Why You Don't Need LifeLock Identity Theft Protection - SavingAdvice.com Blog - Saving Advice Articles
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Why You Don’t Need LifeLock Identity Theft Protection

By , September 30th, 2014 | 4 Comments »


Why you don't need to pay for LifeLock  identity theft protection
Many people worry their identity may be stolen at some point in their life. With the constant credit card breaches from major retailers constantly in the news, the risk has become even scarier to most people. However, is it really worth spending money you don’t have to in order to protect yourself from identity theft with companies like LifeLock? Most experts are now saying that it isn’t worth paying for identity theft protection. And here’s why.

You don’t have to purchase costly identity theft protection from companies like LifeLock because you are already protected. Most people don’t bother to learn that. Federal consumer freedoms, creditors who monitor your scrupulously, and the steps you can personally take are already available and in place to protect you for free. That alone provides you with enough identity theft protection than you would get from paying for a service.

Many companies that offer identity theft protection have a tendency to overstate just how much identity theft actually occurs. While the percentage of people who have their identity stolen has increased, it is not so astronomical that most people will have their identities stolen. Companies exaggerate the numbers for one reason and one reason alone, they want to get you, the consumer, to purchase their identity protection programs. Even when people use these companies, identity theft can still occur. In fact, what they are actually offering is a service to help you restore your identity after it has been stolen. There is nothing they can do to actually stop it from happening. So why pay a fee for a service that isn’t 100% effective?

Credit card issuers customarily work on the side of the victim in the case of stolen credit cards. They understand that this can and does happen. If you report your card stolen within a specific period of time (as stated by your credit card company), you should have no problems in undoing any charges that you did not authorize. Credit card companies are generally efficient at detecting unusual and suspicious activity on your card and will immediately call you to make you aware of the charge. Sometimes they are so good at this that they may suggest suspicious activity even when it was you who purchased the item or service and your card was in fact not stolen.

If you are interested in having identity theft protection, you can research and find more cost efficient and possibly even free companies to monitor your identity. Look around online and find out what these companies are offering you. Compare the rates and fees they are charging based on the level of protection they provide. You will quickly learn that most of the more expensive companies are not worth the money.

The best person to prevent you from have your identity stolen is yourself. You have the ability to keep track of your financial information. Monitor all of your accounts online on a regular basis and as often as you can. That way, if you do find a discrepancy, you can take care of it right away. If you have a lost credit card or social security card, make the responsible choice and contact the right departments to put a hold on your credit.

Another way to prevent  identity theft is to limit the amount of personal information you provide on the Internet. Don’t reveal too much about yourself to websites. Don’t just give out personal financial information without knowing exactly who you are dealing with. Purchase from verified and trusted online websites. Be mindful of those websites that ask you for your social security number. Why are they asking for it? Do they absolutely need it? Do not provide any personal information without researching the company and website first, if you are unsure about its safety. Trust yourself and you will have a very low chance of having your identity stolen.

(Photo courtesy of David Goehring)

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Comments

  • TomTom says:

    While your premise is correct, nobody needs LifeLock, your concept of Identity Theft is completely wrong. Someone getting ahold of your debit or credit cards or making fraudulent charges on your accounts is not identity theft in any way, it is known as Account Takeover. You as an American consumer are not responsible for fraudulent transactions, your bank/card issuer is.

    Identity Theft is when someone opens new cards/loans/mortgages and such in your name, using your Social Security Number. You are correct in that there is no way to stop it, but having a Recovery Service on your side is invaluable. They are the ones that take the responsibility of convincing the lender/collection agency/whoever that you did not open that account and therefore are not responsible for it. This can take dozens and dozens of hours, that is what you pay them for.

  • Stephan says:

    This is technically true in the same way that people don’t need to take their car to a mechanic. They can buy all of the tools, learn the skills, and do the work themselves at home.

    LifeLock and other similar companies have spent countless hours identifying patterns, scanning the web and finding ways to not only recover from identity theft, but try to avoid it. You are correct that nobody can be completely safe from identity theft, but that is why LifeLock offers at $1M guarantee – they will pay your legal bills and other expenses to recover whatever was lost. Credit card companies and banks won’t do that. They will work to recover what THEY lost, but they won’t do much to help the consumer.

    You need to do more research into what LifeLock actually offers.

    • Joe says:

      Lifelock DOES NOT cover ALL 5 areas of identity theft! And they will restore your identity FOR AN ADDITIONAL FEE! AND THE MILLION DOLLAR GUARANTEE IS A REIMBURSEMENT! LIFE LOCK IS A JOKE! Personally I wouldn’t want a company protecting MY Identity after they’ve been sued by the federal government and is no longer allowed to operate in the state of NY!!!

  • TomTom says:

    You are correct Joe. Lifelock requires you to prove it was a fault in their system that caused you to become a victim of ID Theft before they will take on the case. What they don’t publicize is that they don’t monitor every business, just those in the “Lifelock Network”, but they refuse to say who is or isn’t in the network. So if someone opens a Sprint Wireless account in your name, and Sprint isn’t in The Network, Lifelock will not alert your nor help correct the issue. What you need to find is a Full Recovery Service for All Types of ID Theft, no matter the how or why. They exist, you just have to ask the right questions.

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