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How Does IDStong's Financial Fraud Detection Work

IDStrong's financial fraud detection can help you by constantly monitoring your personally identifiable information (PII) like your social security number (SSN), credit card numbers, debit card details, employer identification number, bank accounts, driver's license number, and other data. When we find your information exposed, we alert you so you can take quick action to secure your data to prevent identity theft or other fraud.

Americans lose around $3 billion each year due to financial fraud. The FTC (Federal Trade Commission) can barely keep up with the millions of complaints from victims. Financial fraud can have various forms and can affect anyone, as personal information is often exposed due to data breaches, hacking incidents, and malware infections.

The Dangers of Financial Fraud and Data Exposure

Your SSN is tied to every important document concerning your identity and can be used to commit identity theft and various types of fraud. Identity theft can wreak havoc in your life and combined with financial fraud, could leave you devastated. Some of the dangers of data exposure and financial fraud include:

  • Online shopping poses risks due to malicious or infected websites, which could lead to your credit or debit cards being stolen and used without your permission. Depending on the situation, your bank may or may not reimburse you for the funds lost, and you could be left with substantial debt that isn't yours.
  • Bank account fraud is becoming much more common, and if your account number is exposed, criminals could cash checks withdrawing funds from your account. All they need is the bank routing number (which is easy to get) and your bank account number.
  • After identity theft or a data breach, you are much more susceptible to fraud schemes such as phishing emails, scam phone calls, and other types of financial fraud.
  • An account takeover is where someone gains access to your account (bank, credit, debit, etc.) and changes the password locking you out, making the need for account takeover prevention services so vital.
  • If you stop to get gas or use the ATM, your card details could be stolen due to skimming.
  • Using your driver's license or other ID, cyber thieves could gain access to your other online accounts and charge debt, steal money, or obtain even more sensitive information about you.
  • Scammers can also use your SSN to file fraudulent tax returns in your name collecting the refunds.
  • Identity thieves often open new accounts in your name, ruining your credit and amassing debt.
  • Identity theft can also lead to other financial crimes, such as embezzlement, bank fraud, check fraud, credit card fraud, investment fraud, mortgage fraud, and insurance fraud. Fraudsters are not always strangers; sometimes, they are your own family members, friends, or caregivers.

How Can Financial Fraud Detection Help Me?

Our financial fraud detection keeps a close eye on all the accounts and information that you provide to us, and then if we see it compromised online, we take steps to alert you of the danger so you can immediately contact the bank or credit card company and close the account. You may have only a short window to dispute any suspicious charges, which is why it is so critical to monitor your information 24/7.

Our financial fraud protection service helps to monitor your bank, credit, and debit accounts as well as your social security number, driver's license, and other forms of identification and personal information that show up exposed online. If any suspicious activity occurs, you can take swift action to initiate a charge reversal before possibly suffering any substantial financial losses.

If your driver's license, state, or military ID is lost or stolen, you must contact the issuing entity as soon as possible for a replacement. One way to know quickly is through identity theft protection and financial fraud detection.

It’s important to monitor both your financial information on the dark web and your credit reports so you are covering yourself preemptively and post identity theft.

How IDStrong Works

1. Monitor

We will continuously monitor your personal and financial information for any potential threats on the dark web and beyond

2. Alert

We will instantly notify you if we detect that your information is leaked, exposed, or breached

3. Resolve

Our identity protection experts are available 24/7 to help you take the necessary actions to restore your identity

Our Benefits

Identity Monitoring

We monitor billions of records on the dark web and alert you if we detect that your information is exposed or traded

Credit Monitoring

We monitor your credit profile for any suspicious inquiries, new loans, or any credit related changes

Home Monitoring

We monitor your property and alert you if we detect that there has been a change of address or ownership

$1M Identity Theft Insurance

If you fall victim to ID theft, we will provide you with up to $1 million in coverage with a no deductible for identity theft recovery expenses

Lost Wallet Assistance

If your wallet is lost or stolen, we will provide you with quick and reliable help in navigating the recovery process. We will walk you through the entire process every step of the way

Identity Restoration

If you experience identity theft, our fraud resolution team will deliver step-by-step support to investigate and restore your identity

Frequently Asked Questions About Financial Fraud

How Does Financial Fraud Occur?

Financial fraud occurs when someone utilizes deceptive or misleading tactics to exploit individuals or businesses, leading to the loss of money, capital, or compromising their financial integrity.

Can Financial Fraud Result in a Monetary Loss?

Yes, many financial scams perpetrated online cost consumers a lot of time and money to identify and resolve. They can also result in substantial financial losses and stolen money or other various personal assets.

How Easy is it to Detect a Financial Scam?

Usually, financial scams are difficult to detect because the victim is unaware that the fraud is occurring. The best way to ensure your information stays secure is to take a proactive approach, check all your accounts for any suspicious activity, and use our financial fraud protection service for regular financial alerts.

Can Identity Monitoring & Protection Help Avoid Financial Scams?

Identity monitoring and protection cannot protect against all financial threats and scams, but it will give you the advantage of keeping a close eye on your information. We also take steps to send you alerts and notifications if your data becomes compromised.

What is Included in Your Financial Fraud Detection Service?

Our financial fraud detection service gives you access to regular credit information and reports, credit restoration service, credit/debit card and bank account monitoring, alerts, and notifications if your data is found on scam sites, along with other useful tools included with our membership services.

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