Citibank Launches Asia’s First One-Stop Identity Protection & Resolution Service with CPP & Credit Bureau (Singapore)

Citibank Singapore Limited has partnered with Card Protection Plan Limited (CPP) and Credit Bureau (Singapore) Private Limited to set a new benchmark in identity protection in Asia. This groundbreaking new service called ID Protect is Singapore and Asia’s first comprehensive identity protection service, which safeguards customers from identity theft and the resulting fraud by providing a complete range of prevention and resolution services. ID Protect will be available to customers from tomorrow from Citibank Singapore.

ID Protect’s Prevention Service offers credit reports, credit flagging, and credit alerts to ensure that customers are aware of any attempts to steal their identity as early as possible, thus greatly reducing the risk of unauthorized transactions. Its Resolution Service includes a dedicated identity protection expert who will work with the customer every step of the way in helping and assisting with the resolution of the identity theft. ID Protect customers will also enjoy unlimited access to the confidential advice line and useful tips on identity theft prevention.

This innovative service is managed by CPP, the world’s leading life assistance provider. Credit Bureau (Singapore), Singapore’s consumer credit bureau and leading credit reference agency, has partnered with CPP to provide the credit reports, flagging and alert services. ID Protect combines the best of CPP’s expert identity fraud resolution experience, Credit Bureau Singapore’s credit monitoring services and Citibank’s wide distribution network.

Mr. John Denhof, Business Director of Credit Payment Products, Citibank Singapore Limited, said, “Singaporeans are increasingly concerned about identity theft and the resulting fraud. As a market leader, Citibank has put utmost priority on providing our customers with ultimate banking and card security. With ID Protect, we are not only demonstrating our commitment to provide customers with complete peace of mind when they bank with us, we are also going several steps further to offer them protection for their identity. This is of crucial importance and relevance to everyone as identity theft can have wide-ranging impact on an individual’s entire banking and credit history and records, including credit cards, line of credit and mortgages. Citibank has always been at the forefront of innovation and technology, and with ID Protect, we continue to bring revolutionary and value-added services to our customers.”

According to the Unisys Security Index 2008 , issues related to identity theft and card fraud are the top two areas of concern for Singaporeans. 83% of Singaporeans are very or extremely concerned about unauthorized access to or misuse of personal information, while another 80% are equally concerned about people obtaining their credit and debit card details.

“With the growth of the credit card market and trends such as online shopping and frequent travel, hardly a day goes by where our customers do not engage in virtual transactions. ID Protect’s combination of identity theft prevention and dedicated resolution services provide the comprehensive safeguard customers need against increasing cases of identity theft and the resulting fraud. Following the launch of Card Protection Plan in 2005, we are very pleased to be working with CPP again, and now with Credit Bureau Singapore to offer Asia’s first one-stop identity protection solution,” added Mr. Denhof.

This is the second time that Citibank is partnering with CPP to exclusively launch value-added innovative products. In June 2005, Citibank and CPP were the first in Singapore to offer Card Protection, a comprehensive global card protection and assistance that covers customers against card loss and theft.

Mr. Howard Davidson, Managing Director of CPP Asia Pacific, added, "Identity theft is growing around the world and the impact on its victims can be great. In our everyday life, we are faced with the risk of our identity being stolen and the results can be distressing both financially and emotionally. The discovery of your identity theft can take weeks or even months, so the importance of being vigilant cannot be underestimated. Often victims of identity theft may suffer from financial loss, bad credit rating and even difficulty in getting a job or a mortgage.

"To help consumers fight against identity theft, CPP is delighted to team up with Citibank and Credit Bureau Singapore to launch ID Protect. We will help the victims in resolving their identity through a personal identity protection expert, credit reports and anti-fraud initiatives. Our professional advisors will also be able to give customers important advice to prevent identity fraud. All in all, ID Protect is a unique and innovative tool for customers to protect their identities and continue their hassle-free lifestyle.

