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Progeny Releases Fraud Insurance to CUs

NASHVILLE, Tenn. - In a time of increasing fraud exploits, marketing strategies firm Progeny Marketing Innovations has joined forces with AIG eBusiness Risk Solutions to offer identity theft insurance coverage. Under the agreement, the new identity theft insurance program will offer a wide range of services to help identity theft...

By Staff Writer | Updated on June 24, 2003

NASHVILLE, Tenn. – In a time of increasing fraud exploits, marketing strategies firm Progeny Marketing Innovations has joined forces with AIG eBusiness Risk Solutions to offer identity theft insurance coverage. Under the agreement, the new identity theft insurance program will offer a wide range of services to help identity theft victims re-claim their lives. The insurance coverage provides up to $10,000 for expenses associated with re-establishing one’s identity, such as re-filing for loans, grants and other debts, obtaining credit reports, payment of lost wages as a result of time off from work to investigate/re-establish an identity, legal costs, and other expenses. The move is part of Progeny’s strategy to develop fraud protection products and services through an exclusive agreement with Frank W. Abagnale, an authority on fraud prevention, whose life story was the basis for the blockbuster Steven Spielberg movie “Catch Me If You Can.” “What we have developed is a convenient and well-positioned program that meets one of society’s greatest needs – the peace of mind that identity and confidentiality will be preserved,” said Abagnale. According to the Federal Trade Commission, identity theft strikes approximately 750,000 people each year and costs businesses $600 billion a year. In 2002 alone the FTC reported 380,000 identity and fraud complaints.

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