Pandemic Highlights Identity Theft Risk, Employee Demand for IDT Benefits Increase
Identity Theft Benefits in Demand at the Workplace
By Emily B. Rose, SVP Broker and Partnership Sales, LegalShield
COVID-19 didn’t cause us to suddenly become a digital society or put us at risk for identity theft overnight. We were already a digital society filled with criminals who take down a new identity theft victim every few seconds. The pandemic did, however, increase awareness, need, and desire for contactless service, while also magnifying the prevalent risk of identity theft in today’s digital world.
With a dramatic increase in online activity, there was an increase in online scams, as were seen with fraudulent websites promising to sell COVID-19 cures and protective coverings, and requesting donations for the needy. Identity theft criminals also saw opportunities to cash in others’ government stimulus checks and tap into the increasingly active online networks of remote workers and their remotely educated children. Our current predicament has also prompted dramatic increases in healthcare breaches, ransomware attacks, phishing scams, unemployment insurance fraud, and even the hacking of consumer routers. Even if they have not personally experienced identity theft, employees are bracing for it.
According to a 2020 Harris Poll Survey on behalf of the American Institute of CPAs (AICPA) , one in five Americans has experienced identity theft in the past year. Sixty percent of consumers surveyed also believe it is likely that identity theft will cause them financial loss in the next year. Before the pandemic, a 2019 LegalShield study revealed that 51% of employees felt that their employer should offer an IDT protection benefit as part of their benefits package, a number that we expect to continue to grow in 2022.
Offering a layer of protection and providing an IDT benefit at the workplace makes sense to help alleviate the unknown and heightened risk, especially considering that 60% of employees acknowledged that they were distracted at work due to a recent data breach or identity theft incident. Eighty-nine percent of employees feel that having access to an identity theft protection plan would provide them peace of mind, and 61% feel this benefit will increase their financial well-being. We have noticed that employers are now taking notice of the need and demand from employees and seeing the value identity theft protection plans provide.
As more people work remotely and integrate digital devices like Alexa, Google Home, Ring, etc. into their everyday lives, our data and personal identities have become more vulnerable than ever. As we continue to embrace a life of social distancing, we are increasingly turning to social media to fulfill our need for personal connections with others. This increased online presence, while beneficial in many ways, could potentially put us at risk for identity theft and harm our personal online reputation. It’s perhaps inevitable that identity theft and online privacy protection plans have become increasingly necessary. It has also become a necessity for businesses and carriers to provide convenient access and contactless fast service.
Before the pandemic, 75% of employers strongly felt that a mobile app that provided direct access and convenient features such as a monthly credit score tracker was an important plan feature. Post the height of the pandemic, mobile apps have become the cornerstone of contactless delivery, and employees have come to expect a full-service mobile app experience. Equally critical is for plan participants to have direct access to professionals who can help in the event of an identity theft incident. More than 80% of employers consider an easy process to restore an identity as a top service to have in an IDT benefit. In addition to full-service identity restoration, employers are looking for monitoring that expands beyond classic credit monitoring to include financial account monitoring, social media monitoring, and online privacy and reputation management services.
Our identity theft protection plan, IDShield, provides a reputation management service that, for example, scans a participant’s social media accounts including Facebook, LinkedIn, and Instagram for existing content that could be damaging to their online reputation. We also help remove personal information from data broker sites such as Whitepages and help the participant manage their privacy settings with platforms such as TikTok and Instagram.
Identity theft protection plans allow employees to be proactive in protecting their financial and personal information. We project a continued focus on virtual interaction between participants and their benefit service providers and increasing concerns around overall online privacy and reputation. The world has changed dramatically in the past year and the need for employers to help protect employees’ physical and financial health is greater than ever.
PPLSI has been providing identity theft protection plans since 2003. Its IDShield Family Plan was recently ranked by Forbes Advisor as the best for families.
Pre-Paid Legal Services, Inc. (“PPLSI”) provides access to identity theft protection and restoration services. IDShield plans are available at individual or family rates. A family plan provides monitoring services for eligible dependent children under the age of 18 of the Named Member or Named Member’s spouse or domestic partner. Consultation and Restoration Services for eligible dependent children under the age of 26 are available. For complete terms, coverage, and conditions, please see an identity theft plan. All Licensed Private Investigators are licensed in the state of Oklahoma. An Identity Fraud Protection Plan (“Plan”) is issued through a nationally recognized carrier. PPLSI is not an insurance carrier. This covers certain identity fraud expenses and legal costs as a result of a covered identity fraud event. See a Plan for complete terms, coverage, conditions, limitations, and family members who are eligible under the Plan.For a summary description of benefits for the Plan coverage see https://idshield.cloud/summary-of-benefits.