009, Newsday.com, along with countless other news organizations, reported that "federal prosecutors Monday charged a Miami man with the largest case of credit and debit card data theft ever in the United States, accusing the one-time government informant of plotting to swipe 130 million accounts on top of 40 million he stole previously."
Although this is by far the largest example of identity theft to date, identity theft is an everyday occurrence. In the last few years we have heard of other similar cases in which thousands of identities, social securities, credit card accounts, etc. are compromised by employees of financial institutions, computer hackers, or by theft of computer and other equipment containing such private information. But not all cases of identity theft occur on such large scales. Every day people's identities are compromised through other methods such as stolen checkbooks, lost or stolen wallets, etc.
With financial institutions having our personal identification on file, mostly through the use of our social security numbers, nobody can be absolutely guaranteed that their information will never be compromised. For this reason, it is absolutely essential today for people to have the services of companies such as LifeLock. LifeLock's services include working with the credit bureaus to place fraud alerts if an event has occurred which warrants such an alert.
Other LifeLock services include removing individuals from lists of credit card offers, providing annual credit reports, and notifying credit card companies of stolen credit cards.
LifeLock seems to offer by far the most value among companies that help people protect their identities, providing a $1 million service guarantee by which they will spend up to $1 million on lawyers, investigators, etc. on an individual's behalf to restore their credit from negative results of having their identity stolen. LifeLock plans cost $10 per month.
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