Offering Identity Theft Protection as a Benefit

WIth 96% of all Americans owning cell phones, and the vast majority of those being smart phones, it’s no wonder that identity theft has reached epidemic proportions.

• In 2017, 6.64 percent of consumers became victims of identity fraud — that’s about 1 in 15 people

• Overall, 33 percent of U.S. adults have experienced identity theft, which is more than twice the global average

• One in five victims of identity theft have experienced it more than once

• Over 1 million children in the U.S. were victims of identity theft in 2017, costing families $540 million in out-of-pocket expenses

• There’s a new victim of identity theft every 2 seconds

• Identity theft is one of the most common consequences of data breaches, and exposed consumer records jumped 126 percent in 2018

While identity theft is more often than not thought of as financial in nature, there are actually a number of types of identity theft:

1. Financial Identity Theft

Bank accounts and credit cards are accessed and used illegally allowing withdrawal of money or max out of credit cards. Or identity is used to take on loans and get new credit cards… destroying the credit reputation of the victim.

2. Driver’s License Identity Theft

Either used by the thief or sold to someone else, this can wreak havoc on the victims driving record, should someone else using the identity be involved in an accident, a violation, DUI, etc. affecting current car insurance rates, or any attempt to obtain new car insurance.

3. Criminal Identity Theft

Here the driver’s license or other official ID can be used to give law enforcement a fake identity, resulting in a criminal record being created in the victim’s name, which can affect getting employment, loans, etc.

4. Social Security Identity Theft

Whether one wants to admit it or not, an SSN number is essentially your U.S. identification number and should be treated with care. WIth a fake SSN, criminals can defraud the government in your name, be used to gain official docs such as passports, and since it is used by banking institutions take out loans and credit cards in your name.

5. Medical Identity Theft

To commit fraud involving health insurance and medical coverage. Make false claims. Lead to incorrect diagnosis and other complications.

Other types of theft include insurance identity theft, child identity theft and synthetic identity theft.

Luckily you can get protection from this insidious invasion of your privacy and other legal snafus as part of your benefits package from forward-thinking companies that offer a legal package.

To see what August Benefits offers through our partner ID Shield, click here.