The Federal Trade Commission estimates that as many as nine million Americans have their identities stolen every year. To help customers protect their financial and personal information, Fifth Third Bank has introduced a new identity theft protection product – Fifth Third Identity Alert Premium SM – offering proactive solutions including:
- Triple Bureau Daily Credit Monitoring* – monitors a customer’s credit report at all three major credit reporting agencies, alerting customers to any changes in their credit, regardless of the agency recording it 1.
- Child’s Social Security Number Monitoring* – scans identifying information that accompanies credit reports and pre-credit data records (such as property ownership, court, legal and criminal records, and bankruptcy filings) for a child’s social security number 2.
- Application Monitoring with Text Alerts – helps prevent information from being used fraudulently on credit and service applications by scanning information provided by thousands of businesses in real time. Customers may choose to be notified of any activity by text message, email or both 3.
- $1 Million Identity Theft Insurance and Fraud Assistance – provides up to $1 million in financial compensation for qualified expenses should a customer become an identity theft victim. Customers also are assigned a dedicated specialist who will work with them in restoring their ID 4.
The new solution also offers monthly credit reporting from all three major credit agencies, plus a credit score simulator to see how certain actions would impact the customer’s credit scores.
“Identity theft is a growing concern, especially considering the amount of personal information available online and through social networks,” said Todd Clossin, executive vice president and chief administrative officer, Fifth Third Bank. “Our customers look to us to not only help them manage their money and investments, but to also help them protect their financial well-being. They have told us that identity theft protection is one of the most valuable services we can offer.”