August 4, 2005
By: Lynsey Paulo
Undated--Wells Fargo is the latest bank offering consumers identity theft protection. Wells Fargo says it can help minimize your risk. The service provides credit reports from the three bureaus and daily credit report monitoring.
Banks and credit card companies, even the credit bureaus vary on identity theft protection services. Most offer a free trial period, then charge you a monthly fee.
Wells Fargo charges $12.99 a month. Bank of America, $11.99 a month.
Steve Blackledge with California Public Interest Research Group says banks should offer ID theft protection for free because companies, including Wells Fargo, have had security breaches putting customer information at risk.
In a statement, Wells Fargo says "those affected customers were offered an ID theft protection service for free and that at Wells Fargo, safeguarding our customers and their information is a top priority." but what the company Wells Fargo is using to provide its ID theft protection service, called trilegant, is being sued by the attorney general for deceptive marketing. One more reason you should shop around before paying to protect your identity.
There are ways you can protect your sensitive information on your own.
Click here to find out how.