Consumers Can Purchase Insurance For ID Theft Protection
Identity thieves can steal your sense of well-being, your good credit and your money.
Now, several banks and insurance companies are selling identity theft insurance. NewsChannel5’s Adam Shapiro looked at whether purchasing this protection is worth it.
On Wednesday, identity theft crook Jerome Moonie was sentenced to two years for his crime, but he’ll be out of prison before most victims are able to fix their credit.
That’s why ID theft insurance may sound like a good deal. But make sure you know what you are buying.
Identity theft is a crime that totals almost $50 billion, and has 10 million victims nationwide, reported Shapiro.
Maureen Mitchell, of Cleveland, is one of those victims.
“Being the victim of identity theft is equated to financial rape and all the insurance in the world will not minimize the emotional trauma to the victim and the invasion of privacy that has occurred,” said Mitchell.
Mitchell has her identity stolen six years ago, and has been trying to get her life back ever since.
“The paper work in this brief case alone represents 400 hours of time, effort, blood, sweat and tears, and this is just our first round of ID theft — there’s another briefcase at home,” said Mitchell.
National City Bank Vice President Thomas Munoz says that studies have shown that it takes as long as two years for a customer to restore their identity.
This is one reason National City is getting ready to offer customers identity theft insurance, called Identity Protect.
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