The statistics on identity theft are, quite frankly, staggering. Identity theft happens every two seconds, creating an estimated $80 million dollars worth of annual damages. Any time someone’s personal information is used to access money is considered identity theft – even if the the personal information accessed isn’t used for financial gain.
As technology continually evolves, especially smartphone and mobile devices, so does identity theft. These cyber criminals are becoming increasingly savvy at using obtained information to do serious damage.
Consider these telling statistics:
- There was a 67% increase in data breach in 2015
- 2,870,987 people have been affected by identity theft and this number is steadily increasing, s of April 2016
- The most common information stolen is credit card, social security and debit card numbers
- Identity theft now includes cable and TV service, water, gas, internet, medical insurance, mortgage, rentals, auto financing and government benefits
- Businesses lose an average of $221 billion dollars per year due to identity theft, with account takeovers averaging 28% of overall losses
Tips for protecting your personal or business information include using strong passwords to access your accounts. The more random and lengthy, the better. Modern hacker technology takes into consideration a wide range of pop culture references when trying to crack passwords.
[Pro Tip: Pick a page out of your favorite book and jot down every letter that starts each line, and use this as hard-to-crack password.]
What Identity Theft Insurance Coverage Entails
Obviously, it’s also a good practice to shred documents with important information, cover your PIN at the ATM machine and don’t share personal information with anyone you don’t know.
While there are proven practices that help thwart identity theft – identity theft has become so common, so detrimental to personal lives and business health – there are sound reasons to consider some type of restoration insurance coverage.
It takes 132 days to notice fraudulent activity on an account and approximately 330 total hours are spent repairing financial damages.
Identity restoration coverage is affordable that you may easily add to an existing property policy. Typically, identity theft restoration insurance provides up to $25,000 in coverage to help cover lawyer fees and lost wages. The coverage also provides preventative and restoration services, so you have access to a fraud expert who is able to handle your inquiries and the hard work of restoring your identity.
Make sure you are properly insured and use the tips above to prevent identity theft from happening to you.