Equifax empowers Australian businesses to guard against employee identity theft with launch of Employee Protect
Identity crime costs Australia an estimated $36 billion each year, with one in four Australians falling victim to identity or cybercrime in their lifetime according to the Australian Institute of Criminology (AIC). Equifax, the global data, analytics and technology company, today announced the launch of its Employee Protect product, designed to help Australian businesses keep their employees safe from identity theft and cybercrime.
SYDNEY - 13 April 2022 - Equifax, the global data, analytics and technology company, today announced the launch of its Employee Protect product, designed to help Australian businesses keep their employees safe from identity theft and cybercrime.
Identity crime costs Australia an estimated $36 billion each year, with one in four Australians falling victim to identity or cybercrime in their lifetime according to the Australian Institute of Criminology (AIC).
With Equifax Employee Protect, employers can offer their staff members greater peace of mind by providing alerts for certain changes on their credit report or if their identity is leaked on the dark web, so they don't fall victim to identity theft or suffer the repercussions of financial loss.
James Forbes, General Manager, Consumer at Equifax said “Identity theft is a serious issue, and consumers who fall victim can often face months or even years of hard work as they fight to regain full control of their identity and recoup financial losses. Being on top of your credit and identity information can help catch unusual activity early and stop criminals before they do lasting damage.”
Employers also stand to gain from proactively protecting their staff from cyber criminals. Australian corporates reported cybercrime-related losses worth more than $33 billion, with a cyber-attack happening every eight minutes over the 2020-21 financial year, according to the Australian Cyber Security Centre (ACSC)1.
Safeguarding employees’ identities lowers the risk of bad actors accessing sensitive organisational data by impersonating an impacted staff member.
Additionally, including Employee Protect in employee benefits schemes can differentiate participating organisations as employers who care about their workforces’ financial standing and identity security, helping to attract and retain top talent.
“The battle for talent in Australia is incredibly fierce, and anything that gives employers a recruitment edge is vital. Equifax Employee Protect is another string in HR Managers’ bows, and one that proves they’re proactively thinking about keeping staff safe and secure,” said Mr Forbes.
Employees who receive Equifax Employee Protect will receive monthly credit reports to help track changes to their credit score over time; dark web monitoring and alerts if any personal information has been exposed; insurance cover up to $15,000 pa to cover costs associated with identity theft; tips on how to stay safe and protect their identity; and education on how to improve and maintain a good credit score.
1 Source: ACSC Annual Cyber Threat Report 2020-21 https://www.cyber.gov.au/acsc/view-all-content/reports-and-statistics/acsc-annual-cyber-threat-report-2020-21
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