Wells Fargo vs Discover: Securing Your Identity For The Future

well fargo

Useful security add-on for existing Wells Fargo card holders. Advanced Access verification is used to protect large monetary transfers.

  • 2 plan options at different price points
  • Quarterly bureau credit reporting and scoring
  • Notifications are sent via text and phone call for instant alerts
discover

Provides comprehensive monitoring and surveillance of online and offline activities. Excellent level of credit monitoring with monthly 3-bureau credit reports.

  • Up to 10 children can be added to a plan free of charge
  • 24-hour customer service for added support if fraud is detected outside of regular hours
  • Substantial number of security features including dark web surveillance and a fast alert system

The modern consumer uses the internet several times per day to carry out regular tasks. Unbeknownst to many of us, we consent for our information to be stored by hundreds of websites. What’s more, cybercriminals are constantly on the hunt to steal from vulnerable internet users. 

With so much confidential information (including banking details and financial data) now accessible online, people must prioritize identity protection.

If you’re investigating security options for you and your family, deciding between Wells Fargo vs. Discover is a likely sticking point. We’ve put together this guide to take you through the pros and cons of each before making your decision.

Wells Fargo vs. Discover: Comparison

WHAT YOU GET

WELLS FARGO

DISCOVER

Pricing

Coverage

  • Wells Fargo card holders


  • Discover card holders and their children

Core Security Features

  • 3-bureau credit monitoring
  • Quarterly credit reports sent to customers
  • 24/7 bank account surveillance
  • Fast alert system if suspicious activity or unusual transactions are detected
  • Contacts customers via phone call or text
  • Provides PLUS scores (monthly with Enhance plan)
  • Recovery assistance if theft occurs
  • Extensive online and offline surveillance to prevent identity fraud
  • Dark web surveillance reduces risk of confidential information being sold illegally
  • US-based customer service is available 24/7
  • Easy-to-use digital dashboard to access and monitor your account
  • Highly rated mobile app is available for Android and iOS users
  • Zero liability protection for unauthorized transactions
  • Payday loan alerts for accounts open in your name (covers over 90% of lenders)
  • Address change alerts if your information appears in the national database

Insurance and Fund Reimbursement

  • Up to $10,000 insurance reimbursement
  • Up to $1,000,000 insurance reimbursement

Latest Offer

QUICK FACE-OFF

Similarities

  • Both providers perform surveillance and monitoring of your bank accounts and credit card activities.
  • Accounts and activities are tracked 24/7, ensuring customers are protected outside of regular business hours.
  • Alert notification systems are in place to let you know if any suspicious activities are detected with your accounts, credit score, or transactions.
  • Either provider allows customers to access their accounts via mobile apps and desktop platforms.
  • To avail of identity protection from each service, you must be an existing customer of either respective company.
  • Wells Fargo and Discover apps are highly rated on mobile app stores.
  • Both providers offer 3-bureau credit monitoring and send their customers regular 3-bureau credit reports.
  • If identity theft or fraud occurs, both providers offer to assist through their fraud resolution specialists. Their expert teams guide customers through every step of the processes, from the very moment fraud is reported.
  • Zero liability protection is offered by Wells Fargo and
  • Discover, supporting their customers if unauthorized purchases are made on their behalf.
  • Both companies offer their services at similar price points.
  • If you lose your wallet or credit card, both providers can assist you in canceling your cards and ordering replacements quickly.
  • Customers can sign up to either provider swiftly through their online processes.