“CPP has launched a similar ID Protect product in the United Kingdom and serves almost one million customers. In the last 12 months, the consumer concern of identify theft has increased with customer seeking prevention tips and measures as well as those needing our identity protection expert assistance.”

Mr. William Lim, Executive Director of Credit Bureau (Singapore), said, “As Singapore’s consumer credit bureau that stores the most comprehensive and up-to-date credit information, Credit Bureau Singapore is committed to helping consumers safeguard and enhance their credit reputation. We are therefore pleased to lend our credit reports, credit monitoring and alert services to ID Protect. With the proliferation of credit card usage and online transactions in Singapore, it follows that the incidence of identity theft will also rise. This is a trend that is witnessed globally. ID Protect not only alerts consumers to identity fraud allowing them to take steps to protect their credit reputation, but through the provision of credit reports it also makes it effortless for consumers to check and monitor their own credit files and manage their credit reputation.”

Resolving the issue of identity theft can take time and involve many steps. With ID Protect, customers have full access to a unique identity fraud resolution service and the service of a dedicated identity protection expert.

The identity protection expert will work closely with the customer throughout the case and be the key point of contact, providing professional guidance and assistance and helping the customer cope with the emotional stress.

Each identity protection expert will work closely with the customer until his/her identity theft issues have been resolved. An action plan will be developed to ensure that the customer’s identity, credit status and credit reports are restored as soon as possible. This action plan will be produced and tailored to suit the specific circumstances of the customer.

One of the top priorities of the identity protection experts is to restore the customers’ credit record. They will develop template letters to send to financial institutions, assist with the necessary paperwork and provide support to every step of the way.

About ID Protect’s Prevention Service

Credit Reports
The credit reports, issued by Credit Bureau (Singapore), provide customers with a comprehensive record of their credit history and details of any loans, mortgages and credit cards opened in the customer’s name. Customers are able to monitor their credit activity and identify the first signs of identity theft. If a customer’s identity has been stolen and a fraudster has obtained credit products in his/her name, this report will give the first indication.

Detailed explanation of how to understand the credit report and access to professional advisors for queries relating to the report will be provided. Customers can obtain up to four free credit reports per year.

Credit Flagging
Credit Bureau (Singapore) will place a preventive fraud warning onto a customer’s credit report if any identification documents have been stolen. This ensures that extra precautions are made before credit is granted in his/her name. This will help to reduce the risk of fraudsters obtaining credit or other products and services in the customer’s name.

Credit Report Alerts
In many cases of identity theft, it can take weeks or even months before the customer becomes aware that it has happened. The sooner identity fraud is detected, the easier it is to be resolved and stop additional fraudulent activities from taking place. With ID Protect, Credit Bureau (Singapore) will monitor the credit status of customers and alert them by e-mail as soon as there is any activity on their credit report. The alerts will notify them of missed payments on all their loans or credit cards and applications for credit made in the customer’s name. If the customer did not apply for any loans or credit products such as line of credit and credit cards, the customer will be able to inform Credit Bureau, the banks and the relevant authorities in a timely manner and prevent any potential identity fraud from happening.

Confidential Advice Line
Customers will have unlimited access to a team of highly trained identity protection advisors, who will give them professional guidance and support if they have any concerns about identity theft. Customers can ask about the ID Protect service, prevention measures, and if a customer believes his or her identity has been stolen, the advisors will refer the customer to a dedicated identity protection expert.

Valuable ID Registration
Customers can register their NRIC, passport and driving license with CPP. Should any of these documents be lost, CPP can provide them with a secure record of all relevant information instantly. This will help especially if the customer is overseas or cannot remember the information on his/her documents.

Passport and Driving License Assistance
If customers lose their passport, NRIC or driving license, they will be assisted by CPP who will provide details of how to obtain replacements. If the customer is overseas, CPP will provide details of the local Singapore embassy.