• by Judy Warner , December 6, 2006

MetLife Bank, N.A., yesterday sought to differentiate its commitment to customer security by providing identity recovery services free to all its deposit account holders--no matter how the fraudulent activity occurs.

With identity theft topping the list of consumer complaints reported to the Federal Trade Commission, financial services companies have vigilantly sought security measures to reassure customers their data are protected and safe.

"Consumers need this service, and we believe they should have it," said MetLife Bank President Donnalee DeMaio. "We are proud to be able to offer them a robust ID restoration service at no charge. Our intent is to give our customers the peace of mind that, should they be victimized, someone will be there for them."

The online bank, a subsidiary of giant MetLife in New York, attracted some 60,000 new customers and saw deposits grow to $4.3 billion last year, but it is aiming to both raise awareness and add value to attract new deposit accounts while gaining market share from scores of larger, better known competitors.

Complaints about identity theft topped the list of consumer complaints to the FTC, accounting for 255,000, or 37 percent, of more than 686,000 complaints filed with the agency in 2005.

MetLife Bank has retained Identity Theft 911, a Scottsdale, Ariz.-based company with 45 employees, to deliver its ID theft recovery services. CEO Sheryl Christenson says her company currently provides services to insurers such as Chubb, Amica and some 70 others, but MetLife Bank's program "takes it the furthest and is the most extensive."

"We give it to them at a price that makes it possible for them to give it out to their customers at no charge," Christenson says.

MetLife Bank doesn't care where the customer suspects the fraudulent activity to have taken place--on a bank account, a credit card or a cell phone or utility bill. "It covers any fraudulent activity, and that's a key difference. Other banks' programs may be sympathetic if you lose your wallet but they won't help you with your driver's license or help you set up a fraud alert on your credit report," she adds.

Customers traveling outside the country who find their passports, airline tickets and personal identification lost or stolen can access the MetLife Bank program. Deposit customers who are the victims of either personal catastrophes such as a house fire or flood or natural disasters such as an earthquake, hurricane or tornado can also tap into the service. "No other bank so far has offered to help with document restoration," Christenson says.