Transamerica Life Insurance Company has, through its Transamerica Employee Benefits (TEB) marketing unit, partnered with LifeLock, Inc. to provide identity theft protection through employee benefits in order to give employers and employees peace of mind.
“Voluntary benefits are becoming an increasingly important part of the overall employee benefits package as they enable employers to expand and diversify their offerings at the workplace. By offering LifeLock’s identity theft protection services, we are able to provide our customers with access to a wide array of insurance and non-insurance protection options,” said Randy Clarkson, president of TEB.
It is no surprise that the pervasiveness of paying bills and conducting other financial transactions online has led to an uptick in identity theft. According to a 2012 Identity Fraud Report from Javelin Strategy & Research, there were 1.4 million new victims in 2011 from 2010. The report found that there is usually a delay between the time someone detects account fraud and the time that stolen information is misused. The delay, according to the report can be as long 165 days.
An employee who has been a victim of identity theft will spend hours trying to resolve the issue and, many of those hours occur during work. With this new partnership, TEB and LifeLock hope to facilitate a productive and efficient environment in the workplace.