Skip to main content

The hidden cost of identity theft to employees and employers

HANYS Benefit Services is partnering with CyberScout, a leading identity management and data theft services company. CyberScout delivers valuable prevention education, proactive protection services, and swift and appropriate incident remediation for more than 17.5 million households and more than 770,000 businesses.



The hidden cost of identity theft to employees and employers:







When identity thieves take advantage of employees’ stolen personal information to obtain credit or loans, or to commit various types of fraud, both employees and employers pay a steep price. For example, victims:



  • need 165 hours, on average, to resolve identity theft; 

  • are absent five times more than average; and

  • use twice as much sick time.




Consider that in 2017 the Equifax data breach alone exposed the sensitive personal information of 143 million people. And since there have been more than 1,792 breach incidents (that we know about), millions of people are at risk for fraud and identity theft.



Employees and their families can rely on CyberScout’s fraud specialists to reduce their risks of identity theft. Further, should a breach or theft occur, they will receive unlimited resolution support and services including access to the CyberScout Resolution Center. Also offered is access to the CyberScout online Knowledge Center, which provides information and FAQs to help individuals minimize their exposure to cyber risk, along with other educational and cost-effective technology solutions. Other features include: placement of fraud alerts, assistance with filing police reports and fraud victim affidavits, credit grantor notifications, government agency and association notifications, creation of a comprehensive case file, and active post fraud follow-up, when an incident occurs.



CyberScout provides additional coverage by monitoring a full range of credit and non-credit information used to commit fraud. It searches public and private databases, social media channels, and the internet’s black market to detect possible misuse of customer identities and credit data. When a potential fraudulent activity is detected, customers receive an alert and are provided with full access to CyberScout’s 24/7 Resolution Center Support Team.



For additional information about CyberScout's identify theft services and HBS' employee benefits solutions, please get in touch by email or by calling (800) 388-1963.

Popular posts from this blog

What is HR vendor management? Overview with scenarios

Vendor management can be a litigious environment where efficiency, transparency and risk mitigation are paramount. With the right advisor in your organization’s corner, you’ll feel more confident navigating vendors and managing their services, ensuring streamlined processes and strategic alignment.   In this blog post, we'll cover the basics: What vendor management in HR entails, why it's important, how it can transform businesses and some scenarios in a few business types. Level up your knowledge and find the right partners to thrive.  Understanding vendor management in HR  Vendor management in HR involves the systematic management of third-party suppliers who provide goods and services essential to HR operations. This includes managing contracts, ensuring compliance with service level agreements and optimizing vendor performance to align with a company's long-term business goals.  A robust vendor management strategy can provide organizations with a structured ...
Read more

Employee Benefits Offerings: What Perks Can You Add?

Employee benefits can play a crucial role in attracting and retaining top talent. Beyond compensation and bonuses, offering a variety of perks can significantly enhance employee satisfaction and productivity. But what should you include in your employee benefits offerings?   What are employee benefits?   Employee benefits encompass compensation, bonuses and various perks outside an employee's wage. By offering flexible employee benefits, you can improve employee productivity and loyalty while attracting and retaining talented candidates.   Personalized benefits examples   The type of benefits offered can vary by industry. We've compiled some of the most popular options to help you explore possible employee benefits strategies .  1. Social opportunities   Employee perks don't always have to be tied to a benefits package. Sometimes, the best way to engage your employees can be through social opportunities. Group activities can help im...
Read more

Section 125 – Cafeteria Plans Overview

A Section 125 plan, or cafeteria plan , allows employees to pay for certain benefits on a pre-tax basis. Employers use these plans to provide their employees with a choice between cash and certain qualified benefits without adverse tax consequences. Paying for benefits on a pre-tax basis reduces the employee’s taxable income and, therefore, reduces both the employee’s and the employer’s tax liability. To receive these tax advantages, a cafeteria plan must comply with the rules of Section 125 of the Internal Revenue Code and related IRS regulations. Under these rules, a Section 125 plan must have a written plan document and can only offer certain qualified benefits on a tax-favored basis. Once an employee makes a Section 125 plan election, they may not change that election until the next plan year, unless the employee experiences a permitted election change event. Also, for highly compensated employees to receive the tax advantages associated with a Section 125 plan, the plan must pass ...
Read more