Sadly, the only monitoring going on with the myFICO® Identity Theft Security Deluxe product is every three months. However, that is not really true monitoring. A true monitoring product has a registration with the credit bureau program to receive an alert when something changes (probably implemented using database triggers). In case of this product, there will be a myfico.com initiated soft pull every three months, on the clock - I am assuming it will be on time. 3 months IMHO is too long of a lapse and a lot can change if you have an active credit profile (or are the victim of ID theft).
This is basically identity theft insurance solution with the ability to get TU scores every 3 months, and at the rate of paying 3x the monthly fee it is about $13 per TU report+score (also, the $25 K id theft insurance). However, for someone who needs a quick TU score, the $4.xx is a well spent investment.
You can cancel online by going to the Support section. Here a simple search will allow you to fetch the "contact customer service" URL. At that page, the drop-down inputs and radio buttons allow you to choose product and reason. Customer support is very prompt (usually an hour or two). Once canceled, your score and report disappear, so print if you need it.
You can cancel at any time, unlike Score Watch, which requires a 3-mo committment if paying month-to-month (although I don't understand how that can be enforced if someone refuses to pay).
