LifeLock Offers Identity Theft Protection with Money Back Guarantee

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We can’t vouch for this company personally, but they claim to have figured out a way to protect your identity from identity theft, and they offer a money-back guarantee. Their program is only $10/month, or $100 per year. They promise that “If an identity is ever stolen while a LIFELOCK program membership is in effect, LIFELOCK will fix all issues arising from the theft and will reimburse any out of pocket expenses lost up to $1 million dollars.” They offer this program direct to individuals, and they also hope that employers will offer it as part of a benefits package. Not only an interesting idea, but a sign of our times, unfortunately.

SCOTTSDALE, Ariz., Aug. 10 /PRNewswire/ — It seems that every other day another company issues a press release stating that they have lost the financial or health records of thousands or tens of thousands or hundreds of thousands, even millions of Americans. In many cases, these records contain all of the information a thief would need to completely assume someone’s identity. After all, it was all of the information they needed to confirm the consumer’s identity in the first place.

The crime of Identity Theft has now been dealt a serious blow by the Arizona-based company LIFELOCK (http://www.lifelock.com), which has perfected the world’s only ID Theft prevention system. Using a combination of tactics that include everything from setting and maintaining alerts forcing banks to contact people directly before issuing credit to removing them from pre-approved credit card lists, LIFELOCK proclaims that its system is so effective that they back it with a $1 million guarantee.

 

“Although it’s never happened, if one of our clients has his or her identity stolen while they’ve got our service, we’ll solve the problem and reimburse them for any money they lose. Period,” says LIFELOCK CEO Todd Davis. “We take the worry out of this crime completely.”

Before LIFELOCK, everyone worried about ID Theft were offered the same advice: Get a copy of your credit reports from each of the three credit bureaus once a year. Check your banking and credit card statements for unusual transactions. File a police report. Shred your mail. But credit industry leaders admit that these efforts are too little, too late.

“That doesn’t protect consumers. It’s not going to help and the public is starting to learn that,” says Thomas Chapman, CEO of Equifax, one of the “big three” credit reporting agencies in the US.

Due to ever stronger consumer protection laws, Americans are financially protected from most losses when it comes to damage to credit reports and credit cards caused by a thief. It’s the other ways a thief can use someone else’s identity that can cause serious damage to a victim’s life.

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Take, for instance, the reporter whose twenty-year old checkbook wound up in the wrong hands. “The thief was bouncing checks all over the place. The problem was, he was using my name and check fraud is a felony.”

Or the Phoenix man whose identity was stolen by a man who went on to commit rape and murders using his name; “Even though he’s sitting in prison, I sometimes feel like I’m the one serving the life sentence,” says the victim.

Or the single mom in Houston whose seven year battle with a bank spurred new legislation in Congress. “Although the new law is good, I’m still dealing with the consequences,” she said.

“The fact of the matter is simple,” adds Davis. “Our identities are so much more than our credit reports. Until now, there really was no way for anyone to keep their identity safe in the first place. That’s why we started LIFELOCK.”

The company says that its system “locks” a consumer’s identity in such a way that it cannot be used by anyone except its rightful owner. Industry experts seem to agree.
“I’ve reviewed the LIFELOCK system and security. It works,” says Inder Singh, the retired Global Chief Technology Officer for VISA “To date everything I’ve seen has been reactive. It’s good to see that a company out there has developed a system that gives control of one’s identity to the individual.”

LIFELOCK’s services cost $10 per month or $100 a year for anyone who takes the service annually. The company is also interested in providing the service to other companies for employees as part of their benefit packages.

LIFELOCK’s “Identify Theft” product features include:

1. A LIFELOCK guarantee — If an identity is ever stolen while a
LIFELOCK program membership is in effect, LIFELOCK will fix all
issues arising from the theft and will reimburse any out of pocket
expenses lost up to $1 million dollars.

2. LIFELOCK will implement security alerts on all credit cards
preventing anyone except you from making any transactions/purchases
without express verbal approval.

3. LIFELOCK will remove a members name and other information from credit
card offers and most junk mail lists.

4. LIFELOCK specially trained Credit Approval Specialists are available
to assist if your credit is not authorized due to a security alert.

 

5. LIFELOCK will provide complete resolution to any issue resulting from
a theft while coverage is in effect including providing a dedicated
LIFELOCK account manager.

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LifeLock Offers Identity Theft Protection with Money Back Guarantee

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10 Replies to “LifeLock Offers Identity Theft Protection with Money Back Guarantee”

  1. These guys are as much of a scam as identity thieves themselves. A half hour on the phone with their member services department proved that to me. I had my info stolen and someone fraudulently signed up a LifeLock account in my name (ironic, no?). These guys wouldn’t lift a finger to help me out, it was obvious that they could care less, they got their money and were happy.

    Everyone, just so you know, all they do is sign up for that 90 credit fraud alert for you every 90 days. They sign you up with their phone number and then call you if they get a call. Guess what? You can just sign up your own phone number and get the exact same service for free. Just add a recurring event to your Google Calendar to fill out the online form quarterly and you’re done. Not only is this cheaper, but you don’t have to give all of your confidential info (e.g. SSN) to a bunch of scammers (e.g. LifeLock).

  2. I find there are much better ways of protecting your identity, like getting it out of the public records in the first place. Its simply amazing how much information is available just by googling someones name – it is scary. I do my best to keep my privacy and prevent identity theft in the firs place

  3. Lifelock seems to be a pretty good company to invest in, does anyone know if they are a publicly traded, and if so, what is there ticker symbol. I’m looking all over the net for it and cant find it anywhere.

  4. To get LifeLock protection at a discounted rate, go to LifeLock-Discount.comfirst to get a promotion code. You can get LifeLock for $9 a month with the first 30 days free. If you go straight to Lifelock.com, you’ll be charged $10 a month and no free trial.

  5. You can get 30 days free and a $21 annual discount if you enter promotion code RD8 on the enrollment form on the offical LifeLock.com website.

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