Identity theft is the
fastest growing financial crime in America ... striking thousands of
victims each year. In a matter of seconds, personal
information such as a social security number, credit card number
and/or an address can be stolen and used to obtain a new mortgage,
line of credit or additional credit cards.
Victims may never know that their identities have been stolen until
unauthorized transactions appear on credit card statements,
collection notices appear in the mail or loan applications have been
declined. In a short period of time, extensive damage can be
done as a result of a stolen identity event.
Restoring one's name and good credit is a time consuming and
expensive process. On average, it takes six months to detect
identity theft and about 200 hours to recover from the crime.
Victims must endure a number of costly steps to dispute fraudulent
debts land accounts opened by an identity thief.
Our unique identity theft solution provides members with the
four
(4) components necessary to restore their identity and prevent
future incidences of identity theft.
Our program administrator maintains a level of experience and
expertise that enables them to provide the consulting and
restoration services required by financial institutions and
individuals with identity theft problems.
Identity
Monitoring
Identity Monitoring
monitors the activity associated with an identity across
multiple data sources to detect the type of fraudulent activity
that takes place prior to the theft of an individual's identity.
Sources include:
An identity fraud
usually precedes identity theft, this type of proactive alert
system is critical to mitigating the extensive and expensive
damage perpetrated after an identity is stolen and manipulated.
Identity Theft Restoration
Upon notification of
an identity theft incident, paralegals will:
-
Consult with the
covered member to determine the severity
of the theft.
-
Prepare and
overnight a customized, pre-completed, state-
specific "ID Recovery Kit©"
-
Contact all
three credit reporting agencies and obtain a free
credit report.
-
Place fraud
alerts on the covered member's credit records.
-
Notify the
appropriate bank or agency if other forms of
identification were stolen.
-
Notify local
authorities of identity theft incident.
-
Restore member's
identity to its pre-theft state.
Identity Theft Insurance
Each member will also receive up to $25,000 worth of
identity theft insurance
coverage*. This coverage will help members offset some of the cost of
restoring their identity to its original status, including:
-
Lost Wages: $500.00
per week, for up to 4 weeks
-
Re-Filing of Loans
-
Eligible Defense
Costs for Civil & Criminal Lawsuits
-
Reimbursement of
Fees: Re-filing applications for loans,
grants or other credit instruments that are rejected solely as a
result of a stolen identity event
-
And more ...
* Identity Theft
Insurance is not available in NY. Identity Theft Insurance
is underwritten by a nationally recognized Insurance Carrier
with an "A" or better AM Best rating. Coverage is limited
only to the member and not dependents.
Lost/Stolen Credit Card
Assistance
In the event a
member loses or has a credit card stolen, our paralegals will:
-
Consult with the
member to determine the severity of the
event.
-
Contact each credit
card company in question while the
member is on the phone.
-
Cancel the member's
affected credit cards and request new
replacement cards.
-
Place fraud alerts
with all three major credit bureaus.
-
Assist the member in
interpreting their credit reports.
-
Provide daily credit
monitoring from all three credit
bureaus for six (6) months to help prevent any further
fraud.