Keybank expands identify theft protection

"A recent survey shows that ID theft victims spend an average of 81 hours to reclaim their identities," says Martin Webb, vice president, Retail Insurance, at Cleveland-based KeyCorp (NYSE: KEY). "What's more, ID theft victims don't know where to get help to recover their identities."

The survey, conducted by Nationwide Mutual Insurance Co., also revealed that 28 percent of ID theft victims spend an average of more than a year attempting to reclaim their identities.

"Key understands that ID theft victims are under a lot of stress. On top of that, it is extraordinarily difficult for victims to restore their good name and the good credit they have built over a lifetime," says Webb. "That's why Key is presenting a new solution - Privacy Matters - that provides four tiers of protection for consumers against the growing crime of ID theft." Privacy Matters is provided to Key clients by Coverdell, a third-party provider and leader in ID theft solutions. All membership data is maintained by Coverdell.

The four tiers of protection include ID theft prevention, detection, restoration and emergency cash coverage.

In addition to helping consumers prevent and detect ID theft, the ID theft restoration will reduce the time needed to notify multiple credit card carriers. What's more, consumers will have access to an experienced, licensed investigator assigned to restore a client's identity and credit record.

"The licensed investigator will provide professional guidance to ease the burden and speed up the process of restoring a client's identity," Webb says.

Privacy Matters offers these ID theft protection benefits for consumers:

• Identity Theft Prevention - firewall and antivirus software from Panda, a world leader in security software development, and a personal document shredder to help prevent identity theft from happening.
  
• Identity Theft Detection - 24-hour credit monitoring with online and offline weekly fraud alerts, instant delivery of a 3-in-1 credit report with information from all three credit reporting bureaus, credit score and analysis tools and Social Security reports.
  
• Identity Theft Restoration - credit card registration to reduce the time needed to notify multiple credit card carriers. In addition, the program's restoration service provides access to an experienced, licensed investigator assigned to restore the member's identity and credit record offered through Kroll, a leading risk consulting company.
  
• Identity Theft Protection - emergency cash transferred to a credit card if an account is frozen plus a $25,000 of Identity Theft Expense Reimbursement Insurance policy, at no extra cost through Travelers,* which provides reimbursement of legal costs, notary and certified mailing costs, phone calls and affidavits; loan fees for declines due to fraud; and lost wages up to $500 per week for four weeks.