Identity Theft Insurance
In 2017, tens of thousands of people were victimized by identity thieves. Consumers reported over 130,000 cases of credit card fraud, 50,000 cases of bank fraud, 82,000 cases of tax-related fraud, and 30,000 cases of loan or lease fraud. These are just a few of the most common types of identity theft, and they can end up costing you hundreds or thousands in court costs, fees, penalties, and other expenses.
Those numbers add up fast, they're not easy to resolve, and these cases of identity theft rise dramatically every year – credit card fraud in particular rose 23% in 2017 compared to 2016. Protecting yourself with identity theft insurance is more important than ever.
What is Identity Theft and Identity Fraud?
Identity theft and identity fraud are different terms for more or less the same thing. It's what happens when someone uses your personal information – like an ID card or credit card – to spend your money, rack up bills in your name for their benefit, or commit another type of crime. There are many types of identity theft, including:
- Debit or Credit Card Fraud: when someone uses your card to make purchases you didn't authorize.
- Mail Identity Theft: when someone steals your mail and uses personal information in it to make purchases, open a new credit card account, etc.
- Online Shopping Fraud: when your payment information is stolen from an ecommerce site and used to make more purchases.
- Account Takeover Identity Theft: when someone uses your information to make withdrawals or charges to your bank account.
- Tax Identity Theft: when a thief uses your social security or tax ID number to file a tax return before you do – and collects your refund.
What Does Identity Theft Insurance Cover?
You can protect yourself from identity theft by keeping a close eye on your credit reports, credit card and bank activity, and other purchases. You can also invest in identity theft insurance to add another layer of protection.
Identity theft insurance defrays the expenses associated with untangling the mess that identity thieves create. It's not always free (or cheap) to deal with identity thieves; sometimes you'll have to take the case to court, pay notary fees for legal documents, and more. Costs can add up rather quickly. Identity theft insurance can cover many of these expenses, and it also ensures that you have an advocate to help work through the legal tangle to get your accounts clear again.
WSMT Insurance Can Cover All Your Identity Theft Insurance Needs
Want to find out more? WSMT is here to help. Give us a call or stop by our office and we'll answer your questions and get you a quote for adding identity theft coverage to your arsenal of personal protection.