Based in North America, IDShield, the leading legal service products provider, has announced the news about the launch of a service enhancement focused on the protection of the members from illicit, unauthorized electronic fund transfers from their employer-sponsored 401K, retirement, and health savings accounts. The latest upgradation has increased the age of dependents from 23 to 26 years old. The firm kickstarted the new service enhancement on January 1, 2020, and will now be applicable to all current and future plans.
IDShield is a renowned firm providing world-class facilities concerning identity monitoring, safeguarding from theft, restoration technology, and legal services for individuals as well as families. The firm takes pride in being the only identity theft protection company having access to a team of Licensed Private Investigators that are given the responsibility for the restoration of a member’s identity.
The reports published by Investment Company Institute and Devenir respectively revealed that about $6 trillion is being held in the employer-sponsored 401 accounts and $75 billion is resting in Healthcare savings accounts. The constant growth in the volume of 401K accounts, as well as the cyber threats hovering over the security of these accounts, has triggered the need to develop a system for active monitoring of 401K accounts.
The increased age bar for the dependents allows the adults the necessary time to transition while the dependent heads towards his/her independent life. The firm will peg financial accounts up to their full worth. In case of loss of funds during an identity theft, the firm will provide cover up to $1MM for individual plans, $2MM for family-based plans, and $1M for each spouse. It will also act as a helping aid in the recovery process by providing lawyers, accountants, and in-house licensed private investigators as well.
“With so many consumers setting up their 401Ks and forgetting about them, they could miss important cues that may indicate potential fraud. Fifty percent of people will experience a form of identity theft this year alone. Identity theft typically costs over $400 to resolve and an average 200 hours of your time to recover stolen funds and restore your good name. This enhanced protection will help detect potential fraud and brings attention to the consumer through alerts that something may be amiss,” stated Allen Spence, the Director of Product Leadership at IDShield.
A few days back, U.S News & World Report 360 reviews bestowed IDShield with the title of the Best Identity Theft Protection Companies of 2020. The platform advocates people to pursue a strict protection regime, including secured passwords by changing them at regular intervals, restraining access to or from unknown Wi-Fi networks, being aware of fraud calls, and phishing emails. IDShield promises to give coverage against frauds, forgery, data breaches, and stolen identity.