Consumer protection laws are made to protect consumers from fraudulent business practices, defective products, and dangerous goods and services. They play an important role in a reliable market economy, helping to keep sellers honest, with no threat of unpleasant surprises.

Consumer protection laws in the U.S. comprise various federal and state laws, each of which governs a particular area of the economy. The government oversees consumer protection through the Federal Trade Commission (FTC), while states use a variety of agencies and statutes to enforce consumer protection and sometimes expand on these laws. Not all jurisdictions protect consumers in the same way, with some being more pro-consumer than others.

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Antivirus software has become a necessary tool in today’s online world. Even the most tech-savvy and cautious among us can drop their guard at times or be tricked into exposing themselves to a malware vulnerability. Antivirus protection is an essential backup against such threats. 

We’re not suggesting that PC security software is fool-proof, but it does a great job of protecting your computer against harmful malware and ransomware. Most systems come with security software baked into the OS, but this is often the bare minimum you need. Choosing to purchase more robust antivirus software will provide you with features such as an advanced firewall, sandbox environments for suspicious programs, and multi-device protection, among other things. Choosing to pay for these additional features will benefit anyone who actively uses email, clicks on links, and downloads programs.

When testing antivirus suites, we look for software that strikes a balance between excellent protection, a worthwhile selection of features, and minimal performance impact on your PC. For more information, you can read about how we test antivirus suites below our picks. 

Using a Mac? Our colleagues at Macworld have tested the best Mac antivirus.

What to look for in an antivirus suite

There are three basic requirements that an antivirus suite needs:

• High detection rate for malware and other threats
• Low impact on system resources
• An easy-to-use interface

That’s not all to consider, however. These days, many security suites come with extras such as a backup service for your most essential files, Android apps for mobile security, a more advanced firewall, family protection (read: child restriction) features, and the right to use the program on multiple PCs. Whether you need those extras depends on your personal situation.

How we test

First, we take a look at the interface to determine how easy or complicated it is. Does the interface make it easy to get at essential tools like PC scans and password managers, for example, or is everything buried under multiple clicks? Are there elements that look like they should be clickable but aren’t? Are alerts interactive or purely informational, and does that make sense in context?

We also examine the features on offer. Every good antivirus suite should have the basics like scanning and real-time protection, but many vendors offer elements that go beyond basic security like password managers or firewalls. We try to discern whether any of these extra features are particularly useful, or just frills that look nice but don’t serve a practical purpose.

To test the suite’s demand on system resources, we run two benchmarks. The first is PCMark 8’s Work Conventional test, which simulates a variety of workloads including editing spreadsheets, browsing the web, and running video chat. 

We run the benchmark before the security suite is installed. Then we install the software, have it run a full scan on our Windows 10 test machine, and start a second run of the benchmark at the same time. Then we compare the overall scores to see if the decline between the two benchmarks is significant.

As a harsher stress test, we also use Handbrake to transcode a video before and after installing the A/V. On most home PCs, this encoding task utilizes 100 percent of the CPU. We then compare transcoding times to see if there’s any significant decline.

Our test machine is an Acer Aspire E15 with an Intel Core i3-7100U, 4GB RAM, and a 1TB hard drive. Each security suite is tested on a clean install of Windows 10 Home.

As for the antivirus suite’s detection capabilities, we’ll rely on the opinions of security researchers dedicated to this task. We’ll take into consideration reports from outlets such as A-V Comparatives, A-V Test and SE Labs. 

We’ll also take pricing into account and what you get for it. 

Whenever possible we’ll review security suites using a free trial to get a sense of what consumers see when they first try out a new product.

Best identity theft protection services of August 2023

Compare the best identity theft protection services

Best identity theft protection services: Aura Individual

Plan highlights

Aura offers all-in-one protection that includes three-bureau credit monitoring without an upsell, $1 million in identity theft insurance coverage and quick fraud alerts — according to the company, it’s up to 250 times faster than the competition in notifying you of potential identity theft although we weren’t able to verify that. Other notable features include antivirus protection, a virtual private network (VPN), a password manager, identity monitoring and financial account monitoring.

