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.
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 monitors the internet for any illegal selling of information. It watches over 10,000 criminal websites.
* WalletLock. When a wallet is lost or stolen, a representative helps the member contact the banks, credit card companies and other document issuing companies to cancel all the accounts and request for replacement of lost cards and documents.
TrueAddress. The members will be alerted for any request for change of address especially when the request does not match information available from various address databases.
* 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. The company offers daily 24-hour assistance in addition to access to myLifeLock website.
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 charged with $12 million to settle the lawsuits. This controversy has made the credibility of such services questionable. How can you entrust your personal information for something like this? In the end, protecting yourself from this theft should come from within. To protect you, be vigilant in safeguarding your personal relevant information.
Everyone is familiar with identity theft. That is why they try to secure lifelock 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 identity theft protection
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