Tools for Fighting ID Theft

The battle against identity theft continues to rage, and financial institutions are being joined by other types of businesses at the forefront.

For example, AOL recently announced a service that its customers can sign up for if they participate in the company's bill-paying service. A customer can arrange to have alerts sent by AOL when large or unauthorized transactions on credit cards and bank accounts occur.

Meanwhile, many financial institutions are offering free or low-cost services to their own customers to help them in the battle. For example, Washington Mutual offers a free product that allows customers to use an Identity Theft Resource Center staffed by specialists who provide information on necessary steps to recover, and how to place alerts with credit bureaus, file police reports, and resolve credit disputes. The service also insures customers up to $5,000 for legal costs or fees they may incur.

Washington Mutual customers also have the option of buying an enhanced ID theft product for $10 a month, which provides them additional insurance up to $15,000 and a dedicated case worker who will assist them in reporting and recovery. Other highlights of the enhanced service include ongoing credit monitoring of all three credit bureaus, quarterly updates of significant changes to credit reports or scores, credit alerts about suspicious activity and assistance in obtaining emergency cash advances while away from home.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 4, 7/05