Like some much larger national banks, Salem Five Bank has begun offering an identity theft protection service to customers and employees.
"Safety and security is a top priority in terms of the way you engage with us," Salem Five Chief Marketing Officer Martha Acworth told Banker & Tradesman. "But identities are stolen in any number of ways: Cell phones, frequent flier miles, email, Paypal; there are countless ways you share your identity not related to your bank relationship."
But having one’s identity stolen can certainly affect one’s bank relationships.
"If you fall victim, it is an enormous undertaking, and it can result in considerable losses," Acworth said. "We have a very large mortgage company, and when you get a mortgage, you’ve basically pulled out every piece of your identity. It’s kind of top-of-mind. It’s a very nice opportunity for our mortgage customers and our insurance customers."
Take A Chance
Putting it all in place isn’t easy for the bank, though.
"It’s complex," Acworth says, "to make sure we have all the right flags in our system to make sure (customers) have it, or they don’t, or… if they want it or not."
And for all the trouble, the product itself isn’t exactly a boon.
"There are probably as many ways to [offer identity theft protection] as there are products, and some customers like it, and will want it, and some don’t," said Peter Blanchard, executive director of education management for the Massachusetts Bankers Association. "It’s like any other offer. Some people feel they’ll just take a chance. They don’t want to pay for it."
Blanchard agreed, though, that "It’s a messy situation if it happens to you. Nobody thinks about how entangled it becomes. And it’s not usually the bank or other customers (putting IDs at risk) it’s where they’ve been. You could use an ATM in Spain, you could lose your license."
The service, provided by InfoArmor, will cost customers either $7.95 per month or $79.95 per year, and will be included in the bank’s "Gold Star Checking" service for high-value depositors.
Salem Five said its rates compare favorably to the big banks offering identity theft protection.
"One charges $13.95 per month," Acworth said.
InfoArmor is also being offered to Salem Five employees as part of the bank’s benefits package, Acworth said.
