In this article:
Identity theft and fraud protection for your finances, personal info, and devices.
Should You Pay for Wells Fargo Identity Theft Protection?
Wells Fargo's Enhanced Identity Theft Protection (EITP) is a paid add-on service that provides basic credit monitoring and fraud protection features to Wells Fargo bank account holders. Most people can benefit from an identity theft protection service — but digging into Wells Fargo’s documentation raises a few questions and concerns.
Behind the scenes, EITP is managed by Trilegiant — a third-party provider with a history of regulatory issues and questionable privacy practices.
If you’re considering signing up for Wells Fargo’s EITP, you should know what you’re getting for the money — and if it’s worth it.
Key takeaways
- Wells Fargo’s Enhanced Identity Theft Protection costs $15.99/month (on top of any other fees associated with your Wells Fargo account). You can get a 30-day trial for just $1.
- The privacy policy for Trilegiant — the company that provides identity theft protection to EITP customers — states that it shares your personal data with third-party marketing and business partners.
- Identity Guard provides a greater number of features, 100x more insurance coverage, and robust digital security — all at a lower monthly cost than Wells Fargo.
Is Wells Fargo Identity Theft Protection Good Enough? What You Need To Know
For $15.99/month, Wells Fargo’s identity theft protection plan includes three-bureau credit monitoring and identity fraud support. However, this support is limited to a toll-free number for advice and $10,000 in identity theft insurance coverage — significantly less than the industry standard $1 million in identity theft insurance.
You’ll also get access to monthly credit scores and a credit simulator tool that can help you improve your creditworthiness over time.
But, while Wells Fargo markets the product as its own ID theft protection solution, it’s actually administered by Trilegiant Corporation (a Tenerity company that owns the identity protection platform, PrivacyGuard).
This association could be cause for concern, as Tenerity’s privacy policy states that it shares customer data with third parties. Even more concerning is how Tenerity has been penalized in 47 states for unfair business practices.
Even if you look past these issues, Wells Fargo’s identity theft protection still doesn’t stack up when compared to other providers, including Identity Guard.
Here’s a quick overview of how Wells Fargo compares with Identity Guard:
Now, let’s take a closer look at each of Wells Fargo EITP’s features and what they provide:
Identity monitoring and protection
Despite being called “Enhanced” Identity Theft Protection, Wells Fargo’s documentation doesn’t mention any identity monitoring features. Instead, customers only gain access to identity fraud support if they become victims of identity theft.
On the other hand, Identity Guard proactively monitors nearly 80 pieces of unique information — including your contact information, passport number, Social Security Number (SSN), credit card numbers, driver’s license, health insurance ID, and more. Identity Guard sends near real-time notifications if your details have been leaked in a data breach, are circulating on the Dark Web, or appear in public records.
What you need to know: A fast response is critical when it comes to recovering from identity theft. Wells Fargo’s lack of identity monitoring and notifications can put you at risk of serious damage if fraudsters compromise your information.
Three-bureau credit monitoring with alerts
Wells Fargo EITP provides daily monitoring via the three major credit reporting agencies — Equifax, Experian, and TransUnion. This includes alerts about changes like new accounts, unexpected account activity (such as changes to your personal information), hard inquiries, and address changes.
You also get a proprietary PLUS credit score (330-830 range), although this score is rarely used by lenders.
Identity Guard offers the same daily three-bureau monitoring but provides VantageScore® 3.0 scores that are more widely recognized. The monitoring extends beyond credit to include high-risk transactions, bank accounts, retirement accounts, and real-time alerts powered by AI technology.
What you need to know: While both services monitor all three bureaus daily, Identity Guard's broader monitoring scope and more useful credit scoring model provide better fraud detection capabilities.
Identity theft insurance and fraud resolution support
The enhanced Wells Fargo identity theft protection plan provides $10,000 in insurance coverage, which is underwritten by subsidiaries of AIG. Fraud resolution support is limited to toll-free guidance to help customers understand credit reports rather than offering active recovery assistance to victims of identity theft.
By comparison, Identity Guard Ultra includes $1 million in identity theft insurance for every member, with coverage for legal fees, lost wages, and travel expenses. As a member, you have 24/7 access to U.S.-based support — as well as White Glove Fraud Resolution specialists, should you become the victim of identity theft.
