LifeLock is a popular service that has been defined as protecting consumers from identity theft. Still, can any service put an end to all identity theft? Now let’s dive a little deeper into the services that LifeLock provides and whether they can prevent Identity thieves from stealing one’s identity.
What is LifeLock?
To my knowledge, LifeLock is an identity theft protection service organization established in the year 2005. They have different plans that give services designed for the identification of and protection against identity theft.
Some key features of LifeLock include:
- Credit monitoring – LifeLock provides you with copies of the credit reports of the three credit bureaus to watch out for any fraud.
- Identity alerts – If there is an attempt to open a credit card or loan using your identity, then you will be notified. LifeLock also actively seeks out instances of your identity being used across public record databases.
- Wallet lock – This feature enables pin protection to your wallet cards such as credit cards, and social security cards among others by using the services’ mobile application.
- Address change verification – In this particular type of verification, LifeLock goes as far as informing the post office of any changes that have been made to the client’s address.
- Criminal activity tracking – They track websites such as the dark web that form the hub of black markets where one can sell or buy the victim’s information.
- LifeLock Identity Theft Protection Services Million dollar protection policy – In case you are an identity theft victim while being a LifeLock member, you get up to 1M dollars to reclaim your lost money and lawyers to help with the process.
How LifeLock Works
LifeLock operates by closely monitoring an individual’s data and other outlets that identity thieves apply to impersonate a particular person. These are credit reports, applying for a credit card, a request to change an address, and others. If they find out anything wrong they will notify you by a phone call, an email, or a notification from the LifeLock application.
After that, their dedicated identity restoration specialists shall assist you in taking the right measures that would ensure that the identity theft is halted and further loss prevented. They can also assist in the process of reporting and subsequently freezing accounts that were opened fraudulently in your name, disputing data on credit reports that contain fraudulent details, and other things.
Does LifeLock Work To Stop Identity Theft?
The services provided by LifeLock promise to effectively protect consumers from identity theft before it occurs. But is this possible? As for identity theft, it is regrettable to note that no service can shield individuals from the vice. Due to the increasing inventions of identity thieves, they are always developing new plans or methods.
However, a service like LifeLock can reduce your risk significantly in a few key ways:
- Prevent identity theft – By putting blocks on your credit and your information thieves will try to avoid getting caught with you as they can get caught easily with other targets.
- Real-time monitoring of fraud activity – Receiving alerts for fraud activity often implies that fraud is detected in real time before a lot of damage is inflicted. The consensus is that one should act quickly when one discovers identity theft, as recovery is generally less painful the sooner it is done.
- Assistance in stopping and eradicating fraud – In cases where hackers have managed to get their hands on a fraction of your information before their identification, LifeLock protection policy and recovery measures are engaged to put a stop to the fraud and rectify the situation.
The prevention services that LifeLock offers are not perfect and there is no one-stop solution for all types of identity thefts but LifeLock does offer a very strong shield that which average consumer cannot build on their own. The active monitoring and integration of the detection and restoration services provided by them are highly valuable.
Potential Limitations of LifeLock
While LifeLock offers solid ID theft protection, there are some limitations to be aware of:
- They only protect the information that they have gathered from various sources. However, if the same thieves find entry from other places, LifeLock will not notify you. It is reasonable to extend the protections to bank accounts, email, and any other accounts.
- May not help to stop some forms of ‘new account’ ID theft, for example, crooks using your details to open new utility accounts or receive medical treatment. Some of these limitations can be overcome if the fraud alerts are extended to ChexSystems as well.
- The only benefit is if members take action to sign up and utilize the full potential of alerts. Even if they cannot stop fraud altogether, you have to address the alerts and scrutinize credit reports yourself.
- Primarily detects cases where an identity thief has used your SSN, accounts, and other details. Synthetic identities made from scratch are less likely to be discovered compared to identifying fake identities that already exist.
In conclusion, it is very reliable and secure to use the service of LifeLock but it is not completely foolproof and people should continue practicing their security measures in addition to subscribing to LifeLock.
Is LifeLock Really Worth It?
As mentioned before, LifeLock plans are not the cheapest out there, with prices starting at approximately $9 and going up to $30 per month. With all these free things out there such as free credit monitoring and alerts on identity theft from credit bureaus, what then, is the reason for using LifeLock?
In many cases, the extra protection that LifeLock provides in comparison to free services makes it worthwhile to pay for that protection - especially if you have become concerned about being an identity theft statistic. Key advantages include:
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