Identity theft continues to grow at an alarming rate. Statistics show that 3% of the U.S. population experienced credit card fraud at least once in 2014. Not to mention that, “an estimated 17.6 million persons were victims of one or more incidents of identity theft,” in the same year, as reported by theU.S. Department of Justice. This is up by a significant amount from the 16.6 million cases of identity theft in 2012.
How Does This Affect Individuals?
Typically, when the topic of identity theft comes up, it refers to credit fraud. However, there’s a handful of other vulnerabilities out there such as personal taxes, mortgages and medical records. According to CSID’s ID Secured report, mortgage fraud is the most difficult type of fraud to resolve and utility fraud is the easiest to resolve in terms of time.
These cases of identity theft are extremely important to tackle and tame before they escalate, but the time it takes to recover from these incidents will and should surprise you. The FTC estimates that it can take about six months and 200 hours of work per incident.
The Employer’s Point of View
One of the major effects that employees who are victims of identity theft have on organizations is a loss of productivity. In fact, the average business experiences a loss in revenue caused by personal identity theft each year.
As an employee restoring your identity, most of your efforts will need to take place during normal business hours, which means less time to complete the items on your office to-do list.
Let’s take a look at some numbers so we can get a better understanding of how this really causes a company to lose money:
How to Prevent Identity Theft
Individuals are ultimately responsible for their online footprint, however, there are multiple ways that organizations can help protect their employees. The most important step an employer can take is to offer identity monitoring services as a benefit to their employees.
ID Agent’s comprehensive identity monitoring solutions not only alert individuals in real-time when their monitored identity elements are exposed to prevent an identity theft incident before it occurs. Each plan also includes full-service identity restoration to reduce the time and effort spent on repairing an identity.
Effective December 30, 2015, the U.S. Treasury Department and IRS no longer tax employers for the cost of identity protection services provided to employees, even if the employer has not yet suffered a data breach. Contact the ID Agent team today for more information on how to offer this tax-free benefit to your employees.
To learn more about how ID Agent can help you protect your organization, employees and customers from cyber threats and identity theft, contact an expert today.