DEFINITION of 'Identity Fraud Reimbursement Program'

A financial product that offers reimbursment for the costs associated with having been a victim of identity theft. These costs may include getting affidavits notarized for police and financial institutions, postage for sending certified mail to police and financial institutions, lost earnings resulting from time spent recovering one's identity, and legal fees.

BREAKING DOWN 'Identity Fraud Reimbursement Program'

In addition to providing monetary compensation, these programs often provide a wealth of information to victims on the steps they need to take to resolve the matter and clear up their credit reports. These programs tend to provide reimbursement ranging from $10,000 to $25,000 and can usually be purchased individually for around $25 to $50 annually. They may also be offered as an employee benefit or as an add-on product to other types of insurance. Some homeowners' insurance companies include this protection in their standard policies.

RELATED TERMS
  1. Identity Theft

    The crime of obtaining the personal or financial information ...
  2. Medical Identity Theft

    Stealing another person’s health insurance information so that ...
  3. Accountable Plan

    A plan for reimbursing employees for business expenses. Under ...
  4. Social Identity

    A company's image as derived from its relationships. An organization's ...
  5. Notarize

    The act of officially certifying a legal document by a notary ...
  6. Health Reimbursement Account - ...

    Employer-funded plans that reimburse employees for incurred medical ...
Related Articles
  1. Managing Wealth

    How to Recover From Identity Theft

    Identity theft isn't going away, and fixing it can take time and money. But doing nothing isn't an option. Rather than become a victim, it is time to take action.
  2. Insights

    Identity Theft Protection Services: Worth Having?

    A detailed review of what you get from American's leading identity theft protection agencies. Start here before deciding whether you need this coverage.
  3. Managing Wealth

    Morgan Stanley's New Identity Theft Protection (MS)

    Morgan Stanley now offers identity theft protection to high net worth clients, pursuant to a poll in which they cited this as a top fear.
  4. Tech

    Whose Fault Is Identity Theft?

    You've been so careful, so how did they get your information? Who is really to blame for your identity being stolen?
  5. Personal Finance

    What To Do If Your Identity Is Stolen

    Having your identity stolen is a nightmare. If you are ever faced with the situation, use these steps to alleviate the problem.
  6. Financial Advisor

    The Best Identity Theft Protection May Be Free

    With personal data breaches now a part of our daily lives, here are a few ways to truly protect your identity on your own.
  7. Financial Advisor

    Top Hacks to Protect Clients from Tax Scams

    There are many ways that clients can be victimized in today’s digital world, but there are also many ways to protect against these invasions. Here are some.
  8. Insights

    5 Overlooked Places Where Your Identity Can Be Stolen

    Identity theft affects many Americans, and are often caught off guard. These are 5 places thieves target.
  9. Tech

    Protect Yourself From Tax Hackers

    By taking a few basic precautions, you can prevent tax hackers from stealing your Social Security number and claiming the refund that should be yours.
  10. Tech

    This is the Fastest-Growing Consumer Complaint

    There’s no way to guarantee that your Social Security number won’t fall into the wrong hands. Here are some ways to make yourself less of a target.
RELATED FAQS
  1. Why would someone change their Social Security number?

    Learn the reasons a person might choose to change his Social Security number, including identity theft and abuse, and discover ... Read Answer >>
  2. Are Flexible Spending Account (FSA) items tax deductible?

    Learn how contributions from a Flexible Spending Account (FSA) are not subject to taxation; however, the expenses paid from ... Read Answer >>
  3. Does identity theft or credit card fraud also occur with cash-on-delivery?

    Understand the process of cash on delivery (COD) as well as where identity theft and fraud may occur and some techniques ... Read Answer >>
Trading Center