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Identity Theft Protection
Old 09-13-2019, 02:12 PM   #1
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Identity Theft Protection

Just noticed that Quicken is partnering with Allstate to offer Identity Theft Protection Services (at a monthly fee) - guess this competes with firms like Lifelock. Just wondering if anyone uses these services and whether they're worth the fee? I do keep a constant watch on my accounts and would notice any suspicious activity pretty quickly, so not sure it's worth the investment.
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Old 09-13-2019, 03:49 PM   #2
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Nope, don't believe them notifying my after the theft is useful.

Instead I froze all 3 of the credit reporting companies. Now nobody can get a loan/credit card/or bank account in my name.
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Old 09-13-2019, 05:13 PM   #3
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I froze mine too. I’m sure there are cases where knowing more earlier helps, but scare tactics is always a good sales strategy.
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Old 11-10-2019, 06:17 PM   #4
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I thought more folks on this site, seemingly a bit more pragmatic than the general population, would be using Lifelock or similar services. I've considered it a few times, but inertia takes over and I do nothing. I think they offer something like a $M reimbursement policy if your data breach gets expensive. Having been officially notified that my data was compromised about 6 times (mostly by some government entity for some odd reason), I still have done nothing beyond locking my credit files. But as far as I know, I've never had my identity stolen and used for any financial gain. Maybe I'm just not interesting enough?
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Old 11-11-2019, 01:02 AM   #5
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Nope, don't believe them notifying my after the theft is useful.

Instead I froze all 3 of the credit reporting companies. Now nobody can get a loan/credit card/or bank account in my name.


Yep, locking the barn door is better than having an alarm outside the barn that goes off after an animal trips it as it leaves
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Old 11-11-2019, 07:00 AM   #6
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We also locked our credit at all 3 agencies. And, I check our checking & card activity every Sunday. I'll see for myself if there's suspicious activity (over & above my wife's clothes & shoes purchases).
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Old 11-11-2019, 07:18 AM   #7
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Nope, don't believe them notifying my after the theft is useful.

Instead I froze all 3 of the credit reporting companies. Now nobody can get a loan/credit card/or bank account in my name.
+1


What do any of those services do to warrant the cost? What potential problems would arise regarding identity theft if you froze your credit through the 3 credit reporting companies?
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Old 11-11-2019, 08:08 AM   #8
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I discovered how difficult it is to unfreeze credit without a pin. When we bought our new car in October, triple security measures through Trans Union and Hyundai finance co. If you incorrectly answer any question through Trans Union you're done with that phone call. They give you 3 phone tries. If you fail, have to try again in 24 hours. My DH failed 3 times. So, I had to buy the car with my credit rating. I'd say that's pretty good security after having our identity stolen a couple of years ago.
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Old 11-11-2019, 10:48 AM   #9
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As part of a settlement when a certain insurance company allowed my private information to be taken by criminals (they did not bother to encrypt the data on the data base used by their customer service people!!!), I got one of those protection services free for a year.

A few months later I applied for a new credit card at a local credit union. Six weeks after I had received the card, the 'protection' service notified me that a new account had been opened in my name. Bad guys could have charged up a storm in six weeks. Not so good.
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Old 11-11-2019, 10:59 AM   #10
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I use infoarmor, identity guard and equifax

I'll drop two of them after I stop w*rking in 6 weeks
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Old 11-11-2019, 02:34 PM   #11
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I have never seen any numbers that would tell me my risk. One in a hundred per year (probably not) or one in a million? Like people selling computer virus protection, the credit protection vendors seem to have most of the ghost stories.
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Old 11-11-2019, 02:44 PM   #12
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I have never seen any numbers that would tell me my risk. One in a hundred per year (probably not) or one in a million? Like people selling computer virus protection, the credit protection vendors seem to have most of the ghost stories.
I didn't have any ID protection until I had my ID stolen

probably too late since no one would try that again lol
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Old 11-11-2019, 05:03 PM   #13
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I didn't have any ID protection until I had my ID stolen
You had yours stolen. I have never had mine stolen. Neither of those facts proves anything at all.

