VISA Joins With Consumer Group In ID Theft Initiative

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Visa USA is partnering with a consumer network to help identity theft victims put their lives back together. Visa has joined with Maryland-based Call For Action to create a toll-free hotline (1-866-ID-HOTLINE) that ID theft victims can call for assistance in following a step-by-step process of getting their identities back.

The volunteer who answers the call will continue to work a victim's case until it is resolved. Visa pointed to research that showed that 68% of ID theft victims say the biggest problem they face is the time it takes to remedy the situation. Victims complained of the time involved in correcting inaccurate credit reports, requesting a new Social Security number, and closing card accounts.

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Meanwhile, Visa said it has also begun offering Personal identity Theft Coverage as a new optional benefit for Visa cardholders. Member financial institutions will have the opportunity to purchase the coverage to offer free to cardholders. The insurance coverage goes beyond Visa's zero-liability policy by providing eligible cardholders coverage ranging from $1,000 to $15,000 in reimbursement for lost wages, legal fees and other costs associated with ID theft.

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