Great Financial Wellness Could Include Identity Protection

When it comes to incorporating financial wellness in the workplace, most employers immediately think of debt management and retirement advice, and rightly so!  They both can play a huge part in financial success.  However, one potential aspect of ensuring financial peace of mind for your employees is incorporating an identity theft protection plan.

The Cost of Being a Victim

What might identity theft protection have to do with financial success?  Why could it be involved in your financial wellness benefits offering?  Simply put, being a victim of identity theft could mean losing everything, and that kind of consequence can affect both the employer and the employee.

When someone becomes a victim, their personal information, money, time, and even their health are at risk:

• In 2015, 13.1 million Americans were victims of identity theft.  Financial losses attributed to identity theft totaled $15 billion.¹  When an employee loses money to fraudsters, that could mean less money to put towards everyday necessities (which could lead to relying on credit cards and building up debt), less money for helping kids with education, and less money to put towards a 401(k).
• Over one-third (36%) of victims said the identity theft incident caused them moderate to severe emotional distress.²  Stress can heighten employees’ chances of fighting with loved ones and coworkers, increase susceptibility to sickness and rising healthcare costs, lower productivity, and more.
• It can take 58-165 work hours for people to resolve identity theft issues.³  That could mean hours and hours spent away from work, and even when victims are in the office, they’re likely distracted by the identity theft problems that have yet to be resolved.

Incorporating identity theft protection into your financial wellness benefit can show employees that you not only want to help them achieve financial peace of mind but also protect what they’ve worked so hard to attain.

And it’s what many employees want.  According to Employee Benefits News, “67% of employers state that identity theft protection is a benefit in high demand.”⁴

The Right Kind of Identity Theft Protection

In this technology-driven day and age, employees may need more than a good lockbox.  They may need an identity theft protection service that monitors their personal information and finances.  For top-of-the-line security, keep an eye out for protection plans that incorporate the following:

• Identity Monitoring: Look for an identity theft protection service that includes data sweeps and other monitoring services that help keep track of personal identifying information (e.g. name, date of birth, SSN, etc.) and can provide notifications when the information is used in suspicious activity.  Monitoring may reduce the financial impact that identity theft can cause by reporting the fraud earlier and reducing potential out-of-pocket losses.
• Credit Monitoring: It can be important to include the monitoring of credit scores and/or credit reports because suspicious credit activity is often the first clue of a fraudster at work.  Credit standing can also affect loans, employment, and more, so damaged credit can have a huge financial impact on the employee.
• High-Risk Transaction Monitoring: Monitoring of high-risk transactions can be important because it could alert employees to major changes like opening an account, activating a credit card, refilling a prescription, or even when a thief tries resetting an employee’s bank password to access their money.
• Recovery Assistance: Becoming a victim is scary.  Access to fraud resolution professionals who can help employees take the necessary steps – like contacting the police and credit bureaus – can make the recovery process shorter and easier, which means less time distracted at or absent from work.

A Holistic Approach to Financial Wellness

The My Secure Advantage (MSA) financial well-being program understands the importance of taking a holistic approach when it comes to finances.  MSA focuses on improving and maintaining financial wellness through one-on-one money coaching, education classes and articles, personal financial management software, and identity theft protection services.

Through MSA, employees can work with a Fraud Resolution Specialist, implement 24/7 monitoring services, get real-time alerts, receive notices about their level of personal risk, and more!

With the ability to cover virtually any financial topic in each life stage – be it saving for college, starting a family, preparing for retirement or something else – MSA has tools to meet employees where they’re at and help them get where they want to go financially.  And with the added support of identity theft protection, employees can feel safe as they continue their financial journey.

Help employees protect their hard-earned dollars and financial peace of mind by incorporating a holistic financial well-being program that incorporates identity theft protection.  Call 888-724-2326 to talk to a Customer Success Manager today.

My Secure Advantage® does not monitor every transaction at every business. No service can stop all identity theft events. This content is for informational purposes only and does not guarantee eligibility for the program or its services. My Secure Advantage, Inc. or any of its representatives do not endorse any of the websites or company names listed here. The information presented is not to be a substitute for seeking advice specific to your situation from a legal or financial professional. If legal or financial advice is required, contact an attorney or financial advisor.

¹Pascual, Al, Kyle Marchini and Sarah Miller.  “2016 Identity Fraud: Fraud Hits an Inflection Point.”  Javelin, 2 Feb. 2016.  Email.  16 May 2016.

²Harrell, Erika, Ph.D. and Lynn Langton, Ph.D.  Victims of Identity Theft, 2012.  BJS, Dec. 2013.  PDF.

³Sansom, Nancy.  “New Apps Improve Employee Wellness.”  Corporate Wellness Magazine February 2012: 25-26.  Web.

⁴EBN, Aug. 2015.  Print.