LEANDER, Texas — Innovative Aftermarket Systems (IAS), a provider of F&I software and aftermarket programs, announced the availability of a new type of identity theft protection. The ID TheftAvert program provides individuals with a proactive solution to preventing identity theft.
"ID TheftAvert is an excellent new identity theft program, both for consumers and the F&I office," said Bob Corbin, president of IAS. "It's sold just like a service contract. Plus, it provides a new proactive product for dealers to sell. With ID TheftAvert, we're offering a unique 'Don't Fix It — Prevent It' service for dealers to offer."
ID TheftAvert protection starts by creating fraud alerts in all three credit bureau files for a given consumer. Fraud alert messages notify potential credit grantors that, by Federal law, they must verify consumer identification before extending credit. The ID TheftAvert fraud alert is unique in that it contains a private phone number that potential credit grantors must call prior to opening any new account, such as automobile loans or credit cards. This private phone number is answered by an automated computer system, which then attempts to relay the call from the creditor to the consumer by dialing up to three phone numbers that the consumer designates.
When any creditor attempts to open new account using the consumer identity, the consumer is contacted in real time and can either stop the account from being opened or enter a four digit PIN to authorize the creation of the new account. If the automated system is unable to contact the consumer, the new account request is halted and placed in pending state until the consumer either accepts or rejects the new account request.
New account fraud is one of several ways in which identities can be stolen and used for illegal purposes. The ID TheftAvert service also includes a $25,000 insurance policy underwritten by AIG. Should a consumer's identity be compromised in any way, this policy includes recovery and restoration services to help bring the consumer to pre-event status.