Differences

  • Wells Fargo offers 2 different plan options, compared to the single plan provided by Discover.
  • Discover is family-friendly and offers up to 10 children to be added to a policy for free. Wells Fargo doesn't offer a set family plan to its customers.
  • As part of its Enhanced plan, Wells Fargo provides its customers with a simulator. This allows you to project outcomes if common actions are taken, such as paying off bills or loans. This is a unique feature.
  • Discover customer service can be contacted 24/7.
  • Discover offers up to $1,000,000 in insurance reimbursements for stolen funds, loss of income, or other fraud-related costs. Wells Fargo coverage is significantly lower, offering up to $10,000.
  • Discover carries out extensive online surveillance, including dark web monitoring, to detect potential threats to its customers. Wells Fargo doesn’t offer the same cover level and is primarily focused on bank and credit information.
  • Discover regularly searches criminal databases and alerts its customers if their names are registered in legal proceedings or records. Customers are also notified if sex offenders or known criminals are reported in the area.
  • Discover gives users access to a unique dashboard to access their information, alerts, and notifications.

Wells Fargo Features and Services 

Identity Theft Protection Features

Wells Fargo identity theft protection comes as an optional purchase for new or existing customers. As an add-on product, this is quite limited when compared to other identity protection providers. 

Wells Fargo monitors its customers’ information for suspicious activity or potential identity theft 24/7. As soon as an issue is detected, the customer is notified via text or phone call.

Mobile banking sessions are encrypted, and Wells Fargo only supports web browsers that meet its encryption criteria. Advanced Access verification is used to ensure transactions are safe and authorized. Two-factor authentication is an option for customers who want additional security for account log-ins.

Wells Fargo claims to be working toward improved security for its customers.

Credit Monitoring

Wells Fargo credit monitoring includes round the clock account surveillance and 3-bureau credit monitoring. If your banking behavior seems unusual, your account may be flagged, leading to restricted access until identity clarification is complete.

For customers who regularly use different devices for online banking, this level of security can be advantageous.

Recovery

Wells Fargo offers up to $10,000 in insurance reimbursement if identity theft occurs. Customers are also given access to a fraud resolution specialist. Wells Fargo credit and debit cards come with zero liability protection, meaning customers will be fully reimbursed if unauthorized card transactions are made. 

Plans and Pricing

Wells Fargo plans are divided into 2 categories: Identity Theft Protection and Enhanced Identity Theft Protection.

Identity Theft Protection

This package is the basic add-on for Wells Fargo customers. It includes features such as quarterly credit reports, 3-bureau credit monitoring, credit file change alerts, and up to $10,000 in insurance reimbursements.

This plan is very affordable, costing just $12.99 per month.

Enhanced Identity Theft Protection

This more extensive package includes all aspects of the standard plan plus additional features such as a PLUS score tracker and simulator.

It is slightly more expensive at $15.99 per month.

Pros and Cons

PROS

  • The 24-hour standard plan is competitively priced at just $12.99 per month.
  • Advanced Access security feature protects your finances during large transactions.
  • The Wells Fargo app is highly rated on both Android and Apple app stores.
  • There is 24-hour bank account monitoring plus credit and debit card surveillance.
  • Customers are notified of any suspicious activity quickly by phone call or text.
  • Wells Fargo Identity Theft Repair Kit helps guide you through fraud reporting.
  • 3-bureau credit monitoring.
  • Zero liability protection comes as a free add-on.
  • Credit simulator option allows you to see potential outcomes if certain actions are taken.
    Personalized fraud assistance if theft occurs.

CONS

  • For zero liability protection to come into effect, claims must be made promptly.
  • There is no Wells Fargo family plan for identity protection.
  • Wells Fargo has a history of misusing customers’ identities.
  • Up to $10,000 in insurance reimbursements is significantly lower than many competitors.
  • Plans are heavily focused on credit scores and information rather than identity protection.
    Don’t provide 24/7 customer service or an emergency contact.
  • No dark web scanning or in-depth internet monitoring.
  • Much of the security services offered can be done by any individual.
  • Wells Fargo does not monitor court records or important databases for potential threats.

Discover Features and Services 

Identity Theft Protection Features

Discover identity theft protection provides comprehensive cover through a range of excellent security features. Discover scans and monitors the internet (including the dark web) for potential fraud being committed in your name or using your SSN.

