Compass Financial Federal Credit Union

Business Identity Theft and Fraud Remediation Services

Summary of Benefits

Who is eligible: Fully Managed Identity Theft Recovery Services are available for your Business itself. Services are available for covered businesses with 100 or fewer total employees and are limited to no more than two (2) businesses identity fraud events in any twelve (12) month period.

Business Identity Theft and Fraud Remediation Services

If fraud or compromise occurs, contact Compass Financial Federal Credit Union, and upon verification of eligibility, you will be put in direct contact with a Recovery Advocate who will provide the following services as needed:

Advice for any immediate actions that would be prudent to stop the damage from continuing. (This does not constitute legal advice.)
Assist with notification to the Better Business Bureau and the Company’s affected creditors, financial institutions, and other agencies as appropriate.
Assistance with filing a police report, as necessary.
Provide case status updates.
Create and maintain a case file to document the identity fraud.

Provide information to the Secretary of State, State Corporation Commission, FTC, and to other government agencies as appropriate.
Research and investigate potential damage to the Company’s identity and diligently strive to restore the Company’s identity to pre-event status.

Frequently Asked Questions

What is Fully Managed Identity Theft Recovery?

If you suspect that you business has fallen victim to identity theft for any reason, a professional Recovery Advocate will manage the recovery process to help restore your business's name and credit to pre-event status. The Recovery Advocate assigned to your case will handle the phone calls, paperwork and the follow-up for your business through a Limited Power of Attorney authorization.

What is a business identity theft incident?

A business identity theft incident occurs when an unauthorized person uses your business’s information fraudulently, including identity fraud perpetrated using the business name, account numbers, Tax ID number, or other business credentials. Exclusions include patent and copyright infringement; fraud committed by a business owner; corporate espionage; collateral theft such as equipment, furnishings or money; and fraud that does NOT involve the impersonation of the business.

Who is eligible for Business Identity Recovery Services?

Business Identity Theft Recovery extends to covered businesses. This service is limited to two (2) business identity fraud events per year.

How do I know if my business is a victim of business identity theft?

If you see unfamiliar transactions on your business’s credit card or bank account, receive statements in the mail from a creditor you don't recognize, or find notations on your business’s credit file for debts your business did not incur, your business could be a victim of identity theft. If you suspect that someone might be using your business’s information fraudulently, it's always wise to check it out. If it's a false alarm it will give you peace of mind knowing that your business’s identity is secure.

Do I need to confirm business identity theft to access the Recovery Services?

No. If you suspect fraud or think your business has been compromised, or if you are not sure if your business is a victim or not, a Recovery Advocate will research to find and remediate the identity theft.

How do I request assistance if I think I am a victim of identity fraud?

If you suspect your business is impacted by identity fraud, you do not have to confirm that there was actual fraud, even a suspicion of fraud may be reported and investigated. To report a fraud incident, simply call your Program Sponsor and they will submit your case directly to a Recovery Advocate. The Advocates are Fair Credit Reporting Act (FCRA)-certified and hold the designation of Certified Identity Theft Risk Management Specialist.

How does the Recovery Process work?

The Recovery Advocate will create a customized recovery plan and will do the work for your business! Working by virtue of a Limited Power of Attorney authorization (when needed), the Recovery Advocate will contact and remediate the fraud with government agencies, retailers, credit agencies, financial institutions, and more.

What makes these Recovery Services different from other programs?

Other programs offer “assisted” recovery services which provide instructions for businesses to handle the recovery process on their own. With this service, your business does not have to spend the time or money to do the work. A professional, certified Recovery Advocate will work on behalf of your business to perform the recovery tasks and restore your business's identity. The goal is always to return the identity of your business to pre-event status.

What types of identity theft do the Business Identity Theft and Fraud Remediation Services cover?

The Services cover business identity theft incidents that occur when an unauthorized person uses your business’s information fraudulently, including identity fraud perpetrated using the business name, account numbers, Tax ID number, or other business credentials. Exclusions include patent and copyright infringement; fraud committed by a business owner; corporate espionage; collateral theft such as equipment, furnishings or money; and fraud that does NOT involve the impersonation of the business.

Do the Recovery Services provide reimbursement for losses?

No – The Business Identity Theft Recovery Services do not reimburse you for actual losses incurred. Often these are recoverable from the institution or agency that received funds, or disbursed funds, due to a fraudulent transaction.

How long does the Recovery Process take?

There is no way to accurately estimate the length of recovery because each business identity theft case is different. Depending on the nature of the problem, the complete resolution may take from a few days or weeks to months or longer.

Is there a time limit for the Recovery Process?

No — the Recovery Advocate will continue to work on behalf of your business with no time limit. Once the business’s identity is restored, the Recovery Advocate will follow up to ensure that no further problems have surfaced.

When should I take advantage of Recovery Services?

Whenever identity theft is suspected for any reason. If there is actual evidence of identity theft or if your business’s information has been compromised (e.g., lost wallet, data breach, phishing scam), a Recovery Advocate can assess the situation, take preventative steps, and create an action plan.

Note: Business identity theft incidents that were first discovered prior to the effective date of the group services program are not eligible for services.

RECOVERY ADVOCATES

What does the Recovery Advocate do?

The Recovery Advocate works one-on-one with you to assess the situation and develop an identity recovery plan. Working under a Limited Power of Attorney, the Recovery Advocate works on your behalf to remediate the fraud by contacting creditors, government agencies, financial institutions, and more. Once recovery is complete, the Recovery Advocate follows up and if any new issues arise a new case is opened.

Why would a signed Limited Power of Attorney be requested of me?

The Limited Power of Attorney authorizes the Recovery Advocate to work on your behalf to accomplish all tasks involved in restoring your identity to pre-event status. Law enforcement, credit bureaus, and most creditors will not even speak with a Recovery Advocate unless an LPOA is in place, due to security and confidentiality issues. The LPOA authorizes the Recovery Advocate only to perform tasks necessary to remediate the identity theft incident. You are not required to execute the LPOA, but without the LPOA in place, the Recovery Advocate won’t be able to perform recovery tasks for you. In such a case, the Recovery Advocate will assist you to the best of his/her ability, but you may need to perform some of the tasks such as contacting agencies or creditors, writing letters, and making phone calls.

What are the qualifications of the Recovery Advocates?

The Recovery Advocates are FCRA and CITRMS certified. These credentials enable the Recovery Advocates to research identity theft professionally, giving them access to data that other programs’ recovery assistance cannot provide. Our Recovery Advocates are also able to gather and document evidence in a case file used to help law enforcement capture and prosecute the perpetrators.

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