Price: $12/mo or $108 if billed annually.
ID theft insurance: $1 million.
Credit bureau monitoring: All three.

Best for for comprehensive individual coverage: Norton 360 with LifeLock Ultimate Plus Individual 

Plan highlights

If you want maximum insurance coverage, the Ultimate Plus Individual plan from LifeLock is a strong choice. You’ll get separate $1 million limits for stolen funds reimbursement, personal expense compensation and coverage for lawyers and experts. The plan also includes three-bureau credit monitoring, financial account alerts that include investment accounts, home title monitoring and more.

Costs: $29.99 monthly for the first year, then $34.99 after that; $299.88 annually for the first year, then $349.99 after that.
ID theft insurance: Up to $3 million, including $1 million each for stolen funds. reimbursement, personal expense compensation and coverage for lawyers and experts.
Credit bureau monitoring: All three.

Best for large families: Aura Family 

Plan highlights

Most identity theft protection services offer family plans, but Aura is the only one on our list that doesn’t limit how many children you can include. You can also add up to five adults to your plan, and each will get $1 million in identity theft insurance coverage. In addition to all of the features of the individual plan, Aura Family also includes parental controls for mobile devices.

Price: $30/mo or $300 if billed annually.
ID theft insurance: Up to $3 million, including $1 million each for stolen funds. reimbursement, personal expense compensation and coverage for lawyers and experts.
Credit bureau monitoring: All three.

Best for couples without children: Aura Couple 

Plan highlights

Many of the best identity theft protection services offer only individual and family plans. With Aura, there’s a middle option designed for just two adults. With Aura Couple, each adult will get $1 million in identity theft insurance, along with all of the features of the Aura Individual plan at a slightly lower cost than what you’d pay for two individual plans.

Costs: $20/mo or $204 if billed annually.
ID theft insurance: Up to $2 million ($1 million per adult).
Credit bureau monitoring: All three.

Best for full-service remediation: Allstate Premier Individual

Plan highlights

If you become a victim of identity theft, Allstate manages the entire recovery process from start to finish. In addition to up to $1 million in expense coverage, the plan also provides stolen funds reimbursement, including up to $50,000 for your health savings account and 401(k) account. You’ll also get monitoring of all of your financial accounts to help you detect any potential fraud, your digital footprint and the dark web for potential threats.

Price: $17.99 per month.
ID theft insurance: $1 million plus stolen funds reimbursement.
Credit bureau monitoring: All three. 

Best for families on a budget: McAfee+ Advanced Family 

Plan highlights

If you want coverage for your family, but you can’t afford the Aura and LifeLock family plans, McAfee+ Advanced Family may be a good fit. It’s a more basic option with credit monitoring for just one credit bureau, but you’ll get $1 million in identity theft insurance coverage for each adult, and you can add up to four children to the plan. Other features include financial account monitoring, lost wallet protection, VPN access, parental controls on mobile devices and more. 

Price: $109.99 for the first year, then $269.99 after that.
ID theft insurance: Up to $2 million ($1 million per adult).
Family plan: Yes.

Best for comprehensive family coverage: Norton 360 with LifeLock Ultimate Plus Family 

Plan highlights

The Ultimate Plus Family plan from LifeLock offers all of the same features as the individual plan, but for two adults instead of one. It also includes up to $25,000 in stolen funds reimbursement for each child — you can add up to five to the plan — as well as credit file detection for the children. Identity and Social Security number alerts are available for all family members.

Plan : $48.99 monthly for the first year, then $81.99 after that; or choose $491.88 annually for the first year, then $819.99 after that.
ID theft insurance: Up to $3 million per adult, including $1 million each for including stolen funds reimbursement, personal expense compensation and coverage for lawyers and experts.
Family plan: Yes.

What do identity theft protection services do?

Identity theft protection services monitor a variety of websites and databases for any indication that your personal information has been stolen or used. In particular, you may receive a notification if your information has been shows up on one of the following:

• The dark web (this is an area of the internet that is intentionally hidden from public access and requires special software to access). 
• Social media.
• Loan or credit card applications.
• New bank accounts.
• Court or arrest records.
• U.S. Post Office address change requests.

