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What is the first thing people do when they are a victim of identity theft?
- 1. March 15th , 2017 What is the first thing people do when they are a victim of identity theft? Jessica Mashburn, Secure Identity Systems, LLC Call their bank, of course! Identity theft and fraud are at an all-time high because breaches increased by 40% last year* and are not slowing down. The bad guys remain one-step-ahead and everyone is reminded every time we turn on a TV or read the news about a new, massive breach.
- 2. 2 People naturally look to their banks to protect their money, and in almost all cases, financial fraud starts with identity theft. Everyone knows it's not a matter of "if" but "when" and are paying $10- $30+ a month for identity monitoring to protect themselves. Consider the opportunity… 50% of consumers said they would switch their financial institution for one that offered better protection against Identity Theft. -Harris Poll Is your customer base at risk? The connection is clear. People look to their banks to feel safe and a bank that offers the most robust security and identity/fraud protection wins. Did giving away barbecue grill sets ever really work? New account opening incentives are nothing new. Finding a new product that will appeal to a large percentage of people is a crapshoot and a cash incentive is a one-time deal. What we do know is that millions of people are paying hundreds of dollars a year for identity monitoring. When a bank offers this protection for free, it doesn't just provide a one-time incentive to open an account, but a daily reason to stay. How can your bank differentiate itself in a competitive market? Don’t just provide a service you can add to your product list! Opportunity is lost by simply posting an “identity theft protection” ad on your homepage at a discounted rate (this does not work). Directing victims to an impersonal call center for identity theft recovery services also puts your reputation at risk. To gain true differentiation, banks should provide Identity Monitoring to proactively alert to suspicious activity as well as professional, personalized Restoration Services. Along with community awareness and education, banks are also able to communicate they are keenly aware of the threat and are making it a priority to protect their customers.
- 3. 3 Strategy is the key to a successful Identity Theft Protection Program. With proper marketing, implementation, community and customer education, a successful Identity Theft Protection program will: • Provide true differentiation in competitive markets. • Increase new account openings & existing customer loyalty. • Significantly increase non-interest income and reduce staff time and resources. For more information contact Jessica Mashburn at Secure Identity Systems®. Secure Identity Systems provides program strategies that enables banks the ability to offer Free Identity Theft Monitoring and Restoration services to customers. jmashburn@secureidentitysystems.com or 615-732-7105. *Identity Theft Resource Center, January 26, 2017.