For Financial Wellness, ID Protection is Good Medicine

A recent article in Consumer Reports covered a growing trend in employee benefits: financial wellness programs, with services varying from retirement planning seminars to one-on-one meetings with financial counsellors. Financial wellness programs are not just great idea, they are needed: The PricewaterhouseCoopers 2017 Employee Financial Wellness Survey found that 57% of employees are stressed about their finances, from student loans and credit card debt to retirement savings. It can all be overwhelming. But what many financial wellness programs overlook is one of the most immediate threats to employees’ financial and emotional wellness: protection against identity theft and fraud.​

A stolen identity can severely affect financial wellness. Sometimes funds are stolen directly using phished passwords or account takeovers, but often a criminal will use a stolen ID to take out loans, apply for new credit cards, or rent property. All of this can show up as massive debt against the victim’s identity, impeding their ability to acquire housing, transportation, loans, medical treatment, and more. ​

According to a 2018 report from Javelin Research, there were 16.7 million victims of identity fraud in 2017, a record high that followed a previous record in 2016. More than 1 in 20 Americans falls victim to identity theft every year, problems from a stolen identity can keep cropping up for years, and the average person can spend over 50 hours trying to clear their name. The stress of trying to recover from identity theft can affect a person’s job, relationships, and, yes, even their physical wellness.​

Given the odds, employers would be wise to include identity theft protection in their financial wellness programs. If you’re lucky enough to have this benefit available, you should take advantage of it. If not, here are some steps you can take to promote your own financial wellness:

• Actively monitor your credit reports for abnormal activity.
• Beware of social media scams, from chat phishing to fake quizzes, and use privacy settings on social networks.
• Consider dark web monitoring so you know when your personal and financial information is compromised in the dark web.
• Get yourself a good identity protection plan.

The best identity protection plans will provide protection in multiple areas plus identity recovery services. For example, IDX Identity, includes 24/7 monitoring and alerts of any credit inquiries or address changes in your name, CyberScan^TM monitoring to track down any of your personal data being traded or sold on the dark web, and optional SocialSentry^TM monitoring for takeover or misuse of your social media accounts. But, most importantly, the IDX team provides expert-level support, $1 million insurance to cover out-of-pocket expenses due to identity theft, and a guarantee of 100% recovery when identity theft or fraud threatens your well-being, financial or otherwise. Our recovery advocates will work on your behalf to fix current problems and prevent new ones, while you concentrate on your job, your health, and your life. ​