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Why these companies offer identity theft protection as a benefit

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Businesses recognize that employees value protection against identity theft.

Here’s why. Losses from identity theft jumped 42% to $ 712.4 billion in 2020, according to Aite Group. In addition, identity theft and fraud reports received by the Federal Trade Commission increased 45% to 4.8 million last year.

Thus, Insulet Corp. and Kidder Mathews are among a growing number of companies offering identity theft protection to their employees. Companies see recruiting and retaining workers and improving their bottom line as a competitive advantage.

Insulet, a medical device company with more than 2,000 employees worldwide, including about 175 in San Diego, began offering identity theft protection about five years ago.

“A person can spend over 100 hours solving identity theft on their own without any help,” said Dan Manea, senior vice president and chief human resources officer at Insulet. “Most of the work is done during traditional office hours, which can have a significant impact on employee productivity. “

The coverage offered by Insulet through Allstate provides employees with professional assistance in resolving the issue in addition to insurance in the event the employee is financially injured by identity theft.

Allstate says on its website that about a third of Fortune 500 companies depend on it for identity and privacy protection.

This benefit is paid by Insulet and free to eligible employees. Employees can pay to add family members to their coverage at a reduced group rate.

Employees at Kidder Mathews, a commercial real estate services company with 900 employees in the United States, including nearly 80 in San Diego, also allow workers to add immediate family members to their plan. The company, founded in 1967, has been offering this advantage since 2000.

The personal information of Kidder Mathews employees is monitored for fraud in several ways. They are alerted if ID Watchdog detects easy-to-open loans, such as payday loans, opened in their name. Dark Web Monitoring scans websites, chat rooms, and other forums known to traffic in stolen personal and financial data. The USPS National Address Change Registry is also checked to help detect theft earlier in case thieves redirect mail to a new address.

Karen Benoit, Executive Vice President of Marketing, said Kidder Mathews offers this benefit to employees to “make it easy and inexpensive to protect themselves against fraud and help them protect themselves from the worst financial situations.”

Hang Nguyen is a freelance writer for UT.