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Industry Insights

Category: Partnering with EZShield

What Have You Done for Customers Lately?

Do you ever feel like you’re racing to keep up with consumers’ wants and needs?
Ensuring customer satisfaction is an ongoing challenge — whether it’s because desires change so rapidly or consumers aren’t quite sure what they are looking for.

What is certain is that consumers want to feel protected. They are weighed down by the stresses that surround them, including the risk of fraud and identity theft. Identity crimes continue to infiltrate the daily landscape—so much so that identity theft has been the top consumer complaint filed with the Federal Trade Commission for 15 consecutive years.

As monumental as the issue may seem, and no shortage of data breaches, scams or cybersecurity risks in the foreseeable future, it is still far from a hopeless situation. You just need the right approach. This starts with a customer-focused perspective that sustains satisfaction through valuable identity protection tools.

First, ask yourself a few questions. (And to ensure an honest assessment, ask your customers the same questions.) How well am I serving customers? Am I reducing their fears related to identity crimes? What, if anything, am I doing to demonstrate my commitment to securing customer data from fraud and identity theft?

Even if you have delved into these questions previously, it’s important to routinely reassess to make sure you stay on track—both with consumers and trends. But you don’t have to go it alone. As the “Best Overall” Identity Protection Services Leader, awarded by Javelin Strategy and Research in 2015, this is EZShield’s expertise. And we’re ready to support your needs and the needs of your customers.

We keep tabs on market influences and tap into insights about consumers, enabling you to stay ahead of the curve. This provides you with game-changing identity protection services that helps you attract and retain customers.

What does game-changing service look like?

It “Gets” Your Customers
There is no such thing as a universal customer. (Despite everyone having the same basic information to secure.) And since fraud is going to persist, your customers must have services that help protect their personally identifiable information (PII) and detect potential compromises. The right service also understands that customers don’t have time to deal with restoring their identity in the midst of their busy lives. So it delivers restoration services through certified specialists who work on the customer’s behalf.

It’s Adaptive and Compliant
Changes are an inevitable. This includes changes in the ways criminals exploit victims’ personal and financial information. To protect against shifts in fraud and identity theft, services must adapt — including adapting to comply with regulations that change in response to the ever-changing fraud landscape. This can get complicated, but we simplify it with the expert help of a dedicated compliance team.

It Communicates Clearly
Communication is an essential component of being compliant. Customers have a right to full visibility of their services. Regular communication, timely alerts and straightforward information ensure this clarity. Moreover, customers have a need to be educated — something we fulfill through relevant tips and news via email and our blog FightingIdentityCrimes.com. For added convenience, our content can stream live from a partner’s website. The more information customers receive, the more empowered they are to help secure their data.

It’s Interactive and Accessible
Keeping up with the pace of consumers is a must. So too is empowering them to interact with their services, and see their protection in action. From our convenient mobile app and secure online account dashboard, customers can access their information from any device. Consumers care about being in control of their finances. Among banking customers, 20 percent are digital-only. This interface builds value and trust.

Just as valuable is the speed at which the service works. Customers demand a quick response time. Sixty-nine percent of consumers “attributed their good customer service experience to quick resolution of their problem,” according to a 2015 survey by Dimensional Research. With 24/7 live support and dedicated Restoration Specialists, we fully support customers and their identity protection needs at a moment’s notice.

Whatever you do to satisfy customers, don’t shy away from acknowledging the impact of fraud and identity theft. By confronting the issue with comprehensive protection services that understand consumer needs, you’ll be sure to deliver a valuable solution.

Learn more about this important partnership opportunity now.

 

Is One Year of Identity Protection Enough?

Resolving this and other missteps in customer care 

A few years into what has become a steady stream of data breaches, complimentary data protection often follows suit. This creates the illusion of protection. But, once you break through the surface of many free offerings, the wrapping is often more appealing than the contents.

From insufficient protection to the magnitude of hoops consumers must jump through to secure their exposed data—the holes in the system are becoming more apparent.

Currently, 50 million individuals in the U.S. are subscribed to complimentary or discounted identity protection services. Subscribers must navigate clunky websites, with minimal guidance and insufficient or ill-suited protection. And consumers are quickly realizing these quick fixes are not worth their time — seen in the four-year low enrollment rate of free or discounted protection. The current enrollment rate sits at just 37.2 percent.

