Fidelity National Information Services (NYSE:FIS) today announced the introduction of ID Protection Service, a program financial institutions brand as their own to offer their customers protection against the risk of identity theft.
The service includes constant monitoring of the subscriber's credit report, e-mail alerts of any changes, up to $25,000 in identity theft insurance and fully managed resolution services for victims.
Institutions that opt for ID Protection Service incur no installation costs, but can earn new revenue from subscribers of the service. FIS provides all the tools necessary for financial institutions to offer a cost-effective identity theft solution that includes system maintenance, customer support and complete marketing templates that allow the institution to brand the service as their own.
"The threat of identity theft is all over the news, and people are concerned," said Jill Barnes, executive vice president and chief operating officer for IndyMac Bank, one of the institutions that beta tested the service. "We wanted to proactively offer our customers a solution that could protect them against the crime, but also one that would help them through the recovery process if they are victimized. After all, the first thing people typically do when they discover they've been a target is to contact their financial institution. With ID Protection Service, we're now in a position to help them through both the emotional and practical aspects."
"The thieves are getting cleverer by the day," said Mary Jo Meeks, manager of Cornerstone Credit Union, another institution that beta tested the service. "People need to stay on top of their credit reports, but they often don't know how. ID Protection Service is a proactive way we can help them do that. It's truly a turnkey solution - it has taken very little on our part to make the service available."
ID Protection Service is a cost-effective solution that is available for about half the cost of other identity protection services. With most competing services, subscribers who have had their identities stolen receive a kit meant to guide them through the process of clearing their credit. ID Protection Service from FIS goes far beyond this, with highly trained identity theft specialists working on the victim's behalf to fully resolve the problem.
"Banks and credit unions can really set themselves apart by offering ID Protection Service," said Anthony Ficarra, executive vice president for FIS' Integrated Financial Solutions division. "It's a way to position their institution as a community leader that's striking a blow against this growing problem. Not only can the service help them attract new business, it can help them really connect with their customers or members and offer them another compelling reason to stay."