New company, N.J.-based ID360, has been formed to offer comprehensive investigative and recovery services to identity theft victims. The company is comprised of recovery specialists and a national network of former federal, state and local law enforcement professionals and former prosecutors who have worked in the public and private sectors. ID360 offers its service directly to employers, associations and other groups, which then offer the service to their constituents.
After a victim of identity fraud becomes aware of the problem, they often are left to fend for themselves to restore their identity. Remediating an individual’s identity can take about six months or 200 hours, often requires the victim to take time off from work or resolve their issues during the work day, and frequently requires a depth of knowledge typically not possessed by the average victim. ID360 performs the legwork to restore a member’s identity so they can continue regular activities.
According to Dan Russo, COO and General Counsel of ID360 and a former partner of a global law firm where he represented one of the national credit bureaus, “Credit monitoring is merely a tool that may detect new account fraud but will miss some of the most problematic types, including tax refund fraud, criminal identity fraud and medical identity fraud,” he said. “But no matter the type, after becoming aware of the issue the victim then is faced with the daunting question of ‘Now what?’ An efficient and effective response is critical.”
Russo said part of ID360’s services is to handle the matter for members utilizing a limited power of attorney.
According to a recent Javelin Strategy & Research report, identity fraud increased by more than one million victims in 2012. Last year, criminals took $21 billion from 12.6 million Americans—the highest amount since 2009. Every three seconds, a person’s identity is stolen.
Based in Mahwah, N.J., ID360 is an identity protection company that provides educations to its members on identity theft avoidance and detection and undertakes investigative and recovery efforts for its members in cases of identity fraud. Drawing upon a multidisciplinary team of legal, law enforcement and investigative professionals, ID360 handles all aspects of identity theft restoration. The service is available to individuals through employers, associations and other group offerings.