Identity Theft Steals More than Personal Information
June 3, 2006
Productivity and profitability inevitably suffer when employees bring outside
concerns into the workplace. Fortunately, employee assistance programs (EAPs)
are highly successful in helping workers manage many personal issues. But
traditional counseling and referral services are not equipped to help victims of
this country’s fastest growing crime—identity theft.
According to a 2003 study by the Federal Trade Commission, the lead agency in the fight to reduce identity theft, almost 10 million people in the United States discovered they were victims of some form of the crime during the previous year. The total annual cost of ID theft to businesses and financial institutions was estimated to be $47.6 billion. The cost to its victims: approximately $5 billion. And these figures are climbing.
Even more than personal information, ID theft steals time, money and peace of mind. Victims are forced to spend countless hours closing tainted accounts, opening new ones and repairing damaged credit. Until they are successful, they may be victimized repeatedly as they are denied new credit. ID theft victims may also incur significant legal fees and lost work days attending court hearings and clearing their name. Some have even been mistakenly arrested and jailed for crimes committed in their name.
Employers who appreciate the overwhelming and far reaching consequences of ID theft can take two important steps to protect their workers.
Raise ID theft awareness by reminding employees to safeguard personal information:
Shred all material containing social security or other account numbers. Never reveal personal information to strangers who e-mail or call. Make sure your own credit card is returned following a transaction. Check credit card and bank statements carefully for unauthorized charges. Request a credit history report annually, and verify its contents.
Provide ID recovery service as part of the employee benefits package
The standard Inova EAP reduces the emotional burden of ID theft by including Integrated ID Recovery. This service provides toll free access to an identify recovery professional who, with the caller’s permission, can provide immediate confirmation of suspicious activity. Pending evidence of ID theft, the program offers the following:
No fee 30-minute consultation List of agencies to be contacted ID theft recovery packet (sample form letters and the Identity Theft Protection Guide) Option to upgrade to Enhanced ID Recovery at a discounted fee
Enhanced ID Recovery, which also is available to employers on a capitated basis, provides significant advantages to victims and employers alike.
With as little as three hours of an employee’s time, specially trained professional handle the time and energy-consuming paperwork and negotiation needed to restore a credit history on behalf of victims. Through close relationships with credit reporting agencies, Enhanced ID Recovery resolves most ID theft issues in two to three weeks instead of the six months individual victims commonly spend.
“Prompt resolution of identity theft cases helps workers regain their peace of mind and employers regain productive workers,” says Joe Roche, executive director, Inova Employee Assistance. “It’s a cost-effective and efficient means of getting the job done.”
Inova Employee Assistance helps identity theft victims regain control of their lives with minimal workplace disruption. For more information, please contact Jeff Carr at 703-321-2555 or jeffrey.carr@inova.org.
Articles are written by professional journalists, who strive to present reliable health information. They are not intended to be a substitute for medical care and advice.
Summer 2006 Issue
- Plan Now to Protect your Workforce from the Flu
- Promoting Healthy BehaviorsPromotes Improved Outcomes
- Identity Theft Steals More than Personal Information
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