Even the Most Careful Can Fall Victim

Identity Theft, A Booming Industry and a Growing Threat

Consumers have more personal data stored online than ever before. This growth has made them a target for identity thieves and led to skyrocketing rates of identity theft.

A recent report showed a 79% increase in identity thefts over the past few years¹, despite companies putting more security features in place each year. Thieves have worked to keep pace with these security improvements, leaving many still vulnerable.

Over that same period, almost half of consumers say they experienced some form of identity theft.² 

These statistics show the increasing problem identity theft is to consumers nationwide and the importance of having identity and credit protection benefits to monitor and protect against these attacks.

Costs of Identity Theft Recovery

Few people are aware of how expensive and time consuming having your identity stolen can be. The same Javelin report found that: 

• The average cost to an individual rose from $201 to $1,551 over the last few years
• 9 hours on average to resolve general identity theft issues³
• 16 hours on average to correct problems that involve charges on a fake account.

Going through this process alone while also juggling a job and other life responsibilities can be stressful.

What Identity Theft Solutions are There?

Identity protection benefit plans provide help if you suspect your identity has been compromised and guidance if your identity has been stolen. 

Providers will help with next steps like:

• Freezing your credit
• Recovering stolen funds
• Restoring your identity

On top of these response benefits, many also offer proactive ones including:

• Monitoring for suspicious activity 
• Alerts you if your email or Social Security number appear on a fraudulent site
• And more

^1,3 2022 Identity Fraud Study: The Virtual Battleground from Javelin, written by John Buzzard.
² U.S. Identity Theft: The Stark Reality from GIACT.

How Member Resources can Help

Member Resources’ Legal and Personal Protection Plan makes it affordable to provide these services to your union members or employees. Your members would have access to all of the benefits mentioned in this article, as well as legal and roadside benefits. 

Schedule a brief call to discuss options and how we can help you. You can also fill out the contact form below to receive some informational materials to assist you in the process.

In-depth information about benefit plans is also available here on our website.