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American Express introduces ID theft prevention service

12 April 2011  |  6044 views  |  0 Source: American Express

American Express (NYSE:AXP) today launched ID Protect Premium, a comprehensive identity theft prevention service that helps consumers detect and prevent fraud before it occurs.

The new service provides enhanced safeguards for consumers who increasingly live their lives online. These benefits include: the continuous monitoring of black market chat rooms for personally identifiable information, daily credit monitoring for any changes made to a consumer's credit profile, and access to NortonTM Internet Security Online to combat malware.

Last month, the Federal Trade Commission reported identity theft to be the number one complaint of U.S. consumers for the 11th year in a row1. Looking further into these complaints, independent research from Javelin Strategy and Research shows that consumers are spending more money and time to resolve identity theft claims. Last year alone, more than eight million victims devoted 33 hours and spent $610 on average to recover their identity2.

"In today's social media world, preventing identity theft is becoming tougher as thieves are finding new ways to extract personal information every day," said David Kroner, vice president and general manager, American Express, Card Services & Insurance. "With ID Protect Premium, American Express helps to take the legwork out of protecting a consumer's entire identity. We not only monitor and alert consumers any time suspicious activity is detected with their personal identity, we also help them through the entire resolution process."

ID Protect Premium offers consumers resolution assistance backed by American Express's superior customer support and up to $1,000,000 of identity theft insurance. Dedicated fraud specialists are available 24/7 and help consumers through the resolution process. In addition to providing information, checklists, and forms, these specialists support consumers step by step through the process of calling financial institutions to cancel and order new cards, notifying credit bureaus, disputing items on credit reports, and filing a police report.

ID Protect Premium Benefits
ID Protect Premium is available for a monthly charge of $15.99 plus tax where applicable and includes:

  • 24/7 monitoring by CardCops® of black market web sites, public records and online directories for unauthorized use of consumers' personal information such as Social Security numbers, names and addresses
  • Prompt alerts of potential unauthorized use of personal information
    One-time access to reports from top credit bureaus: Equifax®, Experian® and TransUnion®
  • Ongoing daily credit monitoring from top credit bureaus: Equifax, Experian and Transunion
  • NortonTM Internet Security Online 2011 software
    Lost wallet protection covering consumers' entire wallet including: debit, store, charge and credit cards
  • Up to $1,000,000 in ID Theft insurance to off-set consumers' identity theft costs including legal expenses and reimbursement of unauthorized fund transfers not covered by the customer's financial institution

ID Protect
ID Protect Premium is an enhancement to American Express's existing identity protection service. That service, known as Single Identity, is being renamed ID Protect. With ID Protect, customers receive comprehensive security services for a monthly charge of $9.99 plus tax where applicable. These include 24/7 monitoring of online directories and public records, prompt alerts of potential unauthorized use of information, up to $25,000 in identity theft insurance, lost wallet protection and the services of a personalized fraud specialist.

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