Identity theft is a major problem, but these 5 credit card protection programs can help keep you safe

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• As identity theft and fraud continue to rise, keeping an eye on your credit activity is essential.
• Some credit card programs offer protection services, which range from free to nearly $17 per month.
• You should play a role in reviewing transactions and checking your credit report on a regular basis.
• Read Insider's guide to the best rewards credit cards.

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Your Social Security Number, your credit cards, your social media accounts, and more – there is an overwhelming amount of valuable information attached to your name. Unfortunately, there are plenty of criminals who are looking to cash in on that private data.

In 2020, the Federal Trade Commission received nearly 1.4 million reports of identity theft – doubling the number it received in 2019. That's a big number, but the dollar signs behind it underscore the size of the issue: A recent study from Javelin Strategy & Research estimates that fraud and identity theft losses totaled $56 billion last year.

Everyone is a target for identity theft, and if you fall victim, it's a violating (it's happened to me three times) and frustrating process of calling banks, canceling cards, and scrutinizing your credit report. Rather than making yourself easy prey for cybercriminals, there are plenty of simple ways to keep a closer eye on activity that impacts you and your credit.

Read more: Credit card fraud is on the rise, but you can protect yourself by taking 5 easy steps

While some companies specialize solely in identity protection – think LifeLock, IdentityForce, and Zander – there are convenient options from major names in the credit card industry that can provide a layer of security around your personal information.

Credit card identity theft protection programs

You've heard plenty about Discover's line of credit cards, which offer enticing cash-back rewards without any annual fees, but you don't have to have a Discover card in order to sign up for the company's Identity Theft Protection program. It's available to everyone – not just existing Discover cardholders – and it delivers a fairly in-depth approach to defending against cybercriminals.

Read more: The best Discover credit cards

There are some Experian-specific alerts with Discover's program, too. You'll get updates about your credit balance and utilization according to Experian, which is a good way to monitor your credit score. The $1 million insurance coverage is comparable to LifeLock's offering, but the $15 per month price tag is steep – especially because you have access to free weekly credit reports from all three credit bureaus through April of 2022.

However, if you're really looking for peace of mind, that recurring charge can be a worthwhile expense. Think of it like paying for another Netflix subscription – one that helps you avoid being the subject of your own movie about being a victim.

American Express aims to attract new CreditSecure customers with an enticing introductory offer: Pay $1 for the first 30 days.

Read more: The best American Express credit cards

After that, the program is $16.99 per month, and it's fairly comparable to Discover's offering. However, one notable difference is the lack of assurance of identity theft insurance.

Chase's Credit Journey is a free service, and you don't have to be a Chase cardholder to use it. This is a strong option that won't add any weight to your monthly budget. I use it regularly to track my credit score, but it is important to note that the credit score is the VantageScore 3.0.

This is still a helpful way of understanding how your history of payments and your credit utilization is impacting you in the eyes of a lender, but not all lenders use the VantageScore. There is also a simulator tool that allows you to see the potential impact of big financial decisions such as paying off all your debt or opening a new credit card.

Read more: 3 different agencies collect the information that determines your credit score – viewing each of your credit reports is key to maintaining a good score

The drawback is that you're only seeing your credit report from Experian. Since the three credit bureaus report things differently, this can feel like looking in one room of a house for robbers while failing to bother checking the two bedrooms in the basement.

Capital One's CreditWise feels fairly similar to Chase's Credit Journey. The free price tag is a difference-maker versus paid services, and the information is helpful in getting a good – but not complete – portrait of your overall credit.

Read more: When someone else opened a credit card in my name, I might have panicked – but thanks to free credit monitoring it was no big deal

The limitation is the two-bureau credit monitoring. If something significant changes on your Equifax report – say someone manages to open a new credit card via a lender that uses Equifax to evaluate potential borrowers – you might have no idea.

If you have a credit card with a Mastercard logo in your wallet, you're one tap away from activating the company's ID Theft Protection for no charge. Using the service is a no-brainer – some free identity theft protection is better than none at all.

Read more: Here's what to do if your credit card is lost or stolen, whether you're at home or traveling abroad

However, Mastercard's coverage comes with the same downside as Chase and Capital One: Not monitoring all three credit bureaus.

The biggest defense against identity theft protection: You

While all of these services can play a helpful role in preventing a criminal from using (and potentially ruining) your identity, you can play an active role in keeping your information confidential. Put those free weekly credit reports to use while you can to keep a close eye on any activity surrounding your name.

Read more: The FTC says you should do 3 things right away if you think your identity has been stolen

If you're really worried about someone opening a new account in your name, consider freezing your credit. It adds a wrinkle when you actually want to apply for a loan or a new credit card, as you'll have to manually unfreeze it, but it does ensure that no one can run your name and your credit through the mud.

Fraud with existing accounts makes up a bigger slice of the cybercriminal pie, so be vigilant about reviewing your transaction history on your credit cards. You already spend plenty of time online and on your phone, so take five minutes each day to make sure all the charges look correct. If there is a purchase you didn't authorize, immediately call your bank. Make sure your credit cards come with zero liability protection policies, which means you won't need to pay for any unauthorized charges.

Read more: A security expert says credit cards are still the safest way to pay, but you should 'lie like a superhero' when you set up the account

And finally, be responsible with your devices and your internet access. Set tough-to-crack passwords (those do not include 1234), and enable two-step verification. Avoid unprotected Wi-Fi networks where your information is just a few clicks away from showing up in one of the dark web searches included in any of these ID protection services.

David McMillin has written about credit cards, mortgages, banking, taxes, and travel for the past 10 years. His goal is simple: help readers figure out how to minimize fees and maximize rewards.

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