According to the Federal Trade Commission, identity theft is the fastest growing crime in America. Roughly 10 million Americans have their personal information stolen and misused in some way every year, costing consumers $5 billion and businesses over $40 billion annually.
On your behalf, LifeLock requests that fraud alerts be placed on your accounts. By placing these fraud alerts, you are asking that creditors take extra care to identify who you are and to investigate the validity of any pending transaction. LifeLock also requests that your name be removed from pre-approved credit card lists and junk mail lists. In addition LifeLock annually orders your free credit reports from the three major credit reporting bureaus.
The identities of children are stolen more often than you think. Criminals know they can use a child’s information for years before being identified. By then, the thieves have run up major accounts and ruined credit for that child. LifeLock is just $25 a year for a child age 15 and younger with an adult paying annually.
If a child has a valid credit report, LifeLock will request that the fraud alerts are placed on the child’s file. LifeLock also requests that a notation be placed on the report indicating that there should not be any activity on the file because the child is a minor. If a child does not have a credit report, as is usually the case, LifeLock confirms every 90 days that no credit reports exist. In addition, LifeLock prepares a request to the Social Security Administration for a copy of the child’s work history to confirm that the child’s social security number is not being used fraudulently.
In the event that your identity is compromised, LifeLock will hire qualified professionals to assist you in addressing whatever complications may arise.
Any individual who has a social security number and assets to lose should be concerned with identity theft. While we have heard people say, “I don’t have anything for them to take,” criminals are better than you at making major purchases with your information.
First and foremost, LifeLock aims to prevent ID theft. Insurance companies do nothing to prevent anyone from using your personal information. Insurance companies will give you a policy to provide some financial coverage if you became a victim. However, there are also several disclaimers on what is covered and not under these plans.
LifeLock is a private company headquartered in Tempe, Arizona. The company began offering its services in April of 2005. LifeLock is the largest and fastest growing identity theft prevention company in the United States.
LifeLock is certified ISO 27001. This is the most stringent security certification within the industry and LifeLock was the first company in the identity theft prevention field to achieve this status. LifeLock has taken every measure possible to keep information secure from hackers both criminals and employees of LifeLock. Nevertheless, as a client of LifeLock, you are still covered by our guarantee.
If your credit card number is stolen, the fraud alerts that LifeLock requests are designed to help prevent someone from opening a new line of credit. If someone gets your credit card number, first report that credit card as stolen. If charges were placed on that card, your credit card company should credit your account for some or all of the charges. Should you need assistance resolving the issue, call LifeLock and we’ll expedite the process for you.
Well you might ask yourself, I can do these things by myself, What is the need for LifeLock. Convenience and protection; for instance, most people could change the oil in their car but don’t. LifeLock requests on your behalf that fraud alerts are placed on your credit report every 90 days so you don’t have to worry about it. However, the most important value is the $1 million dollar Service Guarantee. Remember just because you have alerts places does not guarantee you from becoming a victim.
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