CINCINNATI--(BUSINESS WIRE)--The Federal Trade Commission estimates that as many as nine million Americans have their identities stolen every year. To help customers protect their financial and personal information, Fifth Third Bank has introduced a new identity theft protection product – Fifth Third Identity Alert PremiumSM – offering proactive solutions including:
- Triple Bureau Daily Credit Monitoring* – monitors a customer’s credit report at all three major credit reporting agencies, alerting customers to any changes in their credit, regardless of the agency recording it1.
- Child’s Social Security Number Monitoring* – scans identifying information that accompanies credit reports and pre-credit data records (such as property ownership, court, legal and criminal records, and bankruptcy filings) for a child’s social security number2.
- Application Monitoring with Text Alerts – helps prevent information from being used fraudulently on credit and service applications by scanning information provided by thousands of businesses in real time. Customers may choose to be notified of any activity by text message, email or both3.
- $1 Million Identity Theft Insurance and Fraud Assistance – provides up to $1 million in financial compensation for qualified expenses should a customer become an identity theft victim. Customers also are assigned a dedicated specialist who will work with them in restoring their ID4.
The new solution also offers monthly credit reporting from all three major credit agencies, plus a credit score simulator to see how certain actions would impact the customer’s credit scores.
“Identity theft is a growing concern, especially considering the amount of personal information available online and through social networks,” said Todd Clossin, executive vice president and chief administrative officer, Fifth Third Bank. “Our customers look to us to not only help them manage their money and investments, but to also help them protect their financial well-being. They have told us that identity theft protection is one of the most valuable services we can offer.”
Fifth Third launched its first identity theft protection tool – Fifth Third Identity Alert – in 2008, and continues to offer this service throughout its footprint. Additionally, the Bank provides extensive information on 53.com regarding privacy and security, fraud alerts, current threats and emerging trends.
Clossin adds, “Education is key to fraud prevention. We want to help arm our customers with the information and tools, such as Identity Alert Premium, they need to help protect their privacy, identity and accounts.”
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $118 billion in assets and operates 15 affiliates with 1,321 full-service Banking Centers, including 105 Bank Mart® locations open seven days a week inside select grocery stores and 2,403 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Investment Advisors. Fifth Third also has a 39% interest in Vantiv Holding, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2012, had $291 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB." Fifth Third Bank. Member FDIC.
* Your credit monitoring and alerts will begin automatically upon enrollment. You must complete and return the credit information form you’ll receive in your Fifth Third Identity Alert Premium materials to receive your credit report and activate the other credit benefits that are a part of the program. We cannot release your Credit Report and Scores and other credit benefits until your completed form is received
1. Daily monitoring will notify you of any new inquiries, certain derogatory information, accounts, public records, or change of address that have been added to your credit reports as reported by any of the three major credit reporting agencies. If no information has been added or changed, then you will receive a quarterly notification stating that no information has changed within your credit file.
2. Fifth Third Identity Alert monitors the Social Security number for up to ten of your children in credit headers and pre-credit data sources; however, it is impossible to ensure that all pre-credit data sources have been searched. Accordingly, your child monitoring alert notifications may not contain or apprise you of all instances in which your child’s Social Security number may have been compromised.
3. Exclusion Language: The companies participating in Fifth Third Identity Alert information network consist of many of the nation’s leading credit issuers, including credit card issuers, retailers, auto, communications, e-commerce and mortgage companies. However, Fifth Third Identity Alert information network does not include all credit issuers to which credit applications may be submitted. As a result, it is possible that fraudulent credit applications could be submitted using your personal information that is not detected by Fifth Third Identity Alert.
4. IMPORTANT NOTICE: YOUR LIABILITY FOR UNAUTHORIZED USE UNDER FEDERAL LAW: For credit cards: If the card issuer has notified you of your maximum potential liability, has provided a means for you to notify the card issuer of credit card loss, and if the credit card contains a means of identifying the cardholder or authorized user, then your liability for unauthorized use of your card before the card issuer is notified is no more than $50.00 on each card. For debit and cash-machine (ATM) cards: Your liability for unauthorized use of your card is no more than $50.00 if you notify the card issuer of card loss within two business days after you learn of the loss of the card. After that, your liability is up to $500.00, provided that the card issuer establishes that the unauthorized charges would not have occurred if you had notified the card issuer within the two business day period. In addition, if you do not notify the card issuer within 60 days after a periodic statement showing unauthorized transfers is sent to you, then you will also be liable for the amount of unauthorized transfers that occurred after the 60-day period and before notice to the card issuer, provided that the card issuer establishes that the unauthorized charges would not have occurred if you had notified the card issuer within the 60-day period. Your card issuer’s liability policy may provide for lesser liability amounts than indicated above. Consult your card issuer’s terms and conditions for specific details. The policy of many card issuers is not to hold cardholders liable. Nothing set forth in your membership materials alters any rights you may have under federal or state law with respect to unauthorized or erroneous transactions on your card accounts. You are not required to have this service to maintain your credit, debit, or ATM cards.
The Identity Theft Insurance benefits are provided to all members, along with all other benefits afforded as part of the program, through Financial Services Association (FSA or the "Association"). Upon enrollment in the program, you will automatically be admitted as a member of the Association.
The Identity Theft Insurance is underwritten by insurance company subsidiaries or affiliates of Chartis Inc. (collectively, the “Company”) under group policy # 7077733 for non-New York State Insureds and # 1423212 for New York State Insureds. The Benefit Summary under the master policy issued by the Company with respect to such insurance will be available to you upon enrollment in the program. The summary of policy benefits, terms, conditions, exclusions, and limits of coverage set forth in the Benefit Summary are subject to the terms of the master policy. Availability of coverage is subject to underwriting qualifications and state laws and regulations. Coverage is subject to actual policy language.