What Is Identity Theft Monitoring?

Identity monitoring is a reactive, not proactive service, meaning it doesn’t automatically prevent personal information from being compromised. Instead, it aims to rapidly alert you if such information is exposed or used suspiciously. These tools can help you get a jump on any potential ID theft-related problems by quickly alerting you to issues that you may not come across simply by monitoring your accounts and credit reports, such as compromised account information being shared on the dark web.

Combined with best practices to prevent identity theft – such as safeguarding personal information, using secure networks, and using long, unique passwords – identity monitoring can help individuals strengthen their identity theft protection capabilities.

You may be extremely cautious with your own personal information. But as more and more sensitive information is stored online, the more likely it is that the information could be compromised. Anything from a credit card number and address saved at a retail store’s website, to a Social Security number associated with a health insurance plan or tax prep account, could end up in the wrong hands if a data breach were to occur.

While many organizations continually work to build impenetrable security solutions, many cybersecurity experts agree that some breaches are inevitable. So, it’s wise to safeguard yourself against all possibilities. Identity monitoring can help give you peace of mind by immediately alerting you to any suspicious activity. Then, you can quickly take action to protect yourself, whether by changing passwords, disputing fraudulent activity, or freezing your credit, for instance.

American Express^® MyCredit Guide is a free service that lets you check your FICO^® Score and Experian^® credit report. (FICO is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.) Once you enroll in MyCredit Guide, you’ll be alerted if there are any changes to your credit report – including new accounts opened, new inquiries, changes of address and more. This could help to alert you to potential signs of identity theft.

In addition, ID Monitoring from MyCredit Guide keeps an eye on your profile information across a range of internet sites. If the service detects that your profile information has been exposed or compromised, you’ll receive an alert so you can proactively address the situation.

ID Monitoring from MyCredit Guide scans certain internet sites on the Surface Web, Deep Web, and Dark Web. The Surface Web is made up of the websites indexed by typical search engines, such as Google, Yahoo, and Bing. The Deep Web consists of the part of the internet that isn’t indexed by common search engines, while the Dark Web consists of websites whose IP addresses are encrypted or hidden.

  
If the ID Monitoring service detects that your profile information (such as your first name, last name, Social Security number, date of birth, email address or primary address) has been compromised or exposed, MyCredit Guide will send you an alert to inform you of the specific accounts exposed, a description of what was found, as well as recommendations for actions you can take to help secure your data and identity – and help to prevent identity theft.

If you have an existing MyCredit Guide account, ID Monitoring Alerts are also available in addition to any credit alerts you may already receive.

If you receive an ID monitoring alert from MyCredit Guide, it means the service has found your profile information on one or more of the sites being scanned. If this happens, the first thing to do is check to see if the alert contains a specific recommended action. If so, it’s wise to follow those suggestions. For example, you may want to:

• Contact your financial institutions. Your financial institutions may offer suggestions to help protect yourself from identity theft and fraud.
• Check your credit card and bank statements. Look for any charges you don’t recognize. These can tip you off to fraudulent activity. Immediately contact the relevant financial institution if you spot unauthorized charges.
• Change passwords. Even if only one online account is referenced in the alert, you might want to consider changing passwords for other accounts as well – especially if you used the same password elsewhere. Be sure to use strong, unique passwords with lots of numbers, special characters, and a mix of capital and lowercase letters.
• Review your credit report. Ensure all information is accurate. Identifying any suspicious activity can help you get a better understanding of the problem and how to come to a solution.
• Place a fraud alert on your credit file. Contact the national credit reporting bureaus, Experian, Equifax, and TransUnion, to place a fraud alert on your credit report. A fraud alert requires creditors to take additional steps to verify your identity before opening a new account in your name. You may also want to place a credit freeze, which prevents prospective creditors from accessing your credit file altogether, usually preventing them from opening an account in your name.