Sending A Better Message About Identity Theft Protection
In today's precarious world, where cyber-crime is rampant and identity theft is a growing problem, you may want to think twice before following any advice that you get regarding how to protect your financial well being. Your identity is your most important possession. Don't get fooled into letting your guard down for even one moment. I'm worried that if those who write about identity theft in a manner that minimizes its effects or in a way that doesn't take identity theft seriously, then the public won't take it seriously either. And that's a recipe for disaster.
According to Consumers Union, a nonprofit organization designed to empower consumers with the ability to protect themselves, ID protection services aren't necessary to keep your credit cards and checking accounts safe from thieves. Much more useful solutions are available today that just a few years ago were not. But nobody is talking about them. Instead, some people continue to push the "do it yourself" route --whether we want to or not.
Making a blanket statement that identity theft services aren't worth their nominal annual cost is similar to declaring that consumers shouldn't buy -and shouldn't want to buy- the latest and greatest iPhone, or Kindle, or even that new car. This might seem like a stretch at first, but think about it; the value of these objects lies not in their cost but in the consumers' perception of them. Instead of buying an iPhone I could buy a $20 cell phone and still make calls with it; for $50 I could buy a generic smartphone that would give me a few more advanced features. The thing is: It's up to me to decide what I find important and what I view as a value to me.
In a nutshell; if I want a phone, Consumer Reports heartily recommends that I do the research and pick the one that will serve me the best. They provide useful reports and key info on various products on the market today. Why not say the same about identity theft protection? I can't help but think it would be far more helpful if Consumer Reports would provide comparisons and evaluations of existing identity theft protection services rather than simply saying ---they aren't worth it. That way, consumers receive the benefit of Consumers Union's opinion as to which services can protect them from credit related fraud and/or identity theft based upon what these services offer.
Unless you've been a victim of identity theft or personally witnessed the havoc that it can create for someone you know, you really may not understand the value of signing up for identity theft protection. Today's thieves are savvy. They aren't just looking to tap into credit cards and steal money out of bank accounts. If they manage to get your social security number, then they may also want to use your identity to sign up for Medicare, Food Stamps, Social Security, or unemployment insurance. Once they steal your identity, these thieves can hi-jack tax returns, buy cars, homes, and more. They can commit crimes, and if they get caught, you are the one whose name goes on the police report. You are the one who gets arrested when you don't show up in court.
A Detroit woman, Vontara Colbert-Redmond, knows first hand just how devastating identity theft can be. In 2007, a thief took her purse, emptied her bank accounts, obtained a driver's license in her name, and got it suspended. Vontara lost her ability to drive to work, lost her job, and lost the freedom to live the "American dream" because someone else had stolen it from her.
Mashara Williams, who also became a victim of identity theft, fully understands how it can follow you around years after you thought that it had been resolved. Three years after her identity was first stolen, Mashara ended up in jail for a failure-to-appear charge aimed at the identity thief. Her nightmare began all over again. Would identity theft protection have prevented this from happening? Quite possibly. After all, Mashara may have been alerted to fraudulent use of her personal information early on in this scenario.
Consumers Union uses statistics to back up their assertion that id theft crime rates have declined, while completely ignoring other information. They say that identity theft is on the decline, but neglect to point out that the average amount of out-of-pocket expenses related to identity theft has risen significantly over the last few years. They also ignore the fact that ID theft has been shifting to new targets, and that the IRS is literally overwhelmed at the moment with complaints about stolen tax returns. The FTC released a notice recently stating that identity theft complaints have risen by a full 50% just since tax season started. ID theft has become a professional business. It continues to truly baffle me why it is that Consumer Reports continues to downplay identity theft and sends a message to consumers that essentially says; don't worry about fraud.
While an identity theft protection service might not have made sense 5 or so years ago, times have changed drastically, and it makes perfect sense today. Without it, you cannot do anything. You cannot purchase a home or a car, get a job, apply for retirement benefits, open a bank account, or get a credit card. Your identity is critical to your ability to achieve your dream of living a good life.
As a consumer, don't get caught up in the belief systems of people who don't consider identity theft insurance/protection as being necessary. That's the wrong message. I have been an outspoken proponent of the identity theft protection industry and those who have focused on making consumer protection and fraud prevention education a top priority. I continue to hope that one day, identity theft protection professionals, whether competitors or not, and consumer protection groups will all see the value in working together to find solutions and not against those who are trying to. If id theft crime rates have dipped --it's most likely due to the very advances the identity theft protection industry has made. It's unlikely that criminals have lost interest in identity theft --or will anytime soon.
Richard Figley
Independent Associate
614-395-2313
www.800-DO-A-WILL.com
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