Fifth Third Bank in Cincinnati is offering a new identity theft protection product that can monitor a customer's credit report.

Fifth Third Identity Alert Premium monitors credit reports at all three major credit reporting agencies and alerts customers to any changes in their credit, the bank, a unit of Fifth Third Bancorp (FITB), said Thursday. It also scans identifying information that accompanies credit reports and pre-credit data records, such as property ownership and court records, for a child's social security number.

Customers can choose to be notified of any activity by text message and email. The service also provides up to $1 million in compensation for qualified expenses if a customer becomes a victim of identity theft.

Fifth Third launched its first identity theft protection tool, Fifth Third Identity Alert, in 2008 and continues to offer this service throughout its footprint.