Fifth Third Bancorp (NASDAQ:FITB) today announced the introduction of its new identity theft protection product, which gives Fifth Third checking account customers free access to their credit information from all three of the nation's credit bureaus.
This service is designed to protect the customer on a daily basis from any fraudulent request for credit information.
The product, called Fifth Third Identity Alert, is first being made available to Fifth Third checking account customers in Columbus and Western Michigan and will be rolled out to all Fifth Third affiliates early next year. Customers enrolling in Fifth Third Identity Alert will receive the following benefits:
- Daily e-mail alerts notifying customers of credit report changes from all three credit bureaus (TransUnion, Experian and Equifax)
- Unlimited access to credit report and score
- $25,000 in ID theft protection covering expenses incurred recovering from ID theft
- 24/7 fraud resolution and recovery support from trained specialists
"Identity theft is one of the fastest growing crimes in the country and one of the most serious issues facing the banking industry this decade," said Neal Arnold, executive vice president of Fifth Third Bancorp. "Today more than ever, Fifth Third is proud to take a leadership role in the marketplace by offering this additional layer of security for our customers."
Arnold added that the Federal Trade Commission estimates that five percent of U.S. adults will be victims of identity theft each year.
Fifth Third Identity Alert will be offered free to checking account customers who have multiple product relationships with the bank such as an E53 checking account with electronic statement or a Platinum Checking Account or Fifth Third's Internet Bill Payment service.
"Our checking account customers are the foundation of our retail bank," said Kevin Kabat, executive vice president of Fifth Third's Retail/Affiliate divisions. "We thought it appropriate to assure those customers that Fifth Third is committed to protecting their privacy and safety. After all, it's the customer's identity. We want to keep it that way."