Increase workers’ productivity by protecting their credit? That’s exactly what employers hope to do when they add identity theft protection to their list of offered benefits.
ID theft victims spend, on average, 40 hours repairing their credit history and personal funds, most of which must be done during business hours.
The average fraud total per victim was $6,383 in 2006, up from $5,249 in 2003. But by catching identity theft early with credit monitoring, as opposed to discovering it after a credit application is denied, the average fraud total and resolution cost fall dramatically, from $19,735 and $1,391, respectively, to $4,375 and $264.
Benefit programs include credit monitoring, as well as legal assistance and psychological counseling, all of which provide employees with a safety net, and more importantly, peace of mind.
Source: Employee Benefit News, www.benefitnews.com .