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2008 Benchmark ICFE
Study: What Features, Services and Security Identity Theft
Protection Services are Offering Today.
San Diego, CA. The Institute of Consumer Financial Education
(ICFE), recently completed a new study on identity theft
protection services and fees offered by over twenty firms. The
comprehensive study is on the broad range of identity theft
protection services widely made available to the public by firms
ranging from the three major credit reporting agencies to
companies with specific technical and security expertise to
internet start-ups offering protection.
It is important to note individual consumers have different
needs and capabilities, just as all holders of protected
information do not face the same situation when a data breach
occurs. Some plans are more comprehensive in their methods than
others and some are more costly. According to Yan Ross, ICFE's
Project Director, "There is no single 'best' provider for all
purposes." The average monthly cost of these services is about
$9.
Contrary to a common misconception, identity theft risk
management that stops with monitoring or freezing the credit
report cannot prevent nearly half of the reported incidents of
identity theft. These include employment fraud, medical and
benefit theft, driver's license issuance, and even criminal
activity done in the name of the victim.
Beyond credit file monitoring and the imposition of freezes or
alerts, broad-based monitoring of databases that include
personally identifiable information is generally the most
effective starting point for preventing identity theft.
Immediate, early notification of potential incidents and prompt
follow-up are also essential.
"Some plans offer guarantees with varying degrees of ability to
fulfill them. The most valuable of such guarantees are those in
which the restoration services are carried out by specialized
third party providers or in-house, licensed investigators," Ross
pointed out.
According the Federal Trade Commission (FTC), many people find
value and convenience in paying an outside party to help them
exercise their rights and protect their information. At the same
time, some rights and protections all consumers have under
federal or state laws can help protect identity and recover from
identity theft at no cost.
The consumer and other users of these services need access to
information in order to make informed decisions on which is best
for their current need. The ICFE's Report is a
feature-by-feature analysis and comparison of over twenty of the
most prominent identity theft risk management programs available
in the market today.
Knowing and understanding consumer rights and the products and
services offered can help you determine whether - or which -
commercial products or services may be appropriate. The purpose
of this study is help consumers evaluate these offers and
determine which ones merit consumer consideration and which ones
should be passed by.
The Report also includes a section for organizations that hold
protected consumer information that may be subject to
unauthorized access. In the event of such breaches, the affected
organization must determine the appropriate remediation plan and
which of the providers of identity theft risk management
services is best for them.
This report was underwritten by ID Truth of Waltham, MA. The
report was conducted by Yan Ross, CITRMS, ICFE Project Director.
A "Consumer Summary" and a "Summary for Holders of Protected
Information" will be available as separate publications on
ICFE.info.
Both Identity Truth, Inc and the ICFE are members of the
American National Standards Institute (ANSI) and the Better
Business Bureau's (BBB) Identity Theft Prevention and Identity
Management Standards Panel (IDSP). The IDSP is brings together
the spectrum of standards and guidelines germane to ID Theft &
Fraud Prevention and ID Management that exist across industries
and sectors into a single resource, accessible to businesses of
all sizes and types.
For information contact:
Yan Ross, CITRMS
ICFE Project Director
Direct Line: 602-703-3336
yanross@qwest.net
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About the ICFE:
About the
ICFE:
The Institute of Consumer Financial Education (ICFE), founded in 1982 by the
late Loren Dunton (creator of the “certified financial planner” (CFP)
designation) and it is dedicated to helping consumers of all ages to improve
their spending, increase savings and use credit more wisely. The ICFE trains and
certifies Personal Finance Instructors for its own curriculum. It also trains
and certifies Credit Report Reviewers and Identity Theft Prevention Specialists.
The ICFE is an award winning, nonprofit, consumer education organization that
has helped millions of people through its education programs and resources. It
publishes the Do-It-Yourself Credit File correction Guide, now in its 16th
printing and has distributed over one million “Credit/Debit Card Warning Labels”
and “Credit/Debit Card Sleeves” world wide.
The ICFE became an official partner with the Department of Defense/Financial
Readiness Campaign in June of 2004.
The ICFE is also a partner in the national Jump$tart Coalition for Financial
Literacy and the California Jump$tart chapter. The ICFE staff is also active
with San Diego Saves, an offshoot of America Saves, and the California Student
Debt Resource Awareness Project (CASDRAP) (studentdebthelp.org).
The ICFE’s on-line help for consumers who spend too much was featured in PARADE
Magazine in the Intelligence Report section. The money helps and tips are from
“The Money Instruction Book,” a course in personal finance, positioned to become
among the premier programs in the new bankruptcy and debtor education
initiatives.
The ICFE Web site at:
http://www.icfe.info helps consumers with mending spending, learning about
the proper use of credit, budget and expense guidelines, how to set up and
implement a spending-plan and also how to access financial education courses and
videos and how to teach children about money. Other ICFE services include a free
eNewsletter, and an online resource center of financial education learning
tools, including videos, books, software and personal finance courses.
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