Identity Theft Sucks

Identity Theft is an epidemic in the United States affecting over 10 million people a year to the tune of $5 billion. This has given rise to a fast growing industry to protect consumers from identity theft. Probably the best known company in this space is LifeLock. Lifelock claims to be the most effective identity theft prevention method available today, proactively preventing id theft rather than simply notifying the victim after the damage is done.

For victims of identity theft, repairing the damage can take months or even years. Identity theft can cost you job opportunities, loans and better interest rates. 10 million victims a year and in an election year I’ve not heard a single candidate even broach the issue.

Interestingly enough, identity theft is primarily an American problem. In Europe, identity theft is almost a non-issue. The primary reason for this is that their retirement account numbers are not used as global identifiers. That, combined with very strict data privacy laws which prevent organizations from sharing or selling consumer information greatly reduces the risk to consumers.

What can you do to protect yourself from identity theft?

• Shred all credit card offers and other documents with personally identifying information.
• Secure your mailbox or get a PO Box.
• Pay cash or with your credit card in hand (to prevent credit card skimming).
• Protect your Social Security number.
• Know who you’re dealing with when you give out personal financial details.

TrustedID Protects Your SSN from Identity Theft. Click here for more information!