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Equifax announced the launch of its Employee Protect product, designed to help Australian businesses keep their employees safe from identity theft and cyber crime.
Identity crime costs Australia an estimated $36 billion each year, with one in four Australians falling victim to identity or cyber crime in their lifetime, according to the Australian Institute of Criminology (AIC).
Equifax is aiming to empower Australian businesses to guard against employee identity theft with Employee Protect. A global data, analytics, and technology company, Equifax supports financial institutions, companies, employees and government agencies. With differentiated data, analytics and cloud technology, Equifax aims to drive insights that impact on critical decisions, enabling clients to move forward with greater confidence.
With Equifax Employee Protect, employers can offer their staff members greater peace of mind by providing alerts for certain changes on their credit report or if their identity is leaked on the dark web, so they don’t fall victim to identity theft or suffer the repercussions of financial loss.
According to James Forbes, general manager, consumer at Equifax, identity theft is a serious issue, and consumers who fall victim can often face months or even years of hard work as they fight to regain full control of their identity and recoup financial losses.
“Being on top of your credit and identity information can help catch unusual activity early and stop criminals before they do lasting damage.
“Employers also stand to gain from proactively protecting their staff from cyber criminals.
“Australian corporates reported cyber crime-related losses worth more than $33 billion, with a cyber attack happening every eight minutes over the 2020-21 financial year, according to the Australian Cyber Security Centre (ACSC),” Forbes said.
Safeguarding employees’ identities lowers the risk of bad actors accessing sensitive organisational data by impersonating an impacted staff member.
Additionally, including Employee Protect in employee benefits schemes can differentiate participating organisations as employers who care about their workforces’ financial standing and identity security, helping to attract and retain top talent, Forbes further explained.
“The battle for talent in Australia is incredibly fierce, and anything that gives employers a recruitment edge is vital.
“Equifax Employee Protect is another string in HR Professionals’ bows, and one that proves they’re proactively thinking about keeping staff safe and secure,” Forbes said.
[Related: Cyber security professionals back government-led cyber threat protection initiatives]
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