If you are thinking about adding employer-paid identity protection to your benefits package, you may have questions about the value such a benefit brings to both your employees and your business. As a benefits manager, you’re responsible for vetting an array of options to find benefits that provide the perfect mix of utility, necessity, and […]
Customer Stories: How these employees were protected from the emotional and financial toll of Identity Theft
Identity theft can happen to anyone, anywhere. It can be as simple as someone stealing your mail and using your personal information to open up a new credit card, or as complicated as your personal information becoming exposed across the internet due to a massive data breach.
No two identity theft cases are the same, but they do share one thing in common: the traumatic effect the repair process can have on its victims. Maybe you’re in the process of buying a house, and a credit report riddled with mortgages that aren’t yours completely halts it. Or, your bank account is frozen following a string of bad checks that you didn’t write, and major bills are coming due.
Stressful, not to mention time-consuming, financial situations like these can have a negative impact on an employees’ ability to perform their job. But identity prevention and repair benefits can mitigate these threats.
Note: For privacy, all names have been replaced.
The case for detecting fraud early
When employees are protected by credit monitoring and fraud alerts, potentially disastrous incidents of theft and fraud can be caught early — preventing untold stress, time and financial damage — allowing them to stay focused at work.
Within a span of 48 hours, a thief applied for eight different accounts using Sharon’s identity. She was immediately notified by her fraud investigator, who then contacted all eight financial institutions to report the credit applications as fraud — four of which had already been approved and opened. Two contained account balances.
One of these newly opened accounts was an auto loan for $24,000 obtained at a car dealership. Within hours of the filing, an AllClear ID fraud investigator contacted the sales manager at the car dealership. Because the thief provided all the right paperwork, and with a matching driver’s license, the thief drove away what the manager now realized was a stolen car.
Using the suspect’s cell phone number, which was listed on the loan application, the AllClear ID investigator came up with a plan to lure the thief back to the dealership with the promise of a $400 rebate. In the meantime, the AllClear ID team made multiple calls to coordinate with local law enforcement. The next day, the suspect returned to the dealership in the stolen vehicle to collect the rebate and was apprehended by police. It was then discovered that the stolen vehicle contained FedEx, UPS and USPS packages addressed to different people, thousands of dollars in stolen merchandise, and personal identification information for dozens of people.
The thief was found guilty and incarcerated.
Had Sharon not been protected by AllClear identity theft prevention, it may have been months until she realized the scope of fraudulent activity undertaken using her identity. And despite the significant extent of the theft, Sharon was never put under any undue worry or financial insecurity. From Day 1, AllClear’s licensed fraud investigators handled her case and worked to restore her identity, her credit and her good name and reputation.
11 Mortgages, 1 Phone Call
A potentially messy and bureaucratic process is head-ache free with identity repair benefits that protect employees when theft occurs.
After discovering he had eleven mortgages listed on his credit report — none of which were his — Michael called AllClear ID’s fraud investigation team for help. An investigator was immediately assigned to Michael’s case, and walked him through every step of the repair process. On Michael’s behalf, his AllClear ID investigator disputed the mortgages with numerous creditors and credit bureaus — an intensive process that required multiple calls, letters and follow-up over a three month period (credit bureaus are notoriously slow to act). Within 30 days of his fraud team’s final letter, the last mortgage was removed from his credit report. Michael’s credit score was not impacted.
A would-be financial disaster is thwarted
In 2019, Maria’s social security number was fraudulently obtained and used to hack into her checking account. The thief transferred out Maria’s entire savings — $32,933 — and then wrote checks against the account for $73,000 more. Following this, Maria’s account was frozen and she had no access to her money. Maria contacted AllClear ID and her investigator immediately alerted the bank of the fraudulent activity. The timing was critical as the bank imposed a 60-day limit with which to submit disputes. Maria was understandably frustrated — she had no access to her money! To make matters worse, Maria’s bank submitted her claim incorrectly, delaying the process further.
Maria’s fraud investigator took further action by working with the Consumer Financial Protection Bureau, and a week later her money was returned. However, the account remained frozen due to the numerous bad checks written against it. AllClear ID investigators went to bat again on Maria’s behalf, disputing the frozen account with the bank until it finally agreed to remove the freeze from her account.
These real-life stories of identity theft and fraud illustrate dozens of hours of phone calls, paperwork and lost productivity that didn’t happen. Because Sharon, Michael, and Maria each had a licensed fraud investigator working on their behalf to resolve their case with expediency, the damage caused by identity theft and fraud did not cause further destruction, affect their job, or their future financial security. Plus, each was relieved of the stress of navigating the complex world of credit bureaus, financial institutions and law enforcement.
An employer-paid identity protection benefit provides the perfect mix of utility, necessity, and affordability to make it worth adding to your company’s financial wellness benefits package. All it takes is for a couple of employees to utilize the benefit for your business to achieve a complete return on your investment. For a complete cost analysis, talk to one of our identity theft protection experts.