These days, fraud isn’t limited to stolen wallets or fake checks. It happens with the devices we carry in our pockets, discarded documents, or even an unchecked email link. From text scams and phishing emails to data breaches and unsolicited phone calls, criminals are constantly developing new ways to steal information and money as technology evolves.

A lot of the time, these schemes work. Nearly 2 in 5 Americans have experienced identity theft firsthand or know someone who has. The technology and methods used to steal personal information and entire identities have become increasingly sophisticated and harder to detect. Even the most digitally savvy among us can’t prevent all forms of identity theft.

This problem is pervasive and especially worrisome for small financial institutions. What are some ways that community banks can support customers challenged with identity theft and identity fraud?

Kroll has emerged as a global leader in risk mitigation and response services. Kroll offers ID TheftSmart, a program that partners with community banks to provide their customers with effective and affordable identity restoration services.

What is identity theft? Identity theft happens when a bad actor obtains someone’s personal information, like their Social Security number or financial account details, and uses it for financial gain. Thieves can access your information by stealing your wallet, sending you a misleading link, or even posing as your bank or someone you know and asking for passwords or money transfers over the phone.

Some identity theft methods are sneakier than others, making it challenging to stay vigilant with every call, text, and email. Some ID theft protection tips will always help: Don’t click links until you verify they’re from a reputable source. Install the latest antivirus software. Use strong, unique passwords. The list goes on.

The stakes of identity theft are high, with compromised accounts, damaged credit, lost funds, and a long, arduous process across multiple entities. Banks should help customers learn how to prevent identity theft, but they can only do so much. Financial institutions should also support customers when identity theft does happen, because it will.

ID Theft victims likely need to go through a long, complex identity theft restoration process. They may need to determine where their information was used, dispute fraudulent activity, contact credit reporting agencies, and gather documentation. Coordinating these steps with multiple financial institutions, government agencies, and investigators can be time-consuming and frustrating.

An identity theft recovery and restoration service like ID TheftSmart aims to relieve this stress by giving customers direct access to a licensed Kroll identity restoration specialist. This specialist manages the victim’s case to restore their identity by:

• Overseeing the restoration process and documentation.
• Explaining the victim’s rights and responsibilities.
• Ordering fraud alerts and reporting them to the appropriate organizations.
• Collaborating with affected organizations until the theft is verifiably resolved.

Banks that use ID TheftSmart also give their customers unlimited, toll-free access to outside fraud consultants who can provide best practices for proactively and safely managing personal information in the future.

Identity theft recovery can take time, depending on the incident's complexity. Cases involving multiple fraudulent accounts, government records, and collection agencies require longer-term solutions. Often, that important work falls on the identity theft victim. But it doesn’t have to be that way.

Kroll’s licensed private investigators ease the burden on victims, collaborating with agencies on their behalf and managing their case from day one. ID TheftSmart has no enrollment minimums, startup costs, or ongoing maintenance charges.

Community banks across the country use ID TheftSmart to help their bank customers recover from identity theft. Customers already trust their bank with other financial matters. If they know the bank can offer identity theft restoration services, they’re more likely to turn there for help, too.

Having ID TheftSmart doesn’t just help identity theft victims. It also helps the banks that offer these identity theft recovery services. Community banks can offer ID TheftSmart to expand their product offerings, add value to premium checking accounts or other products, improve employee benefit packages, or sell to customers to generate non-interest income. Providing this important service to customers also helps banks save valuable staff time and resources.

Community bank customers already trust their institution to help them in times of need; it makes sense for banks to offer an identity theft recovery service that keeps all their important information in one place.

Banks across the country can help their customers through difficult times by offering identity theft recovery services like ID TheftSmart.

United Bankers’ Agency helps community banks establish the industry’s best identity theft solutions. Learn more about UBA’s suite of ID theft protection solutions and how we can help your bank enroll in the ID TheftSmart program.