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Updated on Monday, December 28, 2015
Updated 3/15/16: BillGuard is now known as Prosper Daily
Prosper Daily is an identity theft protection service offered in the form of a mobile app. It’s an all-in-one solution for your finances that allows you to monitor your purchases, budget, credit score as well as identify potential fraud.
Since its inception in 2010, Prosper Daily has been responsible for discovering $70 million of unauthorized charges. The company has 1.2 million users and saves customers an average of $300 per year. Prosper Daily was awarded “Best Finance App of 2014” by the Google Play Store, and in September 2015, it was acquired by Prosper and is continuing to grow.
What makes Prosper Daily different from other identity theft protection companies out there? The power of its community. When Prosper Daily users mark a charge as suspicious, and the same charge appears on your account, you’ll be alerted.
It’s available for both Android and iOS, and there’s a basic version available for free if you want to give it a try before committing to a paid plan.
Overview of Prosper Daily’s Identity Theft Protection Service
First things first, while Prosper Daily has two tiers of service, only the “Ultimate” plan gives you complete access to its identity restoration service.
With the “Ultimate” plan, a dedicated representative will be assigned to your case and will work alongside you to restore your identity. You won’t have to make all the phone calls or file all the paperwork.
Additional Prosper Daily services are broken down into three categories: track, protect, and resolve.
Track: You can monitor your transactions, budget, and credit score from the app via the “smart inbox.” The identity theft feature here is the ability to track where your credit card has been used. If a transaction is registered away from your general area (based on your phone’s location), you’ll receive an alert.
Protect: You can stay on top of securing your identity with Prosper Daily’s alerts. If anything is suspicious, you’ll immediately receive a notification on your phone about it.
Resolve: Arguably the most important feature (and the one you’re paying for), a Prosper Daily representative will help you restore your identity if it’s compromised. It also gives you the option to report a fraudulent charge directly from the app, and you can authorize Prosper Daily to contact a merchant on your behalf to resolve a suspicious or wrongful charge.
A Word on Identity Theft Insurance
$1 million identity theft insurance is included with the “Ultimate” package. From Prosper Daily website, “Recovering from identity theft can itself cost a fortune. If you suffer identity theft, we’ll spend up to $1 million on experts who can help you recover, plus travel costs and lost wages.” It’s important to understand what this insurance is for and how you can benefit should your identity get stolen. There are common misconceptions around the insurance provided by identity theft protection services.
This insurance is for the purpose of helping you recover your identity. The $1 million insurance does not cover $1 million in stolen funds. Prosper Daily will reimburse “unauthorized electronic funds transfers of up to $10,000 resulting from any one Stolen Identity Event,” but there’s a large difference between $10,000 and $1,000,000.
The insurance is beneficial because you likely won’t incur any out-of-pocket expenses associated with recovering your identity, such as lost wages from taking time off of work, fees from going to court, replacing documents, hiring a lawyer or babysitter, etc.
Insurance provides peace of mind if you end up in a worst-case scenario with someone filing for your taxes, or having to go to court to fight a creditor. However, note that the insurance kicks in only for costs that are a direct result of identity theft.
How Prosper Daily Works
As we mentioned, you get the added bonus of monitoring your spending, your credit score, and your transactions in one app. If you like budget solutions apps like Mint offer, you’ll enjoy having access to that through Prosper Daily .
How will you know when something is amiss? Prosper Daily will send you a push notification on your phone alerting you to any suspicious activity. You’ll also receive at least one email alert in case you’re away from your phone. You can view your alerts within the app and take action (if necessary) from there.
What kind of alerts will you receive? Prosper Daily notifies you of:
- Suspicious charges on your credit card
- Errors with your billing statements
- Your cards being used away from your general location
- When someone attempts to open an account in your name
- Your personal information being sold online
- Data breaches where you’ve recently shopped
Prosper Daily includes other services such as credit monitoring and access to your credit score. Now, with both the free and “Ultimate” plans, you will get your TransUnion credit score updated monthly, along with the factors that influence it, so that you can work on improving them. While the three-bureau credit monitoring only comes with the “Ultimate” package, know that you can sign up for free credit monitoring on Credit Karma or Credit Sesame.
How Much Does it Cost?
Prosper Daily has two account tiers:
Prosper Daily is free and allows you to monitor one financial account. You get access to the smart inbox, a feature that allows you to look through transactions and alerts quickly. You can also view your spending analytics, and you’ll receive alerts when credit card, bank fraud, and data breaches occur. This could be a good option for teens and some young adults.
Prosper Daily ID Protect is the real deal as it gives you access to the full service for identity restoration. It’s $9.99 per month ($83.88 annually – $6.99 per month), which is comparable to what other companies are charging. Added benefits include credit monitoring from all three bureaus, black market surveillance, Social Security number fraud alerts, and $1 million identity theft insurance.
Prosper Daily is very transparent in telling customers what they get for their money. It places emphasis on the fact that common solutions to identity theft (such as credit monitoring) aren’t enough to protect you, while noting that nothing can fully prevent identity theft from occurring.
If you’re skeptical of how safe your information is with identity theft protection companies after seeing what LifeLock has been going through with the FTC, Prosper Daily addresses security concerns in this article on its site.
Lastly, the CEO of the company, Yaron Samid, encourages customers to email him directly and promises he’ll reply.
Alternative Identity Theft Protection Services
If monitoring your financial accounts from your phone or from an app doesn’t appeal to you, there are other options out there.
One is Zander, which is web-based, though you’ll receive alerts via email. At $6.75 per month for individuals ($75 annually) and $12.90 per month for families ($145 annually), it’s a great bargain and a no-frills solution to protect your identity. It doesn’t offer credit monitoring (which you don’t need as you can get it elsewhere for free), but it offers identity theft restoration services, educational tools, black market surveillance and a $1 million expense protection plan.
IDShield is another alternative at $9.95 per month for individuals, and $19.95 per month for families. The individual plan costs the same as Prosper Daily and has many of the same benefits. These include credit monitoring from TransUnion, credit inquiry alerts, black market surveillance, monitoring of court records and your Social Security number, and licensed investigators that will fully restore your identity. IDShield also provides a $5 million service guarantee.
Prosper Daily is a great identity theft protection service for those who want to receive alerts on their phone while they’re on the go. It’s also a good solution for people who prefer having one app where they can manage their finances. The “Ultimate” plan makes the most sense for those looking to outsource identity restoration in the event their identity or information is stolen.