In this article:
In this article:
Is it identity theft protection worth the money? If you’re on the fence about it, here’s everything you should know before making a decision.
In this article:
In this article:
If you feel like identity theft is happening to everyone these days, you’re not far off from the truth.
In 2023, the Federal Trade Commission (FTC) received 5.4 million reports of identity theft and fraud [*].
The impact of those crimes is staggering. Americans lose billions each year to fraudsters. Analysts now predict that identity theft protection will become a $25 billion industry in the coming years [*].
But this raises a serious question:
With identity theft running rampant, does it make sense to pay for an identity theft protection service to help you stay safe?
Identity theft protection promises peace of mind by safeguarding your identity from criminals. Yet many people question its value.
If you’re on the fence, this guide will help you understand who should get identity theft protection, what it can (and can’t) do, and which service is right for you.
{{show-toc}}
Identity theft occurs when someone uses your information for personal or financial gain. This could include your name, Social Security number (SSN), birthdate, etc.
Credit card fraud, medical identity theft, tax fraud, social media account takeovers, and criminal identity theft are just some of the very real risks of identity theft.
Unfortunately, scammers have figured out more ways than ever to acquire the information they need to steal your identity.
For one, identity thieves can steal your wallet and gain access to your credit cards, debit card, and ID. They can also dig through your mail for documents that contain your SSN. They might even trick you into giving up sensitive information through phishing emails and scam calls.
Even worse, scammers can buy your information off the Dark Web for just a few dollars.
Valid SSNs, health insurance information, and even passports can be found on Dark Web marketplaces for as little as $5 [*].
These stats are scary. But the truth is that identity theft has become an unfortunate, everyday side effect of our digital lives.
The average American now has over 100 online accounts and ten connected devices [*]. In addition to a thief stealing your wallet, every account, social media post, and email that you open could allow an identity thief into your life.
As one former identity thief told The New York Times [*]:
“The reason that people aren’t being victimized is because there simply aren’t enough criminals to take advantage of all that information that’s out there.”
The bottom line: There are more ways than ever for scammers and identity thieves to steal your identity — even without targeting you directly. The threat of data breaches and stolen personal info means everyone is a potential victim.
The honest answer is no, you don’t necessarily need identity theft protection services.
Even though identity theft is at its worst recorded level, news and consumer review sites are quick to point out that you can do almost everything an identity theft protection provider does by yourself.
Most identity theft protection services do two things very well:
While monitoring and fraud alerts are valuable ways to protect your identity, they don’t do anything you can’t do on your own.
📚 Related: All Of The Ways Identity Theft Can Happen (and How To Protect Yourself) →
The honest truth is that you don’t need to pay for many of the features that identity theft protection offers. For example, rather than pay for an identity theft protect service, you could:
📚 Related: How Long Does It Take To Recover From Identity Theft? →
Even if you don’t need to pay for identity theft protection, there’s a simple reason why you should still consider signing up: you’re busy.
In all likelihood, you have countless other tasks, interests, and concerns that take priority over checking your credit, monitoring who’s using your SSN, and securing your online accounts each day.
An identity theft protection service does all of the work for you.
But, even if you want to sign up for a provider, which one should you choose? LifeLock? Identity Guard? Aura?
There are many options to compare and contrast. And when things get complicated, it’s human nature to choose convenience over security.
For example, one recent survey found that 91% of people know that reusing a password puts them at risk of identity theft. Yet 66% always or mostly reuse the same password [*].
But if we’re all at risk, why pay for a service that can only alert you about identity theft? Isn’t that like someone telling you you’ve been in a car crash after the crash has already happened?
The best identity theft protection services also offer generous insurance policies to cover losses from identity theft along with 24/7 support provided by experienced fraud resolution specialists who are able to walk you through an identity theft recovery plan.
This means you'll find out faster if you're a victim; and if you are, you can count on the dedicated assistance of experts to help you recover your identity.
📚 Related: How To Avoid Refund & Recovery Scams — Don't Get Scammed Twice →
All providers offer some combination of monitoring and alerting features.
But modern tools are moving from purely reactive measures — alerting you after identity theft has happened — to proactive ones that help prevent theft in the first place.
Here are some of the core features you should expect to find in an identity theft protection service that’s worth paying for:
Identity monitoring is at the heart of every identity theft protection strategy. This is when a provider monitors your Personally Identifiable Information (PII) to see if it’s being used by scammers.
Identity monitoring also searches databases and records, including:
Identity monitoring is often your first line of defense against fraudsters. The sooner you can catch them misusing your identity, the quicker you can shut them down.
If you’re thinking about identity theft protection, you’re most likely worried about preventing credit card fraud or loan fraud. Credit monitoring services monitor your personal finances and accounts for changes. This includes monitoring your credit file, credit card, and bank accounts.
Providers regularly monitor the three main credit reporting agencies (Experian, Equifax, TransUnion). The best identity theft protection services monitor all three major credit bureaus for any signs of fraud.
Credit monitoring can help detect:
In 2020 — the latest year where data was available — 67% of Americans said they didn’t monitor their credit reports [*]. A credit monitoring tool can help you stop scammers before they take hold of all of your assets.
Today, most of your sensitive information can be found and accessed online. From banking information to sensitive emails, scammers can do serious damage if they gain access to your accounts.
Unfortunately, identity thieves have become more sophisticated in implementing their cyber attacks.
Scammers will often send you spam emails or texts that contain an attachment. If you open it, your device will be infected with malware — software that can steal your sensitive data, account usernames, and passwords.
