Security News > 2020 > February > IDShield announces service enhancement to protect financial accounts

IDShield, a leading North American provider of identity monitoring, theft protection, and restoration technology and services for individuals and families, announced a service enhancement that will protect its members from unauthorized electronic fund transfers from their employer-sponsored 401K, retirement, and health savings accounts.

According to recent reports by Investment Company Institute and Devenir respectively, nearly $6 trillion is sitting in employer-sponsored 401K accounts and almost $75 billion in Healthcare Savings Accounts.

IDShield will cover financial accounts up to their full value.

If an IDShield customer becomes a victim of identity theft, IDShield will cover up to $1MM for individual plans, $2MM for family plans, and $1M for each spouse.

"Our 401K protection is aimed squarely at what matters to consumers - helping protect their identities and financial future," said Allen Spence, Director of Product Leadership for IDShield.

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