Identity Theft Protection: How Much Does it Cost?

According to the FTC’s 2023 report, losses due to identity theft reached a record-breaking $10 billion. As a result, there is a need for identity theft protection. With the rising cases of identity case crimes, anyone is vulnerable to being a victim. 

Identity theft protection helps to reduce the risk of this crime and cover any losses you incur trying to recover from it. Prices vary depending on the features that you want. Be prepared to spend between $10 to $40 monthly for a plan.

Each service offers its unique features. The cheaper plans have basic features like dark web and credit monitoring. Conversely, expensive plans offer advanced features like full family protection and other sophisticated security measures beyond what you could achieve single-handedly. 

Key Takeaways

• Identity theft protection services offer a wide range of features. These features determine the cost of the service. 
• You should pay for identity protection for several reasons. The most common include if you are a victim of data compromise, you cannot regularly monitor your accounts, or you need to protect your assets and family from identity theft. 
• Identity theft protection services do not guarantee that you will not be a victim of identity theft. It is your responsibility to safeguard your information from being easily accessed. 

Should You Pay for Identity Theft Protection?

Identity thieves target anyone at any time. They do not care about a person’s background, status, or wealth. What is even more absurd is that even children can be identity theft victims.  

Despite everyone being vulnerable, some people’s risk of losing is more than others’. They need to enforce tighter rules to protect their personal information. Among the signs that you are at higher risk of losing include:

• You have experienced data breaches before

If you have been a data breach victim before, you will likely be targeted again. According to research, victims have more than a 50% chance of being targeted. Suppose your personal information leaked through phishing or an organizational data breach. In that case, the attackers might use the information to either steal your identity or sell it on the dark web. Those who purchase it also use it for malicious gain. As a result, you need to invest in identity theft protection. 

• You cannot monitor or freeze your credit

It can be hard to monitor your finances and credit reports, especially regarding financial scams. It requires the commitment of your time and effort to detect any fraudulent activities. In addition, you could be dependent on your credit for future purchases and cannot undergo a credit freeze. This is a sign that you need a professional service provider to help you guard your information against identity thieves. 

• Your status and family need protection 

Protecting yourself against identity theft is far easier than your young and elderly family members. Children and old people lack the knowledge and skills to avoid identity theft, hence the need for protection. In addition, if you have tangible assets like a good home and retirement benefits, you are likely to be targeted by identity thieves. You need to shield these valuable assets from cybercriminals by purchasing identity theft protection. 

How Much Does Identity Theft Protection Cost?

According to an article by Identity Guard, monthly identity theft protection costs between $7 for basic features and about $50 for a more complex protection plan that includes multiple people or a family. However, you can get a discounted offer if you opt for an annual plan. 

Identity theft protection services offer varying types of protection. You need to review the features of different services before deciding which one suits you. Note down their features, best plans, and pricing as follows:

a). Social Catfish

Social Catfish offers identity theft protection services through flexible pricing plans to fit various needs. Their Basic Plan, priced at $27.95 per month, provides unlimited searches for phone numbers, email addresses, and usernames—perfect for verifying identities and uncovering potential threats.

For a more comprehensive approach, the Premium Plan, at $39.95 per month, includes all Basic Plan features and adds social media searches and advanced tools to uncover hidden online accounts. These plans empower you to safeguard your identity with reliable, accessible tools tailored to your needs.

b). Identity Guard

Identity Guard offers three service plans: value, total, and ultra. Value is the most basic, followed by total, while ultra offers more complex services. The basic plan starts at $6.67 per month, while the ultra plan costs $26.67 per month. 

The ultra plan has numerous features that prevent more sophisticated identity theft scams by monitoring suspicious activities and real-time alerts. It includes a fully featured family plan. However, its appealing price is because it does not cover credit and white glove fraud monitoring.

c). LifeLock

Thanks to LifeLock’s partnership with Norton 360, it has become a popular identity theft protection brand. It offers three levels of plans: Standard, Advantage, and Ultima Plus. As you climb the levels, you will notice that additional features differentiate them. 

As of March 2024, the price of LifeLock is between $11.99 per month or $124.99 annually for the basic plan and $34.99 per month or $339.99 annually for the Ultimate Plus plan. It offers discounted rates for the first year. Each plan provides decent and competitive protection, making it hard to choose the one that offers the best value. 

d). IdentityForce

A product of TransUnion, this service offers identity theft protection and credit monitoring as different entities. If you decide to use both as a single plan, the cost will be higher than if you seek the same offer in the other identity theft protection service.

On the positive side, it offers a unique service from its competitors: credit score monitoring and simulation. Therefore, it contains the features required to protect your personal information while enhancing your credit capabilities. 

As of early 2024, IdentityForce offers four plans, two for individuals and two for families. The most basic is the UltraSecure Individual, the UltraSecure Family, the UltraSecure Credit Individual, and the Ultrasecure Credit Family. These plans range from $16.58 per month for the most basic plan to $39 per month for the most sophisticated plan. 

Compared to its competitors, IdentityForce offers better value for individual plans. This is because the family plan only covers two adults. Therefore, if you want to protect your online identity while building your credit reputation, IdentityForce is the best option.

Choosing the Most Convenient Identity Theft Protection

When selecting the most effective identity theft protection, you should base it on your key requirements. For instance, your assets, lifestyle, and risk vulnerability will help you identify the most suitable service. 

As you choose an identity theft protection provider, look at the features they offer and the value of their services. For instance, if you are a victim of identity theft, you need a service that offers fraud resolution and support. Also, you might require credit monitoring services.

On the other hand, if you need online safety services, you should go for all-in-one options that offer cybersecurity resources. For instance, LifeLock and Identity Guard come with antivirus, VPNs, and safe browsing tool kits that help combat identity theft-related crimes like phishing. Here is a comprehensive comparison of Social Catfish and Been Verified People Search 

What Doesn’t Identity Theft Protection Cover?

Identity theft protection aims to monitor your private information, credit accounts, and online platforms to identify and notify you of malicious activities. In addition, they also offer you identity recovery support and insurance to help you recover any losses you make due to identity theft. 

However, despite all the features provided, no identity theft protection service can guarantee that you will not be a victim of identity theft. As you seek the service, know it requires your support to be effective. 

It is your responsibility to keep your private information safe. While identity theft protection can offer you online safety tool kits, they cannot ensure you use them appropriately. Therefore, you are still vulnerable to losing your personal information to scammers if you lack the necessary skills to ensure your private data is not compromised. 

Bottom Line

Identity theft protection is important to ensure you recover from the crime and avoid being a victim again. While selecting a service, you need to know its cost and features to determine if it meets your requirements and capabilities. However, be prepared to spend anything within the $7 to $50 monthly.

Lastly, remember that identity theft protection does not guarantee that you will not fall into the trap of identity thieves. Make sure that you do not compromise your personal information. Learn about how hackers can manipulate you into giving it up and find ways to track if anyone is using your identity illegally. 

Which people-search website is the right choice for you? The answer largely depends on what you’re looking for. If your priority is an intuitive, budget-friendly platform that specializes in uncovering social media profiles, Social Catfish is an excellent option tailored to your needs.