To combat fraudulent transactions, Fifth Third Bank is launching a new identity theft protection product, dubbed Fifth Third Identity Alert Premium (view press release). The product will offer solutions including daily credit monitoring, which monitors a customer’s credit report at major credit reporting agencies alerting them to changes in their credit; child’s social security number monitoring; application monitoring with text alerts, which prevents information from being fraudulently on credit and service applications by scanning information provided by business in real-time and USD1 million identity theft insurance and fraud assistance.

“Identity theft is a growing concern, especially considering the amount of personal information available online and through social networks,” said Todd Clossin, EVP and chief administrative officer, Fifth Third Bank. “Our customers look to us to not only help them manage their money and investments, but to also help them protect their financial well-being. They have told us that identity theft protection is one of the most valuable services we can offer.”