All-in-one identity theft protection services like Aura come with device security tools, including:
📚 Related: Is a VPN Worth It? What To Know Before You Use One →
People of all ages are at risk of identity theft. More than one million children were victims of child identity theft, while older Americans (60+) lost $1.7 billion to fraudsters last year alone.
Family identity theft protection plans help you monitor the more vulnerable members of your family. You can track your child’s SSN for signs of identity theft and monitor the credit of your elderly parents or grandparents.
📚 Related: Understanding Spousal Identity Theft and How It Happens →
If the worst happens and you become the victim of fraud or identity theft, digital security providers can help you recover.
Many providers include 24/7 U.S.-based support teams and White Glove Fraud Resolution specialists that can help you by:
📚 Related: Is McAfee Identity Theft Protection Worth It in 2024? →
Identity theft insurance provides coverage and reimbursement for costs associated with identity fraud. Providers offer a wide range of coverage, from a few thousand dollars to $1 million or more. Identity theft insurance typically covers:
You may have identity theft coverage as part of a general insurance policy (such as Allstate). However, identity theft insurance coverage is usually more comprehensive.
Identity theft protection can help protect your family’s online and financial accounts, PII, device security, and cover losses due to fraud. But no provider can prevent all types of identity theft and fraud.
In fact, in 2015, LifeLock — one of the largest providers of identity theft protection services — entered into a $100 million settlement with the FTC over deceptive claims about its ability to protect its customers’ identities [*].
📚 Related: How To Protect Your Identity Online in 2024 →
Total costs vary for identity theft protection services. But many providers offer an entry-level package that costs around $10–$12 a month. This should include key features such as identity monitoring, credit monitoring, and $1,000,000 in insurance coverage.
Many providers also offer a free trial period and a money-back guarantee to allow you to try out their services and see if they’re right for you.
If you’re ready to consider an identity theft protection service, there are more options than ever to choose from (including ones not on this list, such as Zander and ProtectMyID). However, some don’t offer the same levels of protection and monitoring as others.
Here’s our list of the 5 top-rated identity theft protection services from sites like Security.org, U.S. News, IdentityProtectionReview.com, and more.
Aura has been rated as the #1 identity theft protection service by major publications including Money.com, Forbes, Tech Radar, USA Today, and more.
Here’s what the reviewers at Security.org wrote about Aura:
“One of Aura’s real strengths is that it draws information from so many different sources in order to keep your identity safe. Aura is constantly checking Dark Web sites, data broker lists, public records, and new account records, looking for your name, Social Security number, address, and other identifying information. You can be certain that if someone has hijacked your identity, Aura will catch them.”
Aura pros:
Aura cons:
Every Aura plan comes with a fully featured 14-day free trial — giving you access to every feature you would enjoy as a full-time member. Annual plans also come with a 60-day money-back guarantee.
Here are just a few of the benefits you receive from starting a free trial with Aura:
In just two weeks, you could vastly increase your digital security, improve your privacy, and make sure that you’re not a vulnerable target for identity thieves.
✅ Ready to get started? Sign up for your free 14-day trial of Aura today →
Identity Guard is another highly-rated identity theft protection service that is now owned by Aura. Together, the two brands offer some of the most comprehensive, advanced, and user-friendly identity theft protection on the market.
While Aura offers all-in-one protection — including antivirus and device protection — Identity Guard focuses on protecting your identity from existing and new threats.
Identity Guard differs from other providers in its use of artificial intelligence (AI), enabling it to constantly search for new threats against your identity.
Identity Guard pros:
Identity Guard cons:
📚 Related: The Top 5 Identity Theft Protection Apps (iOS & Android) →
IdentityForce has over 40 years of experience defending against identity theft and is available for both individuals and businesses. IdentityForce combines many of the top features of other providers, including identity monitoring, insurance coverage for financial losses, and identity recovery services.
IdentityForce pros:
IdentityForce cons:
📚 Related: IdentityForce vs. LifeLock — Which One Is Right For You? →
LifeLock by Norton is one of the more popular identity theft protection services. After being acquired by Symantec (the makers of Norton), LifeLock became an all-in-one digital security solution that includes antivirus software and a VPN. But is LifeLock worth it?
Unfortunately, LifeLock has had its fair share of bad press lately. LifeLock’s digital security features can cause serious device slowdowns. But even worse, LifeLock recent disclosed that it was hacked, with sensitive information from thousands of customers — including passwords — being compromised [*].
LifeLock pros:
LifeLock cons:
📚 Related: Aura vs. LifeLock: Which Is Right For yYou? →
ID Watchdog is a more family-oriented identity theft protection provider owned by Equifax.
ID Watchdog claims to offer protection beyond credit card fraud to include tax-related identity theft, child identity alerts, and social account monitoring to help prevent cyberbullying. The company claims to monitor "across billions of data points" to search for signs of potential fraud.
ID Watchdog Pros:
ID Watchdog Cons:
Here’s the bottom line: You can do almost everything an identity theft protection service does on your own.
But the question is: Do you want to?
Last year alone, a new identity was stolen every six seconds. If you spend a lot of time online, know you won’t put in the work required to monitor your finances and accounts, or think you’re already at risk, a protection provider could be a highly valuable resource for you.
Not only will you enjoy peace of mind knowing your accounts are being protected and monitored — you’ll also have a team of experts on your side 24/7 searching for new threats and ready to help you if the worst happens.