The best identity theft protection services may also offer credit monitoring services. If your personal information is stolen and used without your authorization, you’ll typically get ID theft insurance, which can cover legal and related fees associated with restoring your identity, as well as recovery services to guide you along the way.

How to spot and prevent identity theft

There are three different types of identity theft, and it’s important to know how each one works, so you can spot the signs early on.

Financial identity theft

The most common form of identity theft, this type may involve any aspect of your financial situation, including:

• Using your Social Security number to open a new credit card, loan or bank account.
• Stealing your credit card information and using it without your permission.
• Accessing your bank or investment accounts and making unauthorized withdrawals or transfers.
• Filing a fraudulent tax return to receive a refund. 

In some cases, you may not be aware that you’ve been a victim of financial identity theft until you receive a notice about a new account you didn’t open, a statement for a financial account you don’t recognize, unauthorized charges on a bank account or credit card or a notice of a duplicate tax return.

Here are some steps you can take to prevent financial identity theft:

• Safeguard your Social Security number and avoid sharing it with anyone. Some ways to do this include locking your Social Security card in a filing cabinet or safe and never sending your SSN over email, text or message. 
• Use different passwords for each financial account and a password manager to keep track of them (Note: the best password managers typically come at a cost of around $50 per year).
• Set up two-factor authentication or biometric (think face or fingerprint) authentication on all of your accounts and mobile apps.
• Review your financial account transactions regularly — once a week is a good cadence to shoot for.
• Consider setting up alerts for charges on your credit cards and bank account.
• Request electronic statements instead of having paper statements mailed to you. Identity thieves may steal your mail and use information like your name and address to build a profile to fraudulently open accounts in your name. 
• Watch out for phishing emails and text messages, which may appear to come from a reputable source but can steal your information.
• Review your three credit reports from Equifax, Experian and TransUnion regularly.
• File your tax return early.

Medical identity theft

This type of identity theft occurs when a fraudster uses your personal information to access medical services, such as a visit to the doctor, prescription drugs or even an insurance claim.

You may become aware of medical identity theft if you receive a bill or an insurance claim for medical services you never received and don’t recognize. If this occurs, contact your insurance company and the medical provider immediately to report the fraud and learn about the steps you can take to avoid having to deal with the costs.

You can prevent medical identity theft by safeguarding your Social Security number and medical records, and watching out for phishing emails and scam phone calls asking for your medical information.

Online identity theft

Social media platforms are a mainstay in American society, but if you’re not careful, cybercriminals can use the information you share to steal personal information or to perpetuate fraud in your name. 

To prevent online identity theft, take these steps:

• Make your social media profiles private, so only your friends and family members can view key information about you.
• Avoid oversharing, particularly when it comes to personal details.
• Only accept social media follow and friend requests from people you know and trust.
• Avoid using location services to highlight places you frequently visit.

Is identity theft protection right for you?

You may consider paying for identity theft protection if you’ve been a victim of identity theft, or you believe you’re at a high risk of becoming a victim due to a accurate data breach or other event. It can also be worth it if you don’t have the time to keep track of everything on your own and need some help.

Before you opt for identity theft protection, however, make sure you can fit the cost into your budget. 

Identity theft protection vs. Credit monitoring

While identity theft and credit monitoring share the game goal — to protect you from identity thieves — identity theft goes above and beyond what you’ll get with a basic credit monitoring service. In fact, many of the best identity theft protection services include credit monitoring in one form of another in their plans.

But while credit monitoring only includes information related to your credit scores and credit reports, identity theft protection provides more comprehensive monitoring, which may include all of your financial accounts, dark web scans and more. 

Additionally, identity theft protection services may also provide resources and insurance in the event that someone manages to steal and use your personal information.  

