Maybe I am too close to the industry, but it seems that the media loves talking about identity theft.
It fits the media’s mantra:
Create fear and anxiety, keep people over 60 glued to the news channels and sell Prozac and shredders.
One of my investments, Lifelock , has been in the press a great deal as a result of the flood of media attention. Today there was a nice piece in MSNBC about a new partnership and some cbackground on our board members .
Here is my simple take. You can’t prevent ID theft in total. The thieves get better and Equifax and the Credit Card companies are in business to approve credit. Your information is freaking everywhere. Shredding documents is a good idea. Checking your bank account and credit card statements every month is a must and buying insurance like Lifelock is a good idea. This is a problem that will grow. It is a cost of living in the on-line world.
Insurance is an expense and is by no means perfect, but is a product that American’s have accepted for most industries and civilians and is one that should work for identity theft.