ProtectMyID offers a comprehensive online service to allow consumers to keep track of where their personal information is being used to secure credit. 

Identity fraud is on the increase and is more widespread than ever. Research by Experian has revealed that the number of identity fraud victims who sought help from the company last year leapt by nearly 20% compared to the year before.  To help combat the problem, Experian has launched ProtectMyID in the US earlier this year and recently in the UK.

In 2009, Experian research found that 63% of fraud victims discovered they were victims of fraudulent activity by monitoring their credit report. ProtectMyID provides continuous monitoring with text or email alerts if credit is applied for in the user’s name and details of the activity. Advice on what to do is then posted to the user’s personal and secure online account. As part of the service, users also have access to a dedicated Experian caseworker who can offer individual advice to help resolve any suspected fraudulent activities. Other benefits of the service include free fraud insurance, in the UK for instance, to cover the cost of resolution up to £75,000 (provided by ARC, underwritten by AXA) and the option for CIFAS Protective Registration where appropriate.

Commenting on the launch of the new product Pete Turner, Managing Director of Experian Interactive, said: “Identity fraud is one of the fastest growing crimes in the UK and our research shows that organized criminal fraudsters are not solely focusing on the wealthy but are now turning their attention to the wider population.  In the UK, the ProtectMyID product is available now, priced at £4.99 a month. Consumers can apply directly from the website    Source:  Experian

BIIA Newsletter Sept. I – 2010 Issue