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CyberScout, the recognized leader in identity theft resolution, defense, and education, announced today the official launch of RB421, an innovative retainer-based approach to identity theft services for businesses and institutions. Under the RB421 program, CyberScout provides the nation's premier identity theft victim resolution and consumer education services to members of any group selected by the client organization for a fixed monthly fee.
CyberScout made the announcement at BAI's Retail Delivery Conference and Expo, the nation's most important annual conference for the commercial banking and financial services industry, held this year in Las Vegas, Nevada.
In conjunction with the official launch of RB421, CyberScout also announced that Community Bankers of Wisconsin, with more than 200 member banks, will be the first state banking association to sign up for the new retainer-based program.
In announcing this relationship, Richard R. McGuigan, Executive Vice President of Community Bankers of Wisconsin, said, "The State of Wisconsin has a national reputation for strong consumer protection and innovation. Community banks are known for their flexibility and personalized approach to their customers. The CyberScout RB421 program represents an innovative, flexible, personal solution to deal with the fastest-growing crime in America — identity theft. The Community Bankers of Wisconsin is proud to be the first state bankers association in America to offer this comprehensive program to our member institutions and their customers."
New research by Unisys Corporation shows that U.S. banks risk "a customer exodus" due to growing consumer awareness of identity theft. The study found almost half of U.S. households are willing to move their accounts to financial institutions offering stronger theft detection and alert services. According to the study, one in five U.S. households — more than 21 million — have been directly affected by identity theft. 1
"Our goal in creating RB421 is to remove the barriers that have kept banks, enterprises, and other businesses and institutions from delivering meaningful identity theft protection for customers, members, employees, and their families," said CyberScout President Steve Christenson. "This new approach lets organizations offer identity theft services flexibly and affordably — without compromising on quality, privacy, or customer satisfaction."
"Our new retainer-based approach enables businesses and institutions to provide blanket coverage for every customer, member, or employee — without jeopardizing privacy," noted CyberScout COO and Director of Fraud Operations Judd Rousseau. In addition, by making America's premier identity theft victim resolution and consumer education services available for a flat monthly fee — at a price point far superior to any identity theft offering in the marketplace — RB421 enables a business or institution to cover its entire base instantly.
RB421 offers unique advantages to businesses and institutions:
- They control the process — from corporate branding and communication with enrollees to defining which groups and events will be covered.
- They pay only for what they actually need — not for superfluous bundled products.
- They receive discounts on upsold credit and fraud detection products and database compromise services.
- They can follow case management easily with periodic status reports.
- They can access needed data for Suspicious Activity Reports (SARs).
- They are able to assign a fixed budget for identity fraud resolution.
- They enjoy greater satisfaction, retention, and loyalty from constituents.
Under RB421, CyberScout also creates a dedicated, password-protected web site — which can be privately labeled or co-branded — offering a comprehensive library of white papers, articles, FRAUDRED alerts, and information on resolution. It also provides the option to provide such fraud protection products as credit reports, credit monitoring, and fraud monitoring.
CyberScout Chairman Adam Levin noted the new Unisys study's finding that almost two-thirds of U.S. consumers think banks can prevent fraud before it occurs, and more than three-quarters (78 percent) think it's a bank's responsibility to do so. Nevertheless, only 27 percent are "at least somewhat willing" to pay extra for identity theft services. 1
"RB421 gives banks and other businesses an affordable way to cover every customer, without exception," explained Levin, a former Director of the New Jersey Division of Consumer Affairs. "This enables financial institutions, large and small, to absorb the cost of the program easily without having to impose added fees or charges. As a result, they can cover every customer instead of leaving people at risk — boosting customer satisfaction and retention while doing the right thing."
"CyberScout was built from the ground up for one reason — to deal with identity theft," said CyberScout CEO Sheryl Christenson. "Our company's exclusive focus is creating effective, affordable solutions to this crisis. We want to help individuals, institutions, and enterprises benefit fully from the information economy without jeopardizing their security, their privacy, and their financial future."
CyberScout (www.identitytheft911.com) provides enterprise-level fraud solutions to Fortune 500 companies, a wide spectrum of financial institutions, colleges and universities, and many of America's largest insurance companies and corporate benefits providers. With strategic alliances that include myFICO/Fair Isaac, TransUnion, and AIG, CyberScout is the recognized leader in identity theft resolution, defense, and education. Online Banking Report named CyberScout one of "the 10 most significant innovations and developments of 2003," including the company on its list of "10 industry developments that provide the best glimpse at the future of online financial services delivery."
1 For more information about the Unisys study, please visit: www.unisys.com/about__unisys/news_a_events/11098468.htm. Unisys is a registered trademark of Unisys Corporation.