Choosing the best identity theft protection service

There’s no single best identity theft protection service for everyone, so it’s important for you to understand your situation and needs to determine the best fit for you. Here are some factors to consider as you shop around and compare your options:

• Your budget: ID theft protection services charge varying subscription rates, depending on the plan tier you choose. Consider how much you can afford to pay each month without putting a strain on your financial situation and what you’d get with your budget.
  
• Plan options: Depending on which type of plan you’re looking for—whether you want identity theft protection for yourself, for you and your spouse or for your entire family— some ID theft protection services may be better suited to your needs than others.
  
• Features: Take a look at the different features each service provides to find the best fit. For example, some may offer you access to your FICO score, which is widely used by major lenders, while others may provide a VantageScore, which uses a different formula to calculate your score. There may also be varying levels of ID theft insurance, alerts and depth of monitoring.

Methodology

Our team has spent hours analyzing identity theft protection companies and their plans. We took a deep dive into the details of each product and that analysis, combined with our years of experience covering this syllabu informed us as we developed these rankings. We considered the following attributes when ranking company plans:

• Price, including any discounts for paying yearly vs. monthly.
• Free trials to test a plan out.
• ID theft insurance coverage amount.
• Credit bureau monitoring and if the plan covered 1,2 or all 3 bureaus.
• Any and all other types of identity-related protections like bank account monitoring, home title monitoring, social media account monitoring etc.

¹$1,000,000 Identity Theft Insurance for Eligible Losses: Identity Theft Insurance underwritten by insurance company subsidiaries or affiliates of American International Group‚ Inc.. The description herein is a summary and intended for informational purposes only and does not include all terms, conditions and exclusions of the policies described. Please refer to the genuine policies for terms, conditions, and exclusions of coverage. Coverage may not be available in all jurisdictions.

²Free Trial Offer: Offer valid for new customers only and free trial offer can only be redeemed once per customer. Full access to plan features depends on identity verification and credit eligibility. You will be billed the relevant fees for your selected services after expiration of your free trial on an auto-renewal basis, unless you cancel your free trial at least 24 hours prior to the expiration.

³60-day Money-Back Guarantee: 60-day money back guarantee is only available for our annual plans purchased through our websites or via our Customer Support team. You may cancel your membership online and request a refund within 60 days of your initial purchase date of an eligible Aura membership purchase either through your Aura Account Membership portal or by calling us at 1-855-712-0021. If you signed up for Aura through a free trial, then your membership purchase date will be the date you signed up for your free trial, and you will have 60 days from the date you signed up for your free trial to cancel and request a refund. If you switched to a new annual plan within 60 days of your initial Aura annual subscription, you may still qualify for the Money Back guarantee (based upon your initial annual plan purchase date).

⁴Child members on the family plan will only have access to online account monitoring and social security number monitoring features. All adult members get all the listed benefits.

No one can prevent all identity theft or monitor all transactions effectively.

Today Macworld is launching Smart Answers, a chatbot tool that helps you get more from our content. It’s built using Generative AI and content written by our human editors.

The way we interact with content is changing. It wasn’t so long ago you would have sifted through a printed magazine for advice on the latest consumer technology, yet it felt like a revolution when those old mags switched over to digital- and online editions. These days, everything you could ever want to read is on the internet – or more likely watch on YouTube or TikTok.

The difficulty comes in finding trustworthy, up-to-date information that precisely and immediately answers your question, and most of us tend to rely on search engines and algorithms to figure that out for us, with varying degrees of success. But faced with a page full of links to visually similar content, you’re still a step away from the information you need – two, in fact, if you need to further refine your query.

Smart Answers is our new reader service that turns content discovery on its head. You control the questions, the answers, and the delivery. It’s like having a Macworld editor at your beck and call, allowing you to request and receive specific content on demand. So why wait for the content to find you?

Try Smart Answers

We’ve worked in partnership with Miso.ai to develop Smart Answers, a GenAI tool (see What is GenAI?) that draws only on Foundry‘s complete catalog of English-language content (written by humans) to answer your natural-language questions. You’ll not only benefit from the expert knowledge of Macworld editors, but those of PCWorld, Tech Advisor and TechHive too, collectively covering the entire consumer technology sphere.

