Citibank Singapore Limited has partnered with Card Protection Plan Limited (CPP) and Credit Bureau (Singapore) Private Limited to set a new benchmark in identity protection in Asia. This groundbreaking new service called ID Protect is Singapore and Asias first comprehensive identity protection service, which safeguards customers from identity theft and the resulting fraud by providing a complete range of prevention and resolution services. ID Protect will be available to customers from tomorrow from Citibank Singapore.
ID Protects Prevention Service offers credit reports, credit flagging, and credit alerts to ensure that customers are aware of any attempts to steal their identity as early as possible, thus greatly reducing the risk of unauthorized transactions. Its Resolution Service includes a dedicated identity protection expert who will work with the customer every step of the way in helping and assisting with the resolution of the identity theft. ID Protect customers will also enjoy unlimited access to the confidential advice line and useful tips on identity theft prevention.
This innovative service is managed by CPP. Credit Bureau, Singapores consumer credit bureau and credit reference agency, has partnered with CPP to provide the credit reports, flagging and alert services. ID Protect combines the best of CPPs expert identity fraud resolution experience, Credit Bureau Singapores credit monitoring services and Citibanks wide distribution network.
“Singaporeans are increasingly concerned about identity theft and the resulting fraud, says John Denhof, business director of Credit Payment Products, Citibank Singapore Limited. “As a market leader, Citibank has put utmost priority on providing our customers with ultimate banking and card security. With ID Protect, we are not only demonstrating our commitment to provide customers with complete peace of mind when they bank with us, we are also going several steps further to offer them protection for their identity. This is of crucial importance and relevance to everyone as identity theft can have wide-ranging impact on an individuals entire banking and credit history and records, including credit cards, line of credit and mortgages. Citibank has always been at the forefront of innovation and technology, and with ID Protect, we continue to bring revolutionary and value-added services to our customers”
According to the Unisys Security Index 2008 , issues related to identity theft and card fraud are the top two areas of concern for Singaporeans. 83% of Singaporeans are very or extremely concerned about unauthorized access to or misuse of personal information, while another 80% are equally concerned about people obtaining their credit and debit card details.
This is the second time that Citibank is partnering with CPP to exclusively launch value-added innovative products. In June 2005, Citibank and CPP were the first in Singapore to offer Card Protection, a comprehensive global card protection and assistance that covers customers against card loss and theft.
“Identity theft is growing around the world and the impact on its victims can be great,” says Howard Davidson, managing director of CPP Asia Pacific. “In our everyday life, we are faced with the risk of our identity being stolen and the results can be distressing both financially and emotionally. The discovery of your identity theft can take weeks or even months, so the importance of being vigilant cannot be underestimated. Often victims of identity theft may suffer from financial loss, bad credit rating and even difficulty in getting a job or a mortgage.
The identity protection expert will work closely with the customer throughout the case and be the key point of contact, providing guidance and assistance and helping the customer cope with the emotional stress.
Each identity protection expert will work closely with the customer until his/her identity theft issues have been resolved. An action plan will be developed to ensure that the customers identity, credit status and credit reports are restored as soon as possible. This action plan will be produced and tailored to suit the specific circumstances of the customer.