Great Financial Wellness Includes Identity Protection

a business man touching a vector image of a lock, with blue overlay and blurred computer code

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 play a huge part in great financial success.  However, one key aspect of ensuring financial peace-of-mind for your employees is incorporating an identity theft protection plan.

The Cost of Being a Victim

What does identity theft protection have to do with financial success?  Why should 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 affects 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 means 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 heightens employees’ chances of fighting with loved ones and coworkers, increases susceptibility to sickness and rising healthcare costs, lowers productivity, and more.
  • It takes 58-165 work hours for people to resolve identity theft issues.3  That means 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 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 need more than a good lockbox.  They 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 keep track of personal identifying information (e.g. name, date of birth, SSN, etc.) and provides notifications when the information is used in suspicious activity.  Monitoring can reduce the financial impact that identity theft can cause, by reporting the fraud earlier and reducing potential out-of-pocket losses.
  • Credit Monitoring: It’s 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 also affects 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 is absolutely 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 – makes 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 Wellness 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 top-of-the-line identity theft protection services.

Through MSA, employees can work with a Fraud Resolution Specialist™ and Certified Identity Theft Risk Management Specialist®, implement a plethora of 24/7 monitoring services, get real-time alerts, receive monthly tips and notices about their level of personal risk, and more!

With the ability to cover virtually any financial topic in every life stage – be it saving for college, starting a family, preparing for retirement or something else – MSA has the tools to meet employees where they’re at and get them 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.

In order to maintain financial wellness, employees need to protect their finances.  Help them protect their hard-earned dollars and financial peace of mind by incorporating a holistic financial wellness program that incorporates identity theft protection.  Call 888-724-2326 to talk to a Customer Success Manager today.

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.