A survey commisioned by TransUnion found that half of the South African consumers have either been a victim of identity (ID) theft or know someone who has. It is this increased prevalence and awareness of the crime that is bringing Lee Naik, CEO TransUnion Africa, to the 2018 Southern African Fraud Prevention Service and Insurance Crime Bureau Fraud Summit on July 24 where he will formally launch TrueIdentity.
TrueIdentity is a comprehensive ID theft solution that provides consumers with an extensive set of features and tools to protect themselves in the battle against identity thieves as well as to help them restore their good name and recover from losses incurred as a result.
A TrueIdentity subscriber’s identity is monitored through two features, being Credit Alerts and ID Monitor. Credit Alerts monitor for critical changes, such as the addition of a new credit account, to a consumer’s credit report and sends an SMS or email should such an event occur. “When the ID Monitor feature is activated, a subscriber’s information is securely registered for daily scans of the web,” explained Garnet Jensen, Senior Director for TransUnion Consumer Interactive. “Scanning is done not only on the familiar parts of the web but also in those not indexed by major search engines and across the dark web where fraudsters engage in illegal activities via anonymous browser networks.” TransUnion’s dark web monitoring alerts individuals if any trace of personal information is found.
The ID Restore feature in the product, aims to reduce the hassle, overhead and time required to resolve an ID theft event, giving consumers access to the investigative skills of identity recovery experts. Working in partnership with leading forensic investigators from Identity Guard, the service guides consumers through the resolution process in addition to clearing any fraudulent accounts and issuing resolution letters where possible.
The ID Recover service in TrueIdentity, helps consumers recover from the financial losses they may have incurred from an identity theft event. The identity theft insurance policy provides R100 000 cover and is made available through Price Forbes. This insurance benefit provides subscribers cover in respect to expenses such as legal fees, travel expenses and lost wages as well as unauthorised electronic funds transfers in certain cases.
In addition, the product also provides consumers with unlimited access to their credit report and score as well as powerful tools such as debt analysis and score reasons. This ensures that they are can manage and understand their personal information at all times and be in control of their financial health.
Edited by Fundisiwe Maseko
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