A Lot Of Consumers Are Resistant To Paying For Identity Theft Protection

Identity Theft Protection, which is quite important these days, is often neglected by consumers.

When sensitive data is stored online, the assumption is that nothing worse should ever happen to it since it is password protected and covered by encryption, ensuring that it stays safe and secure. The majority of internet buyers, in actuality, have little trust in cybersecurity. More than half of Gen Pop feel only moderately confident that their personal information is protected, and almost all regard the status of cybersecurity to be concerning in some way.

However, the continual and unavoidable exchange of personally identifiable information online. Credit card numbers and other private information are frequently linked to various applications, memberships, subscriptions, and other services, making data breaches like the recent one involving the password manager LastPass a severe problem.

In the latest CivicScience study, 82% of Americans claim that they were somewhat or extremely concerned about having their personally identifiable information breached or stolen from a firm they utilize. The concern is justified given that, according to the study, 29% of American adults have their data exposed in a significant attack.

In 2023, what steps are the customers taking- or not taking-to safeguard themselves?

1. Software for Preventing Identity Theft:

Despite widespread worries about protecting personal data online, utilization of and satisfaction with ID theft protection software has fallen since July 2021 by five % points. 32% of American individuals have utilized ID protection software in the past year; 21% have enjoyed it. People are less engaged than they once were in the software, not because they dislike it (1%), but rather because they have not used it yet and are not interested, which is a higher percentage than in the prior years.

Furthermore, 44% of American surveyed youngsters said they are not willing to pay for any form of identity protection service and thought that 25% of those surveyed claimed having snatched their identity.

2. Credit Locking and Freezing:

While it is unclear if people are now paying for it or have free access because of a data breach, credit monitoring is something that customers use quite frequently to keep an eye on their personal information. It is typically advised that people seize or lock their credit to stop additional devastation when looking agencies warn them of fraudulent behavior linked to their social security number. According to CivicScience data from January, approximately one out of ten members of Gen Pop indicate their credit is now frozen or locked, and more than one-third of them claim to have frozen or locked their credit at some point in the past.

3. Services for Monitoring Credit:

According to a survey comparing the top credit monitoring firms, Credit Karma is the most often utilized service (31% of users), especially among consumers under the age of 35. Even though people over 55 are known to be more cautious about the condition of their personal life online than younger people, Experian is still the best option for this demographic. Credit Karma takes pride in offering credit ratings without any additional costs or hidden fees. It's not out of the question that Credit Karma's popularity is closely related to its affordability given the number of people who refuse to pay for identity protection services.

It appears that although customers are concerned about the security of their personally identifiable information, they do not necessarily believe the risk is great enough to outweigh the ease and speed of making purchases online. However, the usage of ID protection and credit monitoring services is not as prevalent as the overall concern for data security. It is an intriguing contrast, and it might require other personal tragedies for people to be persuaded to strengthen their online presence’s security.

Read next: Researchers Warn Against A Massive Number Of Apps Carrying Security Flaws In Their First Year Of Existence
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