LifeLock is a business entity that provides protection for identity theft. It is established in the United States in 2005 and has become the leader in the industry. Identity theft has grown to be a great threat to all Americans, hence, protection services have also boomed.
Identity theft has proliferated with the availability of modern technology. Stealing of personal information became easier with the use of the internet. Thieves use stolen personal information to apply for loans, credit cards and other non-credit related applications like utilities, check orders and reorders and wireless services. Based on reports, the crime committed has increased by 22% in 2008 affecting 4.32% of Americans or 10 million of them. Total loss amounted to $48 billion.
Its feature includes monitoring of credit activity and also service account applications. Its Advanced LifeLock Alert systems alert its members for every piece of identity information being used for any type of application. It informs its members through phone, email and postal mail of every suspected activity. It locks down information before thieves can get anything.
It assures its members it would repair theft outcomes of up to $1,000,000 should they become victim of identity theft while under membership.
The company charges $15 per month when you enroll. The system has several features, namely:
* eRecon. 10,000 criminal websites is being watched for possible illegal selling of personal information.
* WalletLock. If a wallet is lost or stolen, a representative would help the member contact each bank, credit card or document issuing company to cancel the accounts and replace lost documents.
* TrueAddress. The system will alert the member of any request regarding change of address. A simple request for change of address could allow identity thieves to steal the mail, giving them access to personal information.
* Free Annual Credit Reports. The company requests copies of free annual credit reports to be sent to all the members. The report would allow the members to check any discrepancy or problem.
* Decreased Pre-Approved Credit Offers. It removes the names of its members from pre-approved credit offer mailing lists.
* 24-Hour Customer Service. The company has 24-hour customer service daily to facilitate reporting by its members. The members could also access its myLifeLock website anytime.
However, the U.S. Federal Trade Commission and 35 state attorneys accused LifeLock of failing to protect its customers against identity fraud and put customer data at risk. One bold promotional move that failed was when they put in one of their advertisement the social security number of Todd Davis, the founder and Chief Executive Officer, which consequently enable someone to get a loan of $500 in his name. Another controversy happened in 2008 when a credit information company accused LifeLock for alerting its customers with false credit fraud alerts.
The company was asked to pay $12 million to settle the charges. Thus, engaging the services of professionals in the field does not mean you could be assured of absolute protection. You could start protecting yourself by taking care of your personal information conscientiously. Be cautious in disclosing such information to anyone.
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