Last week news organizations revealed that a Miami man, Albert Gonzales, had received a federal indictment in the largest case of credit and debit card data theft ever in the United States. Albert Gonzales, a one-time government informant, is accused of stealing 130 million credit and debit card accounts, in addition to 40 million accounts that he had previously stolen.
Although this is the largest example of identity theft to date, identity theft is an everyday occurrence. In the last few years we have heard of other similar cases in which thousands of identities, social securities, credit card accounts, etc. are compromised by employees of financial institutions, computer hackers, or by theft of computer and other equipment containing such private information. But not all cases of identity theft occur on such large scales. Every day identities are compromised through other methods such as stolen checkbooks, lost or stolen wallets, etc.
Because financial institutions have our personal identification on file, through the use of our social security numbers, nobody can be absolutely guaranteed that their information will never be compromised. For this reason, identity theft insurance coverage is absolutely essential today for people to have. Identity theft insurance coverage, offered by companies such as LifeLock, offer services to people such as working with the credit bureaus to place fraud alerts if an event has occurred which warrants such an alert. Other identity theft insurance coverage services by companies such as LifeLock also include removing individuals from lists of credit card offers, providing annual credit reports, and notifying credit card companies of stolen credit cards.
LifeLock offers the most value among companies that sell identity theft insurance coverage, providing a $1 million service guarantee by which they will spend up to $1 million on lawyers, investigators, etc. on an insured's behalf to restore their credit from negative results of having their identity stolen. LifeLock offers identity theft insurance coverage plans for $10 per month.
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