Identity theft occurs when a criminal impersonates you using your personal information (which may include your name, address, Social Security number (SSN), and more) for financial gain.
It represents a major threat for Americans: in 2024 alone, the U.S. Federal Trade Commission (FTC) received over 1.1 million identity theft complaints totaling over $12.5 billion in losses.
You can protect your identity and watch out for signs of fraud by signing up for an identity theft monitoring service.
These companies monitor several key aspects of your identity for signs of fraud and can help you respond quickly if you do get compromised.
Identity Theft Monitoring – What Is It?
In broad terms, identity theft monitoring is a service provided by private companies to help protect you from identity theft. While the details vary between services, they involve monitoring your identity in several different areas to identify risks and look for signs of fraud.
By enrolling in an identity theft monitoring service, you get the ability to proactively track risks to your identity without having to do any of the leg work yourself.
How Identity Theft Monitoring Works
The way that identity theft monitoring works depends on the type of service you sign up for, and the company that provides it. But identity theft monitoring works by tracking your identity across a few key areas:
Credit monitoring
When someone uses your personal information to fraudulently apply for and open a new credit account, such as a credit card or loan, that information will show up on your credit reports.
Identity theft monitoring services track recent activity and changes to your credit profile to look for warning signs of fraud, which may include:
- New applications for credit in your name
- New accounts opened in your name
- Payments and balances on your existing accounts
- Name changes and new addresses
- New public records
IdentityIQ Sends real-time alerts whenever information gets added or changed on your credit reports, regardless of whether the activity is legitimate or not. This way, you can stay informed about all the information on your credit report and respond to signs of fraud faster.
Plus, IdentityIQ provides regular copies of your credit reports and credit scores, helping you track your financial health and creditworthiness in the eyes of lenders and other third parties.
Related: How Does Credit Monitoring Protect You From Identity Theft?
Dark Web Monitoring
The dark web is a more anonymous area of the internet that cannot be accessed by regular search engines. While there are many legitimate reasons to use the dark web, it also contains illegal marketplaces that sell stolen consumer information, such as SSNs, credit card info, and login credentials.
Some identity theft monitoring services regularly scan the dark web to look for signs that your information has been compromised and is up for sale. At IdentityIQ, we use dark web scraping technology to continuously search thousands of websites, chat rooms, and forums, and alert you if we find personal information including:
- Credit card and debit card numbers
- Login credentials
- Medical ID numbers
- Social Security numbers
- Phone numbers and addresses
- Passport numbers
Public Records Monitoring
Identity theft monitoring can go beyond credit reports and the dark web. Signs of fraud can show up in other places, such as public records databases managed by government organizations, private companies, and other third parties. At IdentityIQ, the public records databases we monitor include:
- Change of address databases. We monitor address records with over 180,000 data furnishers, the U.S. Postal Service, and the National Change of Address registry. We alert you whenever there is a request to change your address, which could be a sign of attempted fraud if you did not move.
- SSN databases. Our system scans a wide range of databases for activity that matches your SSN, including financial institutions, utility companies, and more. If we find activity related to your SSN, we will let you know.
- Application databases. When criminals use your stolen data to submit applications to open fraudulent accounts, that information can show up in a variety of places. IdentityIQ monitors networks with financial institutions, utility providers, and other companies to look for applications that contain your information, even when a credit check was not performed.
- Financial accounts. IdentityIQ can look for abnormal spending patterns, unauthorized charges, and transactions with unusual merchants to flag suspicious activity on your financial accounts.
How to Respond to Identity Theft Alerts
When the identity theft service identifies activity that should be brought to your attention, it will send you an alert. IdentityIQ can send customer alerts via email and your online account, and even a push notification on your phone if you have the IdentityIQ app.
If you determine the activity is fraud, you will need to quickly respond to recover your identity and prevent further damage. The actions you take depend on the nature of the fraud, but common steps may include:
- Reporting identity theft to authorities. You can report identity theft to the FTC and, if necessary, the police. Reporting identity theft can get the ball rolling on restoring your identity and can help you dispute fraud in the future.
- Freeze your credit reports. You can freeze your credit reports for free with all three credit bureaus (Equifax, Experian, and TransUnion) to block credit checks, meaning no one will be able to open fraudulent credit accounts in your name. You will simply need to lift the freeze whenever you need to submit a legitimate application for credit.
- Check your account. Read the statements for your financial accounts including your bank, credit cards, investment accounts, and more. Check for unauthorized transactions and suspicious activity and report fraud to the financial institution.
- Protect your SSN. Do not carry your Social Security card around and keep it in a safe place in your home. Do not share your SSN with anyone unless it is necessary and limit the information you share about yourself online.
- Working with your identity protection service. Some identity theft monitoring services can provide you with assistance in recovering your identity. For example, IdentityIQ can assign customers an identity restoration expert to manage their case, helping you put together an action plan to dispute identity theft and prevent future fraud from occurring.
Identity Theft Monitor FAQs
Here are common questions asked in reagrds to identity theft montoriing:
1. What does identity theft monitoring do?
Identity theft monitoring scans your credit, personal data, and public records for unusual activity. It alerts you to potential fraud in real time.
2. How does credit monitoring help prevent identity theft?
Credit monitoring tracks new accounts, inquiries, and changes to your credit report, helping you spot suspicious activity.
3. How does dark web monitoring work?
Dark web monitoring searches hidden sites and marketplaces where stolen data is sold, notifying you if your personal information appears.
4. What information is monitored for identity theft?
Monitoring may include credit activity, SSN usage, public records, financial accounts, and dark web data to detect signs of identity fraud early.
5. What should I do when I get an identity theft alert?
Review the alert, verify the activity, check financial accounts, freeze your credit if needed, and report suspected fraud to the proper authorities.
6. Do identity theft monitoring services really work?
Yes, identity theft monitoring services help detect early warning signs of identity theft, giving you the chance to respond quickly and reduce the risk of monetary loss.
Take Control of Your Identity Before Someone Else Does
Identity theft monitoring can act as an early warning system for fraud. It continuously monitors records like your credit reports, dark web marketplace listings, and public databases to look for signs that your personal data has been compromised, or someone is using your identity.
Proactive monitoring can help you stop identity theft in its tracks and begin the recovery process much faster.
Beyond simple monitoring, IdentityIQ offers a full suite of digital protection services, including antivirus software and virtual private networks (VPNs), to keep you safe online. Plus, you get a team of identity restoration experts on your side and up to $1 Million Stolen Funds Reimbursement4 to help you recover your identity after fraud occurs.
Do not wait until your data shows up on the dark web or suspicious activity appears on your accounts. Sign up for IdentityIQ . Take control with IdentityIQ to gain the peace of mind that identity protection experts are watching out for you.
