How to deal with identity theft

As Category Manager of Fraud and Security Services for Deluxe Financial Services, Nicholas Buri has a deep understanding of the fraud-related issues facing financial institutions today. He has dedicated the last six years of his career to helping banks and credit unions gain new insight, create consumer loyalty, increase security and grow revenue.

You know the statistics on identity theft: the Federal Trade Commission (FTC) calls identity theft the fastest-growing white-collar crime in the United States. It affects seven to 10 million people annually, and is a $56.6 billion problem for our country.

But were you aware that the impact of identity theft may be much deeper – and expand much further – than the statistics imply? It is suggested that a mere 5-10 percent of fraudulent incidents are reported each year. That means that scores of cases are never documented.

According to the latest figures, theft of personal information tops the list of consumer security concerns and accounts for the largest percentage of all complaints filed with the FTC. It is a problem with no end in sight.

And, consumers aren’t the only victims. When consumers fall prey to identity theft, financial institutions become victims too. According to recent research, the average case of identity theft totals $6,383. Consumers shoulder only seven percent of that burden, leaving businesses – especially financial institutions and credit issuers – to cover a significant portion of the cost.

In addition to fraud-related write-offs, the financial institution also loses valuable productivity. Resolution and recovery consume considerable time and resource for front-line employees – preventing them from focusing on promoting financial products and services and strengthening consumer relationships.

Deluxe Financial Services has discovered a way to reduce the impact of identity theft for both consumers and financial institutions. It has developed Deluxe ID TheftBlock 2.0, a multifaceted suite of identity theft recovery and protection services.

Consumers appreciate the peace of mind that comes from having Deluxe ID TheftBlock, which could increase their consumer satisfaction and loyalty. And, financial institutions clearly see the value of it in helping them preserve productivity, minimizing write-offs and differentiating their business. We offer two levels of service: Theftblock Basic or Plus.

The Basic package is an identity theft recovery solution. Financial institutions provide this basic level of service as a complimentary account benefit. Deluxe ID TheftBlock Basic ensures that if an account holder becomes a victim of identity theft, they will receive the help they need, including:

• Support and resources: qualified, personal assistance from an Identity Theft Recovery Unit for up to six months.
• Credit report: professional agent walks through credit report with victim and mails printed copy.
• Credit report monitoring: monitoring of credit report activity each business day for six months.
• Security alerts: notification of certain credit report changes, additions or inquiries for six months.
• Expense reimbursement: up to $2,500 for qualified expenses as a result of identity theft, at no additional cost to the consumer, after a $250 deductible.*
• Fraud prevention e-Newsletter: helpful fraud information sent monthly via email.

Deluxe ID TheftBlock Plus is a proactive identity theft detection and recovery solution. It can be provided as a complimentary account benefit, or consumers may buy coverage for themselves. It enables the account holder to identity early signs of identity theft, and gives them the help they need should an identity theft occur. The package provides:

• Proactive credit report monitoring: ongoing monitoring of credit report activity each business day for as long as the consumer is enrolled in the service.
• Membership kit/credit report: initial credit report, along with a personalized list of creditors and other helpful information.
• On-line credit reports: consumer has anytime, on-line access to his or her credit report during enrollment.
• Security alerts: notification of certain credit report changes, additions or enquiries for as long as the consumer is enrolled.
• Deluxe check order screening: monitoring check orders for account take-over for as long as the consumer is enrolled.
• Expense reimbursement: up to $2,500 for qualified expenses as a result of identity theft, at no additional cost to the consumer, after a $250deductible.*
• Fraud prevention e-Newsletter: helpful fraud information sent monthly via e-mail.

Deluxe ID TheftBlock Plus can also be provided to affected account holders in the case of a data security breach for a predetermined period of time. This gives account holders the peace of mind they need to feel protected, which will go a long way in preserving their relationship with their financial institution.

For more information about Deluxe ID TheftBlock and how it can help minimize the impact of identity theft for consumers and financial institutions, call 888-633-5893, and select option 3. Or, visit www.deluxe-idtheftblock.com.

*Expense reimbursement does not cover lost or stolen funds and cannot be combined with other coverage on the account. Expense reimbursement is not available to New York residents.