Identity Fraud in Focus quarterly report
8 min
On behalf of everyone at InfoArmor, I’d like to thank all of the brokers who helped make 2018 our most successful year on record. Let’s take a closer look at some of the highlights that made the year so special — including one big announcement that forever changed the world of employee identity protection.
Protecting more people, in more places, and in more ways
InfoArmor was founded on a singular mission: to protect all of humankind. We realize this is a big aspiration, yet we made significant progress towards our goal last year. We signed up nearly 300,000 new participants across more than 2,100 organizations.
In total, between 2017 and 2018, there was a 61 percent increase in new implementations.
In addition to protecting more companies and employees, we’re also protecting them in more ways than ever before. We added some pretty exciting features in recent months, all of which are designed to keep employees and their families safe from the risks of identity thieves, hackers, and cybercriminals.
A few of these new features include:
Dark web breach notifications
Deceased family member remediation
IP address monitoring*
Social account takeover*
Unlimited TransUnion credit reports and scores*.
Annual tri-bureau report and score*
Credit assistance*
Credit lock*
Fraud reimbursement and advances*
*PrivacyArmor Plus only
There when you need us
When a person becomes a victim of identity theft, their entire life can be thrown into chaos. It can take more than six months and hundreds of hours to fully resolve identity theft. Of course, this isn’t the case for PrivacyArmor participants.
From the very first signs of fraud to the complete restoration of their identity, we’re here for employees when they need us most. Last year, we sent participants more than 4 million alerts, ranging from the discovery of risky financial transactions to address changes and even non-credit notifications. Of these alerts, 15 percent responded “not me,” indicating potential fraud.
From there, our team of certified Privacy Advocates hopped into action — resolving more than 2,300 complex cases of identity theft. Even more impressive, we averaged a resolution time of just one month. That’s six times faster than the average resolution time, saving each participant hundreds of hours!
The biggest announcement of all
Of course, the biggest announcement of all occurred when we were acquired by the world’s leading insurance firm, The Allstate Corporation. Tom Wilson, Chairman, President, and CEO of Allstate revealed what this acquisition means:
“Consumers are increasingly at risk of having their digital identities compromised. [In 2017], there were over 16 million victims of identity fraud, which resulted in over $16 billion of losses. With the acquisition of InfoArmor, Allstate will protect more customers from this risk and help rebuild their lives after they have been hacked.
InfoArmor is the go-to identity protection company in the employee benefits market, providing an opportunity to expand the Allstate Benefits business now serving over 4 million employees.”
We’re just getting started
Best of all, we’re just getting started. While 2018 was a fantastic time for InfoArmor, 2019 is already shaping up to surpass it!
In less than a month, we’ve added 350 new employer groups and issued nearly 180,000 new plans. Of those groups, 21 belong to some of the biggest names in business. We now represent more than 25 percent of Fortune 500 companies.
We can’t wait to see what the next 11 months have in store for us. Thank you for joining us on this mission.