HARTFORD, Conn.--(BUSINESS WIRE)--Travelers (NYSE: TRV), the first carrier to offer identity fraud insurance, today revealed findings from its claim data that highlights the most common ways identity thieves use personal information.
The 2014 identity fraud claim information from Travelers shows that:
- Thirty-six percent were a result of thieves using existing credit or debit cards.
- Twenty-one percent of claims are related to tax or employment fraud.
- Thirteen percent were because of the opening of new credit cards using stolen personal information.
“Identity theft is a year-round problem, and no one is immune,” said Tim Francis, Enterprise Cyber Lead at Travelers. “Once an identity is stolen and fraud has occurred, the road back to restoring what was yours can be time-consuming and expensive. In addition to simple preventive measures that should be taken, individuals can add insurance to help cover the costs of restoring your identity.”
To help reduce the risk of becoming a victim of identity theft that could lead to fraud, Travelers recommends taking the following steps:
- Be wary of disclosing personal information: Do not fall for scams intended to pull at the heartstrings. Do not disclose personal information, such as credit card and bank account details, when responding to an unsolicited request.
- Do not throw away - Destroy: Shred old bills and financial statements rather than placing them in the trash or recycling.
- Secure your belongings: Make sure to store purses and wallets in a safe place, never print account information on envelopes of outgoing mail, and be careful about sharing personal information on social media.
- Know your score: Check your free credit report annually from the national credit reporting agencies by visiting www.annualcreditreport.com.
- Consider insurance protection: Talk to an insurance agent or carrier about what coverage can help protect you and your finances in the event of identity fraud.
Travelers offers insurance protection for identity fraud that provides victims with reimbursement for the costs associated with identity restoration as well as services to help restore someone’s identity. Customers who choose this coverage have access to a consumer fraud specialist, who can guide victims through the process of restoring their identity. The Identity Fraud Expense Coverage is available as part of a Travelers Homeowners policy for $25 annually and offers protection up to $25,000 per insured person with no deductible. Travelers also offers Identity Fraud Expense Reimbursement Coverage to financial institutions and commercial entities as an employee, customer, or membership benefit.
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home, and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $27 billion in 2014. For more information, visit www.travelers.com.