According to a 2019 Internet Security Report by Symantec, cybercriminals are developing new mechanisms to commit Identity theft fraud and no one is immune. If you have a credit card or a social security number, you are a potential target.
Identity fraud affects 1 in 10 Americans every year, with 21% of these people having been victimized several times. If you are a victim, you need to file a police report and contact the Federal Trade Commission. You should also contact your bank if your credit card has been compromised.
An advisor to high-net-worth individuals and celebrities, Michael Nichols, urges people to take computer security seriously and monitor their credit diligently. You have got to be proactive about your personal information. Monitoring your credit is no longer an option.
Scams are getting more complicated with every passing year. Therefore, putting measures to protect yourself is becoming more critical than ever.
Cybercrime continues to skyrocket but there is no need to panic. No matter how clever cybercriminals will get, a little forethought and planning can help keep your finances secure.
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Identity theft is now one of the biggest cybercrime concerns. In 2018, over 14 million Americans were victims of identity theft. The number of credit card numbers exposed in 2017 totaled 14.1 million. In addition, over 154 million Social Security numbers were exposed in 2017.
Credit card fraud is the most common type of identity theft followed by bank fraud, utility fraud, and tax-related fraud. Every year, Americans lose billions of dollars because of credit card fraud.
Identity theft involving credit card fraud can negatively affect your credit score. The longer the fraudster continues using your credit card, the worse your credit score will get.
It can take months before you are notified by a bureau about an overdue debt. By the time you are notified, your debt might already have been passed to a collection agency. That will further impact your score and you can lose up to 100 points.
Credit monitoring will help you to prevent financial damage from identity theft.
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The Benefits of Using a Credit Monitoring Company
A credit monitoring service will notify you immediately when there are suspicious transactions on your credit card. Subsequently, you will be able to promptly contact your credit card company and block your credit card. This will save your credit score.
If it is not possible to stop identity theft then the next best thing is to mitigate its effects as soon as possible. That is only possible with credit monitoring.
With a credit monitoring company, you tailor the reports and alerts that are sent to you. It is important to choose to receive notifications every time there is a suspicious purchase on your card.
You can also opt-in to receive alerts when you are applying for a loan. In this case, the company will send you information on the best rates depending on your financial situation.
With a top credit monitoring service, you will stay constantly updated on any changes to your credit score. This helps you to make better financial decisions.
Which Credit Monitoring Service Should I Choose?
The top five recommended services are:
• Privacy Guard
• Identity Force
• Experian
• Equifax
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