The new Allstate Scam Protection offers reimbursement up to $50,000 when money or cryptocurrency is stolen through scams, the company said in a Thursday (Nov. 20) press release.
This product offers up to $50,000 per year reimbursement for scams, digital crime and social engineering, and for stolen crypto resulting from cybercrime, according to the release.
It covers unlimited household members, including teens and seniors, even if they live outside the home, the release said.
Allstate Scam Protection also offers alerts against fraudulent texts, emails, links, robocalls and robotexts; a scam takedown service that removes malicious URLs reported by customers; and personal coaching sessions that help individuals and families build defense plans, per the release.
“Scams cost employees time, money and productivity, impacting their families and their finances,” Caroline Slane, senior vice president of business operations at Allstate Identity Protection, said in the release. “This new scam protection fills a gap by putting money back in people’s hands so they can get back on their feet.”
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The new Allstate Scam Protection joins the Allstate Identity Protection that is already available through 4,500 companies’ employee benefits packages, according to the release.
Employers add products like these to their benefits packages because cybercrime impacts workplace productivity, per the release.
“Workers are vulnerable whenever and wherever they use devices, and they manage fraud recovery during work hours when banks and government agencies are open,” the release said.
The Federal Trade Commission said in March that consumers reported more than $12 billion in fraud losses in 2024. That figure was 25% higher than the fraud losses reported in 2023.
Christopher Mufarrige, director of the FTC’s Bureau of Consumer Protection, said at the time in a press release that “scammers’ tactics are constantly evolving.”
The Association of British Insurers said Nov. 10 that cyber insurance providers in the United Kingdom paid 197 million pounds (about $258 million) in claims from businesses last year. That figure was 230% higher than the total in 2023.
The ABI said in a press release that cyber insurance “is proving to be indispensable in today’s digital economy.”
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