LifeLock is regarded as one of the leading providers of identity theft protection services. LifeLock builds its image as a company that has been a member of the industry for a while now and one that you can rely on for your identity theft protection needs, this is evidenced by their boasting of their CEO, Todd Davis, who is depicted in regular TV commercials, flashing his Social Security number on the screen. Nonetheless, the company has received criticism from the governments in the past regarding some of the advertisements it came up with and some of the operations it undertook. So can LifeLock protect your personal information and be relied upon to do just that?
Identity theft is a concept that has gained a lot of attention over the past decade with threats arising in every aspect of life. Now that you are ready to decide whether to invest in LifeLock let’s understand what the concept of Identity Theft Protection services is all about. This crime is on the rise and touches many families in America every year, and it is all about identity theft. Identity theft means that not only you lose money but also time and energy on calls, and letters, spending a substantial amount of time on the phone and in writing to clear the names of credit reporting agencies, banks, and other credit-entitled institutions.
Considering such a probability increases with the number of consumers, it is easy to fathom why individuals enlist the services of companies that profess to regularly track fraudulent activity on your credit reports, bank statements, and credit cards, among others. Essentially, LifeLock is among the biggest companies that sell identity theft protection to consumers and businesses alike.
Here is what LifeLock promises to do: This is the kind of security that LifeLock has to offer where the service will notify the user each time the system finds activities that are unusual and could be a sign of identity theft or fraud. This encompasses a notification when a new credit card or a loan is opened under your identity, when changes in address or filing of taxes using your Social Security number are made, or when your existing credit card and bank accounts are accessed. To enable this, LifeLock’s identity theft specialists can assist in placing fraud alerts, contacting the authorities, and addressing all the fraudulent concerns.
Other identity protection that is provided by LifeLock are monitoring of the dark web, Livelock alerts regarding dangerous events such as data leaks, and identity theft coverage of up to $1 million for hiring lawyers and other experts to address the issue. In essence, LifeLock claims they will take care of some of the most time-consuming processes and will be there for you until the ordeal of identity theft is over.
Seven Causes to Consider Before Believing in LifeLock Since identity theft is such a severe crime, you must be very careful with the services you are using for protection, they should have the highest safety level, then be clear on what they do with users’ private information. Despite the company boasting of excellent identity theft monitoring and restoration, there have been issues with the government in the past over the provision of some of these services.
Again in 2015, LifeLock was forced to part with $100 million in fines after being accused of misleading the FT contracting services between 2012 and 2014. The FTC claimed that LifeLock did not deliver on the promises it made to consumers by not offering the extensive fraud alerts and monitoring they offered on the company’s website. In para 49 of the settlement, LifeLock committed to improving its consumer protection policies in the future.
Later in the year 2019, the company was also fined $12 million by the FTC for an earlier legal breach that involved fake advertising claims that were earlier charged by the FTC. Another popular tale related to the company originated in 2019 when it became public knowledge that CEO Todd Davis had his identity stolen at least 13 times, even while featured in LifeLock advertisements.
In conclusion, some issues leave consumers wondering if LifeLock offers the level of protection against identity thieves that the firm boasts of. The frequent encounters with the FTC have not only tarnished LifeLock’s ability to be hypothetical when it comes to the issue of transparency. Still, what is left for LifeLock is the useful identity theft detection and recovery services that may be still valuable for concerned consumers and thus can justify the cost.
How Does LifeLock Differ From Other Providers One of the problems lies in the fact that there are practically no metrics to measure the effectiveness of identity protection and the services that are provided by various companies in the field. Still, LifeLock is one of the most expensive identity theft protection services, with monthly fees starting at $9. 99 and reaching $29. 99 per each signed-up person. What is more, even today, the higher price of brands does not always mean the presence of effective means of combating identity theft or adequate actions in case of their occurrence.
For any such identity protection services like LifeLock, it is always wise to study each clause and condition of the contract in detail to understand what is covered and what is not. Other choices can be considered like IdentityForce, IDShield, Identity Guard, and other services that may provide the same service at cheaper prices. There are also some free credit monitoring services available from some banks, credit cards, and the major credit bureaus inclusive of Equifax, Experian, and TransUnion, and while the range of coverage may be limited, you do get basic alerts regardless.
Whatever company you decide to employ, you should realize that no identity protection service can completely remove this threat. Being attentive and careful in order not to become a victim of identity theft or any other fraudulent act remains, in my opinion, the best strategy. That being said, LifeLock with other key players can help reduce some of the aggravation if your identity is still stolen at some point.
Are the LifeLock Services Worth the Price? In other words, the final decision about whether it is worthwhile to pay for the service of LifeLock will always be a matter of your personal risk tolerance, concern for threats, and time. The company does provide help that some victims of identity theft said they were glad for even if the company does not directly help one find out who stole their identity. However, due to the consistent legal dilemmas regarding deceptive advertising and the fact that the whole identity protection services market is still quite young, it is understandable that consumers would not want to entrust all their needs to LifeLock as opposed to other quite possibly more credible and inexpensive services.
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