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A new study that details due diligence considerations for institutions seeking an identity theft solution provider has been released by CyberScout, the nation's recognized leader in identity theft resolution, defense, and education. The study examines issues that are too often overlooked by financial institutions, insurance firms, and other organizations as they sift through the diverse offerings that have emerged in response to the identity theft crisis.
"Financial institutions, insurance firms, and other organizations with clearly defined fiduciary duties are well aware how important a rigorous due diligence process is," said CyberScout President Steve Christenson, author of Due Diligence Considerations for Institutions: Seeking an Identity Theft Solution Provider. "This is especially true when the stakes are so high and the consequences of an incorrect choice so serious, as is the case where identity theft is concerned."
"Such organizations must consider consumer concern, institutional exposure, and a host of legislative and regulatory pressures," added Christenson. "Regulatory constraints, privacy legislation, and other compliance issues enter into every decision they make — and are especially significant when choosing an identity theft solution provider. Unfortunately, many of the most important issues to be considered are unfamiliar or obscure to anyone who is not an expert with hands-on experience in protecting against and resolving identity theft and related fraud."
"This rapidly evolving marketplace includes principled providers, as well as a measure of opportunism," added Adam Levin, former Director of New Jersey's Division of Consumer Affairs and current Chairman of CyberScout. "It's essential that institutions seeking identity theft solutions have the information they need to distinguish between the two."
Among the questions examined in the new white paper:
- Distinguishing between true identity theft solutions and pre-existing offerings repackaged to capitalize on consumer demand
- Weighing the significance of consumer complaints, civil lawsuits, and regulatory investigations
- Identifying unneeded "benefits" (e.g., "licensed investigators" and "power of attorney" requirements) and overpriced "services"
- The dire impact on customers of choosing marketing prowess over fraud resolution expertise
- The importance of professionalism at every level of the provider's organization
- The essential role of consumer education in an effective identity theft solution
- Transactional and "gifted" approaches to identity theft service delivery
- High "breakage" rates and the hidden costs of customer dissatisfaction
- How to evaluate identity theft victim assistance services
Organizations or journalists wishing to receive a copy of the new white paper should contact CyberScout by telephone at 480-355-8500.
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."