Think identity theft is a problem that is slowly fading away? Think again. Unfortunately, according to many recent studies, it continues to be on the rise. According to one of these studies, conducted by the U.S. Bureau of Justice Statistics this past year, identity theft underwent a 33 percent increase between 2005 and 2010. Not only that, but, according to the study, American households collectively suffered over $13 billion in expenses related to this crime in 2010.
You wonder how much of that money could have been saved if the victims had an identity theft protection plan in place before the crimes happened to them. Not only can the plans help prevent identity theft from happening in a lot of cases, but they can oftentimes provide insurance coverage to mitigate some of the expenses if it does happen to a covered individual. While it is not likely to escalate if you are a plan holder, it’s good to know that you won’t have to risk being thousands of dollars in debt.
Santa Barbara District Attorney Jerry Lulejian offered an important tip on protecting yourself from becoming a victim of financial loss over the holiday season. “Don’t use your debit card to make purchases over the Internet,†he said. This is important to remember because unlike credit cards a lot of debit cards do not have policies where you are reimbursed for funds lost if someone uses your card pretending to be you. In theory, if someone gets your card and your PIN, or even sometimes just your card, she can use all of the money in the attached bank account and you may never see a dime of it again.
An identity protection plan, especially one that includes regular checks of your credit report, can be your best friend during prime gift giving time. You may make a lot of online purchases or simply be stressed which can make you careless about security. You could even ask for a plan as part of your holiday wish list. It could be only a few dollars per month and it’s certainly more useful than yet another fruitcake.
Have a Merry Christmas!