So just for grins I looked here: https://www.ftc.gov/reports/consumer...data-book-2018. A cursory look gave me 300,000 complaints. If there are 125,000,000 households in the US, that is about 1 chance in 400 for a household to see the problem in a given year. More likely than winning the lottery to be sure, but not something I'm going to lose sleep over.
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Old 11-11-2019, 05:11 PM   #14
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You had yours stolen. I have never had mine stolen. Neither of those facts proves anything at all.

So just for grins I looked here: https://www.ftc.gov/reports/consumer...data-book-2018. A cursory look gave me 300,000 complaints. If there are 125,000,000 households in the US, that is about 1 chance in 400 for a household to see the problem in a given year. More likely than winning the lottery to be sure, but not something I'm going to lose sleep over.
I wasn't trying to prove anything, just stating that I never thought I needed it until almost $200K was illegally wired

Two-factor authentication for email, brokerage, bank and other accounts is probably effort better spent.
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Old 11-11-2019, 05:12 PM   #15
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... almost $200K was illegally wired
Interesting. How did that happen?
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Old 11-11-2019, 06:10 PM   #16
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Interesting. How did that happen?
we took out a heloc as a bridge loan when we purchased our current house 5 years ago - after the heloc was paid off (4.5 years ago) the bank didn't close it for some reason

about 4 years ago, some guy from the UK claiming to be me called the CU several times and had them change all of my contact information and then had them execute two wires, both to UK accounts

CU called me after they discovered the fraudulent activity

so I just got a new heloc from my current bank (not the cu) as I'm about to FIRE 12/31 and I made darn sure they won't do wires over the phone
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Old 11-12-2019, 09:01 AM   #17
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I froze DF's credit at the 5 primary bureaus.
The credit monitoring that comes with Discover Card did a fairly good job of notifying when a new account was opened (DF didn't understand he was taking out a 7K loan from Miracle-Ear when he was trying out hearing aids).
In talking with fraud victims at work, they all stated that freezing credit was "good enough", so I've never been big on ID Theft Protections plans.

However recently DF has fallen for numerous scams where he has given out his SSN.
This is literally inviting other scammers. DF thinks he is smarter than they are and makes plans to open new bank accounts to receive his Spanish Lottery and Publishers Clearing House money... "that way they can't get at my bank account".


So I signed him up for LifeLock. Maybe it will provide more monitoring, but its not only about prevention... I'm looking at the insurance and assistance with cleaning up a mess when it happens. Maybe those are empty promises. But DF is running around with a lightning rod in a fraud thunderstorm... sounded like a good idea to have a fraud ambulance nearby.
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Old 11-12-2019, 09:24 AM   #18
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Just throwing this out there. Is there a cost for freezing you credit? It looks like it’s about $30 from a site that had what each state allows. But “allows” isn’t the same as requires. So can you get it frozen free or cheap? Does it cost to unfreeze? If there is a cost, can’t you just unfreeze the one that whoever you’re dealing with uses instead of all three? I’d like to do this, but I’m not interested in spending a bunch of money or going through a bunch of hoops. Of course if I ever had my identity stolen, I’d probably think different, but I haven’t.
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Old 11-12-2019, 09:36 AM   #19
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Just throwing this out there. Is there a cost for freezing you credit? It looks like itís about $30 from a site that had what each state allows. But ďallowsĒ isnít the same as requires. So can you get it frozen free or cheap? Does it cost to unfreeze? If there is a cost, canít you just unfreeze the one that whoever youíre dealing with uses instead of all three? Iíd like to do this, but Iím not interested in spending a bunch of money or going through a bunch of hoops. Of course if I ever had my identity stolen, Iíd probably think different, but I havenít.
A law went into effect in Aug/Sept 2018(?) that made it free to freeze/unfreeze. Prior to that it varied by credit bureau.
And there are a lot more than "all 3". At a minimum you should do 5: experian, equifax, transunion, innovis, and NCTUE.
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Old 11-12-2019, 09:39 AM   #20
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... DF is running around with a lightning rod in a fraud thunderstorm... sounded like a good idea to have a fraud ambulance nearby.
Yes. It might also be worthwhile to contact your county Adult Protection folks to see if they have any ideas or tricks that will help.

At one point DW was vice-chair of our state's Board on Aging. The numbers they had said that 85% of elders are financially abused at some point. Sadly, the most frequent abusers were children and family. One of the problems with this, too, is that the abused elders are often too ashamed to admit what happened and do not seek help.
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