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eBook: Valuable Insight and Solutions to Address Identity Crimes

As the saying goes, if you’re not part of the solution, you’re part of the problem. Fortunately, providing solutions is easier than you think.

Given that fraud and identity theft have claimed a mainstream spotlight in the past few years — impacting over 18 million in the U.S. in 2013 and leading FTC complaints for 15 years running — it might seem as though the average consumer would be well acquainted with these topics. However, being aware of a problem and grasping the full depth of the problem are not one and the same.

Without a clear understanding, consumers tend to jump to conclusions and fill in blanks with inaccurate information. And for matters as critical as those threatening one’s personal information and finances, consumers are largely being led by fear. In fact, a 2014 nationwide study by Chapman University found that Americans’ second greatest personal fear is “becoming the victim of identity theft.” Continue reading

Deliver Customer-Winning Content in One Step

Did you know that the right content enhances your customers’ trust and loyalty? A recent survey by NewsCred revealed that 46 percent of customers turn to their bank for financial content and helpful content drives loyalty for over 50 percent of customers.

As a financial institution, you’re already providing content — from your printed materials to your website — that includes information about identity theft prevention. After all, the Fair and Accurate Credit Transactions Act requires you to address it (via a written program and website). But chances are that the information you’re providing is not living up to your customers’ expectations and it might be time to rethink that content and the way you’re delivering it. Continue reading

Building a Financial Family: Customer Service in Banking

What matters most to your institution? Your customers, of course! Are they happy with their in-branch experiences? Are their needs being met at the drive-through? Do they have convenient access to services that make their lives easier? What about the quality of their online interactions? How do they find out about your new or updated services?

It’s not one — but the combination of these aspects that determines a customer’s satisfaction level in the financial industry. The root of your success is your ability to fulfill this amalgam of customer expectations. Some are basic and unchanging, like the need for high security. According to a 2013 Infosys Study, over 75 percent of people would consider changing banks if a competitor offered better assurances for securing their finances and personal data against fraud. But even seemingly smaller wants — such as monitoring services — can make a big difference to customer loyalty. Consider a finding by Javelin Strategy & Research that 44 percent of consumers seek fraud protection services from their financial institution.

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Compliance Practices: An Issue of Regulation and Integrity

Corporate Position on Recent Enforcement Actions

Compliance doesn’t typically garner much attention outside of the financial industry. When the subject does make mainstream headlines, the alarms even put consumers on alert. Being prepared to address such issues is paramount to ensuring ethical practices are followed throughout an organization. Recent news of this magnitude has centered on Bank of America and U.S. Bank as the subjects of enforcement actions by the Consumer Financial Protection Bureau (CFPB) regarding fraud protection services. EZShield has taken the guidance provided by the CFPB to heart, and was fortunately already prepared for the issues that were identified.

EZShield offers a full suite of services that help secure, monitor and restore damage caused by fraud and identity theft. These offerings include products that feature credit monitoring and credit report retrieval similar to the types of products that were discussed in both cases mentioned above.

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How Protecting Customers From Fraud Helps the Bottom Line

How Protecting Customers From Fraud Helps the Bottom Line

As public concern about identity theft and fraud continues to escalate, it has become more critical than ever for financial institutions to step up customer protection efforts — or risk taking a hit to their bottom lines.

In a global study across 17 countries that included more than 5,200 consumers, some 25 percent of respondents said they’d been victims of credit, debit, or pre-paid card fraud within the past five years. Most tellingly, more than 20 percent reported that they will stop using, or switch from, the card impacted by fraudulent activity. The study — conducted by ACI Worldwide and Aite Group — further found that after experiencing fraud, more than half of cardholders switched to using cash or an alternate form of payment instead of their credit or debit card.

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What Makes a Good Fraud Protection Partner?

In the wake of the Target data breach last December — which put an estimated 70 million customers at risk for identity theft after thieves stole massive amounts of credit and debit card information as well as username and passwords — fraud protection has become a major concern for consumers, and for good reason.

For victims of identity theft, cleaning up the mess is no fun. Some 10 percent of victims must spend more than a month working to clear up associated problems, according to the Bureau of Justice Statistics (BJS). And those whose issues linger are more likely to experience problems at work and in their relationships. Nearly half of identify theft victims who spent more than six months resolving financial and credit card problems reported experiencing severe emotional distress.

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