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disclaimer: This web page contains one person's interpretation of the Chase Fraud Detector service. Do not rely on this page to determine exactly what is and what is not covered by Chase Fraud Detector and whether or not it is suitable for you.

Chase Fraud Detector (SM) is a service offered by Chase Bank USA, N.A.

For a fee of approximately $96 a year, paid on a monthly basis, this service purports to help you reduce the risk of credit card fraud and identity theft, and to provide up to $25,000 of Identity Fraud Expense Coverage provided by Travelers Insurance.

Here's what they claim to do for you if you are a victim of identify theft:

Getting credit reports from each credit bureau is already free. You will probably want to call each of your credit card companies to alert them to the problem. They'll probably all want to send you new credit cards.

The other things they offer are educational. I'm just a little skeptical that they will have people particularly expert in interpreting credit reports answering the phone. I suspect they're likely to be sales droids trying to upsell you.

Undoubtedly you've heard that identity theft victims can incur expenses of thousands of dollars. According to the Identity Theft Resource Center in San Diego, the average identity theft victim spends 60 hours and $1200 to clean up the mess.

Spending almost $100 a year to cover a the possibility that you'll incur $1200 in expenses doesn't make sense unless the chances of having your identity stolen are at least 1 in 12 in any given year.

But how much would this $25,000 of coverage be likely to defray your expenses? Probably not much. Here are the primary expenses that it's covering:

These are pretty much penny ante expenses. If you're incarcerated, you want bail! If the District Attorney is convinced you're guilty, you don't need to be reimbursed for your lost wages (at barely over minimum wage) so much as you need a good defense attorney. This is just silly.

Pre-approval requirements arguably renders the legal expenses which are covered of questionable value. If, for whatever reason, they refuse to pre-approve, what recourse do you have?

The biggest problem for most people is the time incurred, and it's questionable whether the services offered through Fraud Protector are going to save a substantial amount of that.

After reading this, if you're still concerned that you might benefit from some kind of identify fraud coverage, you might want to check with your homeowners insurance agent. Often you'll find they provide this kind of coverage for around half the price that Chase is charging.

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Revision r1.1 - 22 Aug 2007 - 03:38 by EliMantel web search for EliMantel
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