The best identity theft protection services help you detect, prevent and recover from identity theft. They often also monitor your credit files, provide extra credit reports and offer advice on how to keep your credit scores high.
Identity theft cost American consumers $56 billion in 2020, according to Javelin Strategy & Research. About $13 billion of that happened without the victim’s knowledge or participation. The other $43 billion was due to identity-fraud scams, such as a phone call telling you that your Social Security number is in jeopardy.
Identity theft can result in credit-card fraud, theft of Social Security numbers and full-on impersonation. You often don’t even learn your identity has been stolen until you’re denied a loan, your credit cards are rejected or your tax refund disappears.