Let’s face it – finding the best ID theft protection is a must in this day and age where even young children can become victims of identity theft. With 10 million Americans getting their identities stolen every year, the possibility of you or any of your family members becoming identity theft victims isn’t that far off.

So here’s another reality check: You need protection against identity theft and you need it fast.

Identity Theft Defined

So what really is this crime that has permeated into the lives of millions of consumers draining bank accounts, leaving tarnished credit histories, and essentially ruining people’s lives?

Basically, identity theft is the act of an individual pretending to be another individual by using personal information and other sensitive data, for the purpose of stealing money or reaping other benefits. Because of the advancement of technology and the Internet, identity theft now comes in many types and forms but can only lead to one final outcome – the personal gain of the perpetrator to the detriment of the victim.

The Facts and Figures

To give you a better understanding of identity theft and how it can affect you, here are some interesting facts about it:

• The losses incurred from identity theft have gone into the multi-billion dollar territory. The total amount lost due to account fraud is well over $31 billion.
• Many consumers don’t find out that their identities have been stolen until after some time. About 9% to 18% of victims only make the discovery after four years or more.
• The perpetrator is not always a stranger. In more than 40% of cases, the identity thief was someone known to the victim.

The Red Flags

Having protection against identity theft does not always require elaborate or costly means. A stolen identity can come about simply because one is not aware of the red flags. You will learn more about the indicators that your identity may have been stolen later, but in a nutshell these are:

• Missing credit card bills or bank statements;
• Denied credit cards or loans;
• Receipt of bills for purchases you never made;
• Receipt of credit cards you never applied for; and
• “Errors” in your credit report.

How to Protect Yourself from Identity Theft

ID theft protection can be achieved in many ways. If you are diligent and patient enough to regularly spend time going over your credit reports and painstakingly securing your documents and other important information at all times, then this would be a good start to protect against identity theft.

Keep in mind that even bits and pieces of personal information that identity thieves glean from you can already go a long way in perpetrating crime. For instance, a name and a Social Security number may be all that’s needed for a person to apply for a credit card, seek employment, or to obtain health insurance benefits – and to think that this data can be easily taken from just going over your trash or stealing your mail.

Fortunately, if you want added protection and someone watching your back against identity theft, there are credit monitoring services available that can help go over your credit reports on a regular basis, send fraud alerts if something seems amiss, provide anti-virus software, and even assist you in recover if you become victim.

You still have to do your part of course, but with the aid of the best identity theft protection services consumers can have a better chance of having complete and foolproof ID theft protection.