MetLife has added credit monitoring services to its group legal services benefit plan as identity theft issues increase.
Employers with 1,000 or more employees who use MetLaw will have access to the new credit monitoring service, which is provided by CyberScout, an identity theft service provider. The Advantage will scour the Internet and major credit bureaus to help uncover and minimize fraud in the early stages and provide members with a dashboard through which they can monitor their credit scores.
“The number of employers offering legal service plans has doubled over the past 10 years, and the popularity of this benefit continues to grow,” said Randy Stram, senior vice president of national accounts in the Group Benefits business of MetLife. “We added the new credit monitoring service to further support employers in their work to meet employee needs for resources that protect against identity theft. “
See also: Identity theft protection is growing in popularity
If identity theft is discovered, fraud specialists work to restore the member’s identity. Participants who experience an incident of identity theft may also be reimbursed up to $ 1 million for reasonable and necessary expenses related to the incident, such as lost wages and unauthorized electronic fund transfers, according to the society.
MetLife’s new offering comes as more employers add identity theft protection to their benefit plans.
A 2016 survey of voluntary benefits conducted by Willis Towers Watson found that the number of employers offering identity theft protection could double next year, from 35% in 2015 to almost 70% of by 2018.
Companies like LifeLock, an identity theft protection firm itself, have recently added credit monitoring services to their benefits, and universities, hospitals and retailers have followed suit as a result. significant data breaches.