AmEx Offers ID Theft Help

Realizing the importance of identity theft prevention to its bottom line, American Express, New York, is now offering its credit card holders access to a 24-hour toll-free hotline where they can reported suspected identity theft and fraud.

The company is calling the service Identity Theft Assistance, and is making it available to card holders at no extra cost. American Express says the service is designed to help credit card holders “safeguard their personal information, determine if their identity has been stolen, and if so, provide assistance in helping regain it.”

American Express also offers fee-based services for further protection from identity theft. For slightly less than $6 per month, Identity Protection from American Express provides coverage up to $15,000 (after a $100 deductible) to cover costs incurred with correcting identity theft, and also provides enrollees with access to identity theft counselors to guide them through the process of recovering losses.

Expenses covered by the $15,000 coverage amount can include up to $5,000 for attorney's fees and court costs, up to $2,000 for lost wages resulting from efforts to restore accurate personal records, up to $2,500 restitution for fraudulent fund withdrawals from financial or credit accounts, and miscellaneous other fees and charges including notary services, long-distance calls, postage and document copying.