Smart Answers is fast and efficient, which means you don’t have to scroll through pages of information to find what you need. You can ask it anything, from what is the best Apple Watch for diving to which printer should you buy for your home office, or even when is the next iPhone coming out or how do you speed up your Mac. You’ll get an answer in seconds.

Ask it a follow-up question too, if you like, or browse the recommended practicing for more detail on the topic. Smart Answers is clever enough to work out what you may want to ask next, and it will even show you the best pricing for related products and services to avoid you having to search it out yourself.

Smart Answers has been trained on the type of tech-related questions our readers are likely to ask. Ask it a silly or irrelevant question and you’ll either get a silly or irrelevant answer or no answer at all. Our priority is to ensure Smart Answers is able to adequately respond to questions on the courses we do cover.

Though Smart Answers is intrinsically linked to our editorial content, our editorial function stands independently. No article published on this site has been created using GenAI.

Extensive testing has been conducted by our editors over a period of many months, with our feedback used to retrain the model. We wouldn’t be rolling this out today if we were not confident that the answers it provides are as trustworthy as if they had come direct from our editorial team.

This cycle of testing, feedback, and retraining is ongoing and will be important as we continue to add functionality to Smart Answers. Today our Smart Answers page goes live, but over the coming week, you will also find a Smart Answers block on our home page and within our articles (if you don’t have an ad blocker turned on and have accepted cookies then you should see one right above this paragraph). And this is just the start of a process that will ultimately put you in charge of your own content experience across Foundry-owned sites.

Of course, the real testing comes from you. We’ll be analyzing all search data collected by Smart Answers, and cross-checking the quality of responses, but we’d also love to hear your feedback. You can get in touch with our Editorial Director (EMEA & LatAm) Marie Black or Director of Product and Data Neil Bennett over email. Smart Answers is available in key regions around the world.

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Thesis

The equity markets have rallied incessantly this year, with most averages now recording double-digit returns:

With the CNN Fear & Greed index at 'Extreme Greed' levels, many market participants are hesitant to add further equity exposure at these levels, and rightfully so.

The Innovator U.S. Equity Defined Protection ETF (BATS:TJUL) is a newly issued exchange traded fund that employs an options collar strategy to eliminate any downside from the fund outside the annual fees charged by the sponsor:

The fund has a defined outcome period, with the options all expiring on 6/30/2025, when the collar will be renewed. The fund has concurrently purchased a 450 strike put option while selling any upside above 525 via a sold call option. This structure gives the ETF a return profile as in the above graph, with a zero loss downside and a capped 16% upside (before fees). In a numeric format, the risk/reward figures look as follows:

In the above table the 'Underlying ETF Performance' references the SPDR S&P 500 ETF Trust (SPY), while the 'Fund Performance' is the TJUL performance.

This type of full downside buffer is achieved due to the current option skew and the utilized option structure, the underlying options here being European style.

A retail investor interested in this fund needs to understand however that in order for the buffer to be valid, the structure has to be held for the full two years (you are committing to holding TJUL for two years). Also, a mathematical loss prevention upon maturity date does not prevent mark to market volatility in the meantime - TJUL can record mark to market losses until 6/30/2025.

We like TJUL for adding protected equity exposure at current market levels. With a 100% downside protection and a capped upside of 16% the fund can achieve a nice 8% annual return for the next two years with little downside.

Holdings

The fund holds three option positions:

The first option is a long position in a SPY call with a June 30, 2025, expiration and a $8.12 strike. This type of call has a delta very close to 100, meaning it acts as a synthetic proxy for an outright position in the S&P 500:

Delta is the theoretical estimate of how much an option's value may change given a $1 move UP or DOWN in the underlying security. The Delta values range from -1 to +1, with 0 representing an option where the premium barely moves relative to price changes in the underlying stock.

For a long call position, the closer the delta of an option to 100% (or +1), the more the trade acts like just owning the S&P 500 outright.