What you need to know: The massive difference in insurance coverage ($10,000 vs. $1 million) could leave Wells Fargo customers significantly exposed during a major identity theft incident, especially given the limited hands-on recovery support.
Dark Web monitoring and data breach alerts
While customers receive basic data breach notifications, Wells Fargo’s protection lacks critical security features like Dark Web monitoring and cybersecurity tools that could help prevent identity theft before it happens.
The absence of these features is a major drawback in comparison to Identity Guard — which actively monitors the Dark Web for up to 40 credit cards, 10 email addresses, bank accounts, health insurance IDs, passport numbers, and other sensitive data.
All Identity Guard members also have access to a secure password manager and Safe Browsing tools to protect their login credentials from threats like phishing and credential stuffing.
What you need to know: The absence of Dark Web monitoring in Wells Fargo's service means customers may not know their information is being sold until after fraud occurs.
Privacy and reputation
In 2020, Wells Fargo was hit with a $3 billion settlement over deceptive sales and marketing practices that led to unauthorized accounts being created without customer consent. Tenerity’s data-sharing policy does little to build trust with customers who hand over their most sensitive financial information to Wells Fargo.
Identity Guard, on the other hand, maintains strict data privacy standards in line with The Virginia Consumer Data Protection Act (CDPA), and clearly states that it “does not sell information as defined by the CDPA” [*].
What you need to know: Wells Fargo's choice to outsource EITP to a company known for sharing customer data raises serious privacy concerns, especially given the bank's history of privacy violations.
Value for monthly cost
At $15.99/month, Wells Fargo EITP builds on the bank's standard fraud protection (alerts, encryption, zero liability) by adding daily three-bureau credit monitoring and a proprietary credit score. However, the service lacks the modern security features you’d expect to receive for this subscription price.
While Identity Guard Ultra typically costs $25/month, it provides a much more rounded feature set — including $1 million in insurance coverage, Dark Web monitoring, investment account tracking, home title monitoring, and advanced digital security tools.
What you need to know: You can sign up for Identity Guard Ultra for $14.99/month by using this special discount code. This option makes Identity Guard cheaper than the Enhanced Wells Fargo Identity Protection plan while offering substantially more protection.
What To Do If You Think Your Identity Has Been Stolen
The unfortunate truth is that no identity theft protection service can completely protect you against identity theft or fraud. If your personal data has been leaked in a data breach or if you’ve discovered warning signs of identity theft, you need to act quickly to secure your identity.
- Contact your financial institutions to report the fraud. Support representatives can freeze compromised accounts and issue new credit and debit cards along with online banking PINs. You can also flag any unauthorized transactions or withdrawals in order to start the dispute process.
- Secure your online accounts with new passwords and two-factor authentication (2FA). If hackers have your passwords, you need to act fast. Start by implementing stronger passwords. Then, enable 2FA as an additional layer of security.
- Place credit freezes with all three major credit bureaus. Unlike a fraud alert, a credit freeze completely blocks access to your credit file, preventing criminals from opening new accounts or running financial scams in your name. You'll need to contact each bureau individually to request the freezes.
- Order free credit reports at www.AnnualCreditReport.com. Review your files for unfamiliar accounts, incorrect personal information, and unauthorized hard inquiries. Document all unusual activity that you find, as this will help when filing disputes with the credit bureaus.
- File an official identity theft report with the Federal Trade Commission (FTC) by visiting IdentityTheft.gov. These regulators will give you an official affidavit to prove you are a victim of identity theft, along with a customized recovery plan. Consider filing a local police report as well, especially if you know the identity thief or need the report for insurance claims.
- Contact impacted companies where fraudulent accounts were opened or unauthorized charges appeared. Most vendors will require copies of your FTC affidavit before they reimburse you.
- Keep a record of all communications. Recovering from identity theft is a long and arduous process that involves a lot of paperwork and many phone calls to banks, bureaus, creditors, and government agencies. Maintain a detailed log of all events, dates, names, and conversations so you can follow up and keep the process moving.
Identity theft recovery can be overwhelming, but you don't have to handle it alone.
Identity Guard's robust monitoring helps detect threats early, and its White Glove Fraud Resolution specialists provide expert guidance through every step of the recovery process. Plus, Identity Guard’s $1 million insurance coverage helps shield you from financial losses.
