LifeLock Announces New Services That Help To Combat Identify Theft
LifeLock, the industry leader in proactive identity theft protection, today announced the implementation of a new and innovative identity protection system that will provide better and broader protection to current and prospective members. The new system features some of the most sophisticated technologies available, including scientific modeling and multi-point data mining to identify fraud and help protect consumers.
“The implementation of our new identity protection system reflects LifeLock’s unyielding commitment to innovation, consumer protection and industry-leading best practices,” said LifeLock CEO Todd Davis. “Criminals are devising increasingly complex schemes to defraud consumers. Our services must constantly evolve so we are not one, but two, steps ahead.”
LifeLock’s better and broader identity protection system will:
- Use more sophisticated and more scientific algorithms to spot identity fraud.
- Examine patterns over time across the entire network to help predict future identity risks and vulnerable members
- Mine more data sources than the credit bureaus. These additional data sources include retailers, banks, mortgage lenders, utilities, and auto lenders.
In addition to this new identity protection system, LifeLock continues to provide members with a full suite of personal protection services – including WalletLockTM, eReconTM, TrueAddressTM and of course our $1 million total service guarantee in the event you become a victim of identity theft due to a failure in our service.
LifeLock’s new system, which will replace fraud alerts as one of the company’s primary consumer protection mechanisms, will be deployed in the coming weeks.
Identity theft costs Americans more than $1.8 billion annually, according to the Federal Trade Commission, and the latest FTC reports show the number of identity theft complaints has grown by 80 percent since 2000.