The second option position the fund has a purchased put option with a $450 strike and the same expiration date of June 30, 2025. The strike for the purchased put position is very close to the current spot level for the index, and was equal to the spot level on the fund's inception date. Basically, this leg of the option trade ensures the fund will never lose money upon the maturity of the trade. If the S&P 500 ends up being at a level below $450, the fund will exercise the put.

The third holding is a sold call option position with a $525 strike and the same maturity date. Selling a call option generates a premium, but at the same time caps the upside potential. This leg was utilized to fund the bought Put Option. Nothing is free in life, and in order for the fund to have a zero cost structure, it needed to sell a call option with a premium large enough to fund the put leg. Basically, if the index ends up at a level above $525 upon maturity, the fund will not participate in any of the upside.

Possible outcomes on maturity date

There are three distinct scenarios upon the 2-year maturity date of the options structure:

Scenario 1: The S&P 500 Index ends below 450 ('Negative Scenario') on 6/30/2025

• In this scenario, the purchased call option with a $8.12 strike is used to buy the SPY
• The $450 strike put option is then utilized to put the shares to the option seller
• The $525 sold call option expires worthless
• Outside the day 1 costs, TJUL incurs no further losses, thus the 0% total return as per the above scenario analysis from the fact-sheet
• The reason for the zero loss is the funding having bought an at the money put option

Scenario 2: The S&P 500 Index ends up at 495 ('Positive Scenario') on 6/30/2025

• In this scenario, the $450 strike put expires worthless
• The $525 sold call option also expires worthless since it does not get triggered (the strike is above the spot price)
• The fund realizes a gain of 10%, representing the increase in the SPY price from the initial levels of $450/share to the final level of $495/share

Scenario 3: The S&P 500 Index ends up at 562 ('Very Positive Scenario') on 6/30/2025

• In this scenario, the $450 strike put expires worthless
• The $525 sold call gets triggered, capping the TJUL performance at 16%
• The fund does not participate in any of the upside above the 525 strike

Risk Factors to be aware of

1 - Modelled Return profile is only valid as long as the fund is purchased around the IPO price of $25/share

The fund contains three option legs that change their values daily. While upon fund maturity the initial modelled mathematical outcome holds, a holder who purchased the fund at $24/share versus a holder who purchased the vehicle at $26/share will not have the same outcome.

2 - A zero loss upon maturity on 6/30/2025 does not equate to no volatility during the life of the trade

The fund will be marked to market daily, and each of the option legs will change their values. Depending on what the market ends up doing the fund can trade at higher or lower levels than its IPO price during the initial two year period. Do not expect a flat mark to market performance or a linear one where you only see positive numbers when the SPY goes up.

3 - The utilized options are European style options

As per the fund prospectus:

Since the FLEX Options are exercisable only on the final day of the Outcome Period, a shareholder that sells Shares prior to the end of the Outcome Period may also experience investment outcomes very different from those sought by the Fund. To achieve the Outcomes sought by the Fund for the Outcome Period, an investor must hold Shares at the time that the Fund enters into the FLEX Options and on the day those FLEX Options expire.

The options utilized here are European, meaning they are not continuously exercisable, unlike their American counterparts. If an investor decides to purchase TJUL, they should do it with the full 2-year term in mind.

4 - The fund's annual expense ratio of 0.79% is not included in the market scenarios above

An investor needs to be aware the fund charges an annual expense ratio which is not included in the above market scenarios.

Conclusion

TJUL is a newly issued exchange traded fund. The vehicle employs a collar strategy with an at-the-money put to protect the fund from any losses in the S&P 500 below 450. In exchange, the vehicle sold all its upside above 525, capping its maximum gain at 16%. The fund needs to be held for two years in order to achieve the desired result, with an investor needing to be careful to purchase the name around the fund IPO level of $25/share. The 0.79% annual expense ratio is not factored in the modeled return profile which only looks at the held options. After a significant run-up in the market this year, risk-adverse investors would do well to consider a fund like TJUL which, if held for two years, caps the downside at the annual fund expense ratio, while leaving an 16% upside to be had if the market keeps rallying. This is a compelling proposal with a fully protected downside for investors suffering from the fear of missing out ('FOMO').