Group Identity Theft - Identity Theft Protection Employee Benefits Program

IDENTITY THEFT OVERVIEW

Nearly 10 million Americans were victimized in 2002, a 41% increase over 2001. The cost to the U.S. economy was $53 billion of which business paid $47.6 billion. According to the Federal Trade Commission, Arizona, Nevada, California, Texas, Florida and New York have the highest number of victims per capita. The impact is profound and it is escalating dramatically.

PROGRAM OVERVIEW

A group identity theft program helps prevent, detect and resolve identity theft issues for employees. The program accomplishes this through providing a series of services including employee education, credit reporting, credit monitoring, fraud monitoring, and resolution services through quality vendors using group discounted pricing.

THE NEED

It is safe to say that, statistic aside, the amount of media attention given identity theft indicates the vast and escalating nature of the problem. Yet previous systems to accomplish the three pronged goal of prevention, detection and resolution are not readily available, of questionable quality, expensive or difficult to administer.

EMPLOYER ADVANTAGES

Reduces the work place involvement in the individuals identity theft problem
Reduces employee use of employer resources (Security, Privacy and Legal)
Demonstrates employers concern for employees and, by reference, customers and data associated with each
Adds a high profile benefit for a modest cost relative to other benefits
Proactive strategy as level of safety against a future data loss

EMPLOYEE ADVANTAGES

Perceived value of three to four times the employer cost
Reduces the time needed to resolve the identity theft problem
Reduces stress in an emotional time
Reduces the frequency of identity theft occurrence

OTHER CONSIDERATIONS

No employer involvement in payroll deduction
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