American Express ID Protection Review

Introduction

Originally, American Express began as an express mail company in 1850, in Albany, N.Y. Currently, it operates as an American multinational financial corporation based in New York City. It is also one of the Dow Jones Average’s 30 components. The company is most widely known for credit and charge card services as well as traveler’s checks sales and services. American Express (Amex) cards account for the highest percentage of company credit card transaction volumes in the United States (at about 24%). It is recognized as the 22nd most valuable brand in the world by Interbrand and Business Week at $14.97 billion. In addition to its financial dealings, American Express also provides credit protection services.

American Express ID Protect

American Express ID Protect is the basic identity protection service from American Express. This service was originally known as Single Identity but has been renamed ID Protect. This package provides a comprehensive level of security services that cost $9.99 (plus applicable tax) per month. ID Protect benefits include:

• Internet Surveillance
• Lost Wallet Protection
• Public Records Monitoring
• Online Directory Scan
• Online Fraud Assistance
• Fraud Resolution and Support
• Identity Theft Insurance (up to $25,000)

This will basically boil down to 24/7 public records and directory monitoring with prompt alerts of potential fraudulent activity along with insurance protection and the assistance of a personalized fraud specialists who can help with notifying appropriate agencies (including law enforcement). They can also assist with getting an identity theft victim’s credit report back to normal after an identity fraud attack.

American Express ID Protect Premium

This newer identity protection service from American Express is designed to provide enhanced identity safeguards for consumers who are spending an increasing amount of time online. In addition to the basic service offered in the basic ID Protect package, there is continuous online black market chat room monitoring. Black market chat rooms are used to sell fraudulently obtained personal information to be used in identity scam pursuits. There is also daily customer credit profile monitoring of the three credit bureaus and Norton™ Internet Security Online access in order to address malware issues that can be a prelude to computer hacking. There is also a one-time three bureau credit report provided in order to check for mistakes and unauthorized entries.
The benefits provided by ID Protect Premium include:

• Prompt alerts regarding potential unauthorized access and use of personal information such as Social Security numbers and addresses.
• Black market website monitoring by CardCops® 24/7 along with monitoring of online directories and public records.
• A one-time report from the three credit bureaus (Equifax®, Experian® and TransUnion®)
• Continuous monitoring of the three credit bureaus.
• Lost wallet protection (to include wallet contents – credit, debit, store and charge cards)
• Identity Theft Insurance (up to $1,000,000) – this can be used to cover identity theft victim’s costs related to lost wages, legal fees and fund transfer reimbursement that isn’t covered by a customer’s financial institution.

American Express ID Protect and ID Protect Premium Cost

For the basic American Express ID Protect service, the cost is $9.99 (plus applicable taxes) per month or $119.88 (plus applicable taxes) per year.
For American Express D Protect Premium services, the cost is $15.99 (plus applicable taxes) per month.