Identity Theft Continues to Threaten the Public
 Gary Livesay, Vice President,
Agency Services
Iowa Bankers Insurance & Services
Identity theft/fraud has become this nation’s number one crime in the past 15 years. With the proliferation of computers, the rapid expansion and use of the Internet coupled with the advances in technology, the perpetrators of ID theft/fraud are having a field day. The Federal Trade Commission estimates that over 9 million Americans per year are having their identities stolen in some fashion.
When one of your customers discovers their identity has been compromised, the first, natural thing they do is panic. The second thing they will do is call you, their bank. The amount of help a bank provides to a customer can vary greatly. But the truth is, depending on how deep into your customer’s identity the perpetrator has penetrated, bank personnel typically have not been trained or have the expertise to know what all needs to be done, to not only stop the identity theft/fraud that is occurring, but to begin the restoration process to make your customer whole again. How your bank reacts can affect your customers’ perception of your bank. Your reputation is now on the line.
This is a reputation that has taken your bank years to establish, but one that can take only a second to disappear. Identity theft/fraud can strike anyone, at any time, and with media attention and public concern increasing, your customers are looking to you for a solution. Providing identity theft/fraud services to your customer base sends a clear message that you care and that you’re taking action on their behalf. This is where the Iowa Bankers Association can assist your bank in providing you and your customers with some of the best identity theft/fraud products and services in the marketplace today. The IBA, in conjunction with Iowa Bankers Insurance & Services, offers three programs to assist your bank and its customers should identity theft/fraud occur.
The first program is offered by America’s leading identity theft solution company, Identity Theft 911. It is a resolution service and responds when your customer’s identity has been compromised by assigning a personal advocate to your customer. This personal advocate will then work with your customer from the first call they make to report the problem, until the crisis is resolved and your customer’s identity is restored – giving your customer access to a trained specialist. It also provides a customized web page with a direct link off the bank’s home page. To view, go to www.iowabankers.com and click on Identity Theft.
The second program is a Security Breach Resolution program that responds and enhances the Incident Response Plan of a bank’s Information Security Program. In the event of a security breach, this program helps financial institutions assess the breach and manage incident response enabling the financial institution to react quickly and effectively. Like the first program, a personal advocate would be assigned to the customer to resolve the problem.
The third and final program is underwritten by Travelers Insurance Company of St. Paul, MN., and is entitled Identity Fraud. This is an Expense Reimbursement Policy that allows the victims of identity theft/fraud to recover the majority of the expenses associated with restoring their identity.
Identity theft/fraud can be devastating to businesses, financial institutions and individuals alike. In the competitive financial arena banks find themselves in today which depends dearly on attracting new customers and customer retention, I can not think of a better product or service to offer. For more information on IBA’s/IBIS’s Identity Theft/Fraud products and services, contact Gary Livesay at (800)532-1423 or glivesay@bankers-ins.com.
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