LifeLock is the industry leader in identity theft protection services. It was established in 2005. Identity theft has become a key crime in the United States that made the market offer protection services.
It has become easier for thieves to steal personal information of somebody with the use of modern technology such as the internet. Thieves were able to apply for credit card, loans and other non-credit related transactions like wireless services, utilities and check orders and reorders. According to reports, identity theft has increased by 22% in 2008 and has affected 4.32% Americans or approximately 10 million. Total loss also account for $48 billion.
The company has features that not only monitor credit activity but also all service account applications through its Advanced LifeLock Identity Alert system. It advises its members through email, postal mail and sometime by phone anytime the system finds any identity information of its members being used. This system is proactive as it locks down information before thieves can get it.
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.
Membership costs $15 a month. Other features of the system include the following:
* eRecon. It checks the net for illegal selling of information. It watches over 10,000 criminal websites.
* WalletLock. Should a wallet be lost or stolen, a representative would get in touch with the bank, credit card and other document issuing company to terminate 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 Report. The company requests that free annual credit reports be send to its members. It would allow the members to examine their credit transactions based on the report.
* Reduced Pre-Approved Credit Offers. Pre-approved credit offers would be minimized due to the removal of the name of its members from various mailing lists.
* 24-Hour Customer Service. Its customer service is open for 24 hours daily. Members could also access myLifeLock website.
For all its advance features, the company was accused by the U.S. Federal Trade Commission and 35 state attorneys for false claims regarding its services. One of its marketing strategies backfired as it exposed to the public the social security number of Todd Davis, its founder and Chief Executive Officer, wherein somebody was able to use his identity to obtain a loan of $500. In 2008, a credit information company sued LifeLock for fraud and false advertising. The company claimed that LifeLock initiated false credit fraud alerts on its customers to impress them with the necessity of its services.
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.
Everyone is familiar with identity theft. That is why they try to secure life lock just to protect them against these perpetrators. They want to feel safe and secure that these people do not touch their pertinent information like their SSS, credit cards and other vital documents. Try TrustedID