Most people hear “Identity Theft” and immediately think of their Personal Information being used for credit card fraud or to secure new lines of credit.
However, there are many other types of identity theft that occur just as often and can sometimes cause more permanent damage to the victim. IDShield can help!
Common Types of Identity Theft
• Bank Fraud
• Tax Related
• Criminal
• Government Benefits
• Employment (Obtain Employment or Collect Unemployment)
• Mortgage, Lease, Rental Agreement
• Phone and Utilities Services
• Medical (Procedures & Prescriptions)
• Insurance (Medical, Life, etc.)
• Fictitious Identity (New identity created using multiple victims information)
Regardless of the form of identity theft, victims are left in a stressful situation that costs them time and money.
Why do they do it?
Money! Hackers profit from breaches by selling the obtained data through a series of websites where PII (personally identifiable information) is sold and traded illegally, commonly known as the Dark Web.
Some information is more valuable than others, for example:
• Basic PII
$5-$15
• Full Identity Profiles (Fullz)
$20-$100+
• Credit Card Numbers
$10-$100 (average around $17).
• Stolen Online Banking Logins
Average $100.
• High-Balance Bank Accounts
$1,000 or more.
• Medical Records
Up to $500+
• Passports
Up to $5,000 for a US passport.
• Forged Documents
Can range from a few hundred to several thousand dollars.
(Note: These prices are estimates and can vary widely
across different dark web marketplaces and over time.)
Impact of Identity Theft
In 2024, the Javelin report indicated that traditional identity fraud affected 18 Million people here in the USA, that’s 1 in every 14 adults, and resulted in $27 billion in losses. (Children are also a large target of IDTheft. This number does not reflect victims under age 18.)
The Identity Theft Resource Center’s 2024 Annual Data Breach Report also revealed a near-record number of data compromises and over 1.3 Billion victim notices.
That’s a lot of victims with a lot of stress, anxiety & frustration! Identity Theft takes a financial and emotional toll on its victims. This added stress can spread into the workplace and dramatically impact productivity and presenteeism. In our workplace study1 77% of employees faced some form of Identity Theft issues last year
and 42% said Identity Theft concerns affect stress levels at work!
Depending on the type and extent of the identity theft, employees can take hours, days and even months, to resolve all the related issues.
To add to an already stressful time, the average worker may not know where to turn to dispute fraudulent accounts, clear collections, or to restore their reputation. This uncertainty adds to the emotional distress one experiences when they are a victim of identity theft.
Employees already spend time at work on everyday personal financial issues which is a distraction that impacts productivity. When navigating the process of restoring their identity, the problem is compounded and may
even require time off work to resolve the identity theft matter. Most offices that a victim will need to contact are only open on weekdays during work time hours! The emotional and financial stress these victims face, and the wake left behind is staggering and often overlooked!
These are just a few of the reasons why employers are starting to take notice of the impact this crime has on employees which potentially effects their business production and profitability. As a result, Identity
Theft Protection is one of the fastest growing voluntary benefits being offered at the workplace.
An identity theft protection plan is a proactive approach to protecting employee’s identities and can also be a valuable addition to a company’s cyber security plan & benefits package. Employees are provided peace of mind that their identities are protected, and the company’s vulnerability is reduced when employees use company resources less for their personal benefit, such as their email address and computer for banking, shopping or researching how to fix Identity Theft related issues. And they will have more time to spend being productive when their mind is on the job rather than how to fix the problem.
Similar to how health insurance won’t prevent an employee from getting sick, an identity theft protection plan can’t prevent identity theft from occurring. What it can and should do is offer assurance that employee’s personal information is continuously monitored for misuse, that the employee will be notified right away if suspicious activity is detected, and that if they are a victim of identity theft, they remain focused and productive in the workplace and that they receive full identity restoration services.
How IDShield can help protect your company and your employees 2
- In the event of identity theft, a Licensed Private Investigator is assigned to
restore your identity.
IDShield is the only identity theft protection plan that provides direct
access to licensed private investigators. - Members receive real time alerts for threats to their personal information
- IDShield provides Full-Service Identity Restoration. An Investigator will
work on the members behalf to resolve the issue. - Our $3 Million Identity Fraud Protection Reimburses members for certain
costs incurred as a result of a covered identity theft event such as lost
wages, travel expenses, child and elder care. - IDShield Benefits also provide: Trend Micro Maximum Security, VPN &
Password Manager - And much more
1 White Paper: Boosting Employee Well-being –Integrated Legal and Identity Protection
https://drive.google.com/file/d/1bwRQWnhKb_oaE8jR4BwsMJW-a8sRu_k2/view?usp=sharing
2 IDShield: Detailed Coverage Information
https://drive.google.com/file/d/1U1ep0AEnXcGiydD-Erg3toN8kIntKrte/view?usp=drive_link
For more Information on coverage and how to make this benefit available for employees, contact:
LESLIE UDY | LegalShield / IDShield
Executive Director | Group Benefits
PHONE (801) 830-3629 | EMAIL leslieudy.legalshield@gmail.com
