With such potential losses, it becomes clear that identity theft protection provides an important defense against a much higher potential loss.
In our current uncertain times, folks are trying to make the most of each dollar spent, and nobody wants to take on unnecessary expenses. Those looking for the value of an Identity Theft Protection actually don’t have to look far at all, and will quickly find the potential cost of not having it.
This Spring, the 2021 Identity Fraud Study which is produced by Javelin Strategy & Research, painted a disturbing picture. In the US in the year 2020, 49 million consumers fell victim to scams. This resulted in a total of fraud losses of $56 billion dollars, with $13 billion of this total via traditional identity theft where the victim is not aware of the event, and the bulk of the losses, $43 billion, through identity theft scams where the victim in retrospect can pinpoint the actual scam event.
The report goes on to indicate that due to the 2020 pandemic, ID theft scams are on the increase as more of us shift towards using online banking. The report shows this included the shift towards transferring money via  such tools as digital wallets along with peer-to-peer (P2P) accounts.