LegalShield Helps Protect Your Clients' Employees from Consumer Fraud
National Consumer Protection Week (March 1-7) is a reminder that consumer fraud presents a growing challenge for employers. The FTC estimates that Americans lost $196 billion to fraud in just one year, given that only 2-6% of victims report their losses. With 38% of fraud victims experiencing financial loss and identity theft reports surging to more than 1.1 million cases, consumer fraud has become a massive threat.
Employees’ financial stress impacts performance at work.
These aren't just personal problems. Consumer fraud and financial stress follow workers into the office. WebMD reports that financial stress from consumer disputes costs U.S. employers $183 billion annually in lost productivity. Employees spend up to 14 hours weekly dealing with financial issues—nearly half during work hours. Three-quarters say financial stress diminishes productivity, while financially stressed employees are twice as likely to leave.
The threats are diverse and pervasive. One in three Americans have fallen victim to online shopping scams, while imposter scams have cost consumers $2.95 billion. Debt-collection disputes and contract issues are equally common. Yet most employees simply give up—overwhelmed by legal complexities, deterred by high attorney costs, and uncertain about their rights.
LegalShield transforms this dynamic. Employees gain access to provider lawyers who consult on any consumer matter—billing disputes, contractor conflicts, debt collection harassment, and contract review. A lawyer's letter or phone call shifts the power dynamic, enabling employees to negotiate from a position of strength rather than one of weakness.
Identity protection deserves equal attention. With credit card fraud accounting for 44% of identity theft cases, IDShield provides monitoring and restoration services that help employees detect threats early and recover quickly.
For more information on LegalShield's Consumer Fraud protection services, or to offer this product to your clients, please connect with your dedicated LegalShield Broker Team Representative or email [email protected].