Big news:  the mega insurance company Nationwide and Allied had a massive data breach. Totals thus far stand somewhere around 1.1 million identities captured from their information systems. This is just another drop in the bucket as far as data breaches go. These occurrences are just becoming a way of life, and we as consumers are numb to getting these letters stating that some criminal accessed your personal information.

Would you let an escaped convict have the key to your front door? That’s precisely what these letters are informing you of, stating your personal front door was broken open. To ease worry and reestablish trust, Nationwide offers one year of credit monitoring. A good analogy would be to call a dentist when the escaped convict is in your house versus calling the police.

Nearly 97.5% of all identity theft happens between years 2 and 5 after a data breach. These false senses of security from companies who offer this band aid is to show customer loyalty.

However; one of our jobs here at Sequr ID is giving you facts. Fact time:

1 year of credit monitoring with no restoration is a calming tactic.

If you want to continue with credit monitoring coverage, the cost goes up usually $10-$15 per month.

It is your responsibility to clean up the mess if the monitoring catches something.

Credit monitoring only catches 16% of identity theft.

So if credit monitoring only catches 16% of Identity theft why do so many companies offer it? The answer is simple; customer retention at the lowest cost. They are not worried about the other 4 types of identity theft that are out there. Their whole goal is keep you as a client and give the illusion that all is fine and they are on top of it. Sequr ID’s job is help you understand what is really going on as educated consumers. We are always here to help and answer any of your questions. No one likes to be taken advantage of or led to believe they are covered when in actuality coverage is not adequate.

If you have received one of these letters, please give us a call so we can help you.

If you would like more information, or you think someone might have stolen your identity and you would like more information.  You can contact our office, here in Lincoln, located on 1135 M Street Suite 210.  You may also call (402) 405-0438 or email us at info@sequrid.com