Discover also surveys national databases to ensure that no one is using your address fraudulently. Discover can alert its customers if there are offenders in their area by regularly scanning criminal and court records.

With so much of your information now stored online, this level of surveillance and protection can be necessary to keep your data safe.

Credit Monitoring

One of the key benefits of Discover credit monitoring is that it provides customers with monthly summaries of 3-bureau credit reports. Credit scores can be a useful indicator of bank fraud. Through regular surveillance, Discover and its customers can often notice irregularities very quickly.

As soon as changes are noted in a customer’s credit file, they are alerted through the Discover system. 

Recovery

If identity fraud or stolen data occurs, Discover offers its customers up to $1,000,000 in insurance reimbursements. This covers stolen funds, lost wages, legal fees, and other related costs. Customers will also gain access to Discover’s US-based fraud resolution specialists.

Due to its zero liability guarantee, Discover never holds its customers accountable for unauthorized purchases using Discover cards. 

Pricing and Plans

Identity Theft Protection

Discover identity theft protection is available through one plan, unlike many competitors who offer a variety of packages. However, this plan is competitively priced at just $15 per month.

While there is no specific Discover family plan, up to 10 children can be added to your package for free. This is an excellent aspect of Discover’s offering, as people with large families often pay high fees to include additional members. Each child avails of the comprehensive services outlined above.

One major drawback to this identity theft plan is that it is only available to Discover credit or debit card holders.

Pros and Cons

PROS

  • Low price considering the number and depth of security features.
  • Dark web surveillance lowers the risk of your identity being sold online.
  • Up to 10 children can be added to your plan free of charge.
  • Round the clock customer service is available in case of emergencies.
  • 3-bureau credit reports are provided monthly.
  • The Discover app is available for Android and iOS and is highly rated in both stores.
  • Alert system immediately notifies customers if theft occurs.
  • Up to $1,000,000 in insurance reimbursements for identity theft victims.
  • Fraud resolutions specialists can assist in recovering stolen data.
  • Easy-to-use digital dashboard to access alerts and account information.

CONS

  • Discover plans are limited to Discover credit and debit card holders.
  • With only one available plan, there is no variety of choice for customers.
  • Daily bureau monitoring only includes Experian, leaving the other 2 major bureaus unmonitored.
  • Spouses or partners can’t be added to a plan, so they must purchase their own.
  • If fraud costs you more than $1,000,000, you’re not covered for the excess.
  • Alerts are only sent digitally, meaning customers may not receive them immediately.
  • Discover identity theft protection doesn’t include anti-theft software; it just monitors activity.
  • There is no free trial to test out the service.

Conclusion

discover

These 2 companies offer very different packages. While both provide comprehensive monitoring and surveillance of financial accounts and credit scores, Discover also offers extensive online and offline security features, including dark web protection.

Wells Fargo’s quarterly credit reporting is trumped by Discover’s monthly 3-bureau credit reports and scores. Although both providers send out fast alerts if suspicious activity is detected, Discover’s intuitive digital dashboard makes account and alert access very easy.

A key benefit of each service is that they provide their customers with dedicated resolution specialists if theft occurs. However, Discover’s customer service team is available 24 hours a day in case of emergencies. Wells Fargo’s customer service has limited availability.

Wells Fargo has 2 plan options compared to Discover’s single package. Unfortunately, neither of Wells Fargo’s plans come close to offering the level of identity protection that Discover does. For just $15 per month, Discover offers much better value with its plan.

A significant drawback with both choices is that you must be an existing card holder to be eligible for their protection plans. However, both companies are leading financial institutions with millions of US-based customers.

There is one standout choice for anyone deciding between Wells Fargo and Discover to purchase an identity protection plan. Discover offers a much more comprehensive security service at a very reasonable choice. You can look out for your children’s safety by adding them to your plan for free.

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