According to a new report produced by Javelin Strategy & Research and cosponsored by AARP, American adults lost $47 billion to identity fraud and scams in 2024. This includes $27 billion lost to traditional identity fraud, affecting 18 million people. It can take months or even years to recover from, and can cost you money, time, and peace of mind. In an increasingly digital world, identity theft protection is a necessity for everyone.
The good news is IAM provides members with free identity theft protection! This valuable benefit is included in your IAM Legal and Personal Protection Plan, and it’s designed to help you safeguard your personal information and detect potential fraud. With only a one-time setup, it will save you significant hardship down the line.
The Impact of Identity Theft on the U.S.
To truly understand the importance of this benefit, it’s essential to grasp the current-day presence of identity theft. Here are some statistics:
- The Federal Trade Commission (FTC) remains a key resource for tracking identity theft. In 2024, there were over 1.1 million reports of identity theft received through the FTC’s IdentityTheft.gov website.
- In 2024, the FTC received fraud reports from 2.6 million consumers, and 18% of those were for identity theft.
- Credit card fraud is a major component of identity theft, and continues to be a leading type of identity theft.
- The Identity Theft Resource Center’s 2024 Annual Data Breach Report revealed a near-record number of compromises and victim notices.
These statistics paint a clear picture: identity theft is rampant, and its impact is significant and growing.
What to Know About IAM ID Theft Protection
- It’s FREE. As a member, you’re entitled to this protection at no additional cost. This is a valuable part of your union membership, demonstrating their commitment to your well-being.
- Key features. While the specifics may vary slightly depending on your union’s plan, IAM Identity Theft Protection includes:
- Email monitoring: This feature scans your email for suspicious activity and potential threats to your personal information.
- Up to $1 million in insurance coverage: In the event that you do become a victim of identity theft, this insurance policy can help cover the costs associated with recovery, such as legal fees, lost wages, and other expenses.
- Single-bureau credit monitoring: This service monitors your credit report for changes that could indicate fraud, such as new accounts opened in your name or unauthorized inquiries.
- Monitoring of social security numbers and other sensitive information: This feature helps to detect if your most valuable personal information is being used fraudulently.
- Quick and easy setup. Registering for this benefit is a one-time process that can be completed quickly and easily. In today’s fast-paced world, convenience is key, and this benefit is designed to be user-friendly.
- Added security. The registration process will take place on a secure, encrypted server to ensure your data is protected. Your privacy and security are paramount.
- Opportunity to upgrade. After registering, you may have the option to upgrade to a plan with even more comprehensive coverage for you and your family, at a discounted rate. This allows you to tailor your protection to your specific needs.
Why is Identity Theft Protection Important?
The consequences of identity theft can be far-reaching and devastating. It’s not just about losing money; it’s about the erosion of your financial stability and the potential damage to your reputation.
- Financial loss. Identity thieves can drain your bank accounts, run up charges on your credit cards, and take out loans in your name. The financial damage can be substantial, and recovering those losses can be a long and arduous process.
- Damaged credit. Identity theft can wreak havoc on your credit score, making it difficult to get loans, rent an apartment, or even get a job. A poor credit score can follow you for years, limiting your opportunities and increasing your financial burdens.
- Time and hassle. Recovering from identity theft can be a long and frustrating process. You’ll have to spend time contacting banks, credit bureaus, and law enforcement agencies to clear your name. This can involve countless hours on the phone, filling out paperwork, and dealing with bureaucratic red tape.
- Emotional toll. Beyond the financial and practical consequences, identity theft can take a significant emotional toll. Victims often experience stress, anxiety, and a feeling of violation.
- Long-term effects. The effects of identity theft can linger for years. Even after you’ve recovered financially, you may still have to deal with the lingering consequences of a damaged credit report or the fear of it happening again.
Activate Protection Today
IAM Identity Theft Protection is free, takes only a few minutes to set up, and can potentially save you from financial losses and protect your well-being. Don’t let your hard-earned benefits go to waste – tap below and submit a form to take this proactive step. You can also get help by calling the Member Helpline at 646-921-9128.
