The IT revolution has yielded smartphones, digital banking and cloud services, forever changing the financial services sector. Now anyone with even a simple smartphone can be connected to a wealth of digital services. But there is one major issue with the IT revolution. It is now easier than ever for criminals to steal personal information and funds, all without ever leaving their homes.
The spread of digital financial services has not come without consequences, but there are ways of protecting personal information and personal finances. TransUnion, one of the major credit bureaus, has launched an identity theft protection service named TrueIdentity. Credit bureaus like TransUnion are well equipped to handle identity theft issues. These companies already deal with fraud and falsified information on credit reports. There are also forced to comply with many kinds of regulations.
TrueIdentity is a free service provided by TransUnion to help consumers protect vital personal information and keep up to date with the best identity protection methods. TransUnion firsts ask the question “How does identity theft happen?” directly on the front page of the TrueIdentity website. TransUnion believes the first step of protecting against identity theft is understanding how the theft works. The TrueIdentity service has a wealth of facts and information readily available for customers to help them adapt to the changing face of identity theft.
The next step of the TrueIdentity service is a three-step process to protect against identity theft
Touch Credit Lock
TransUnion offers a 1-touch credit lock tool in case of emergencies. With this tool, customers will be able to disable access to their TransUnion credit report with either the swipe of a finger on a mobile device, or the click of a mouse on a computer. If customers suspect suspicious activity on their credit report, they can easily disable any new inquiries and block any attempt by thieves from apply for new credit lines. If the customer wishes to apply for credit, they can easily turn the TransUnion credit score back on.
By signing up for the TrueIdentity service, customers can receive instant alerts whenever anyone applies for credit in the customer’s name. If the customer is applying for credit themselves, the alert will be expected. But if an identity thief attempts to apply for a loan or credit card using the customer’s name, they’ll be able to see the credit check in real time.
TransUnion Reports & Alerts
TransUnion also offers a 24/7 service that runs at all times on customer’s credit report. All the customer’s personal details are laid out and the credit report can be refreshed instantly with an unlimited number of refreshes. The TransUnion service running in the background will scan for strange names or addresses on credit reports, which can be the first sign of fraudulent activity.
Identity theft is both troublesome and on the rise. Now more than ever are people uploading personal and vital information into computers, cloud services and smartphones, leaving many vulnerable to cyber thieves. But with TrueIdentity by TransUnion, people can start fighting back with knowledge, alerts and protective services to stop identity theft before it happens. TrueIdentity is a completely free service, but offers premium features such as your TransUnion credit score and 3 credit bureau monitoring for $9.95 a month.
Edited by Wes