Identity theft is big business for criminals. By some estimates, as many as 15 million Americans are victimized annually by identity theft, whether it's having fraudulent credit cards set up in their names or having personal information stolen in a data breach. With each incident taking time and money to clear up, the economic impact is in the tens of billions of dollars annually.
It's no surprise that identity theft is big business for the good guys, as well, with vendors offering solutions that range from tools to prevent data breaches to credit-watch and fraud-monitoring services. But there's a new player in the field, and it brings more than 2,000 combined years of law enforcement investigation experience with it.
The company, iSekurity, has more than 100 former federal agents on its payroll. Based in Washington, D.C., the company's C-level executives include two former U.S. Secret Service agents who were both on presidential protection details. (One of them was driving President Reagan's limousine during an assassination attempt, according to a Web site bio.)
Law Enforcement Experience
The federal law enforcement experience distinguishes the company from competitors, Lindsay Sorenson, the company's assistant communications director, told us.
"No other company goes after the criminal, which is the only effective way to reduce the rate of the fastest-growing crime in America," she said. "We have the experience to go out and investigate," which "goes to the core of the ID-theft problem."
Membership costs less than a dollar per day for a basic-level plan. The company's services include a proprietary system called Sekure Scan that proactively monitors multiple databases looking for breaches of a member's information. A command center gives members an expert on-call 24/7 in case an incident occurs.
If a member does fall victim to identity theft, the company provides a case manager and "personal guide through the process of ID-theft recovery," according to the company's member-only Web site. The case managers come from the company's team of former law-enforcement agents from the Secret Service; Drug Enforcement Administration; Bureau of Alcohol, Tobacco and Firearms; Internal Revenue Service; and U.S. Postal Service.
"We don't do what consumers can do for free, such as credit monitoring and setting fraud alerts," Sorenson said. "iSekurity helps through the recovery process. We have a third-party insurance provider that assists with theft losses and credit-restoration expenses, and we provide a case report to victims that expedites the restoration of credit to the victim."
The insurance (not available in every state) provides up to $10,000 for losses and expenses connected to the ID-theft loss. The company guarantees its services up to $2 million per member and offers its Premium Plan members an $11,000 "bounty" payment if the culprit responsible for the theft is not identified within a year of the start of the investigation. (Premium plans cost $900 for five years under the current promotion.)
Image credit: iStock/Artist's concept.