An Interview With Lifelock - How Do They Protect You From Identity Theft?

We recently had the chance to chat with Cortney Read, Communications Coordinator for Lifelock. Lifelock is the leading company offering identity theft protection. With identity theft and security breaches so prevalent in the news today, it is more important than ever to protect yourself. We asked Cortney how they protect their customer’s data and what distinguishes them from the competition.

Q: LifeLock has quickly risen to the top spot in the identity theft protection field. What distinguishes your product from that of competing companies?

A: LifeLock takes a proactive approach to help protect consumers before they become victims of identity theft. The steps that LifeLock takes – placing fraud alerts, requesting credit reports and opting out of ‘junk mail lists’ – can be done by consumers for free but LifeLock backs up its service with a $1 million total service guarantee. This guarantee is in place so that if a member should become a victim of identity theft, LifeLock will take all of the necessary steps and do all of the heavy lifting to repair the member’s good name, up to $1 million.

Q: Because of your great success, a lot of companies are now following in your footsteps, offering the same products and service. What are you doing to stay ahead of the competition?

A: LifeLock is continually looking to further develop our offering and to find new products or services to add to our established program to continue to be as proactive as possible in protecting consumers. A few months ago we announced “WalletLock”, a program that replaces credit cards, bank cards and other items (minus photos and cash) in a members wallet or purse if lost or stolen. Then recently we launched eRecon™, which searches for personal information being used in cyberspace, and TrueAddress™, which tracks changes in a members address.

Q. A lot of people are confused between fraud alerts and credit freezes. What is the difference, and are you planning to offer credit freezes in the future?

A: We are not planning on offering credit freezes. The major difference between fraud alerts and credit freezes is the access they provide. With a credit freeze, no one can view the credit report without the freeze being lifted, not even the rightful owner. With a freeze in place, the user can’t use instant credit, apply for a job or do anything else that requires access to the credit report. Until recently, not everyone in the U.S. was allowed to place a credit freeze. Now everyone can place a freeze for about $10 per credit bureau ($30 total). It also costs that much (in most cases) to remove the freeze each time you want to use your credit. The process would be complete by refreezing the account for $30 more. Fraud alerts can be placed for 90 days for free, if the individual wanted. After 90 days, the individual will need to renew the fraud alerts.

Q: We as consumers are taught to be careful about giving out our personal information, such as our social security number. However, we must give this information to you while signing up for LifeLock’s services. How can we be sure you will safeguard this data?

A: LifeLock is ISO27001 certified. ISO27001 certification is the highest level of security certification for data handling and processing. To comply with this standard, LifeLock employees go through vigorous background checks, the building is fully equipped with cameras and employees are required to use biometrics to enter the facility.

Q: There has been a lot of news lately of thieves targeting the identities of children, since very few people would think they are targets. Why would thieves go after them, and do you offer services to protect them?

A: According to the FTC, children are the fastest growing demographic to become victims of identity theft. Because no lines of credit have been established and parents aren’t educated to request a credit report for their children, thieves know that they can use a child’s social security number, establish credit and then make a major purchase and not make a payment. Children usually don’t know that they have been a victim of identity theft until later in life when they apply for a job, attempt to rent an apartment, purchase a cell phone, etc. LifeLock offers identity theft protection for children under 16 for $25 per year or $2.50 per month.

Q: A lot of companies tout their successes, but rarely about customer satisfaction. How satisfied are your customers, and what percentage renew their yearly enrollment with you?

A: We hear from LifeLock customers quite often about how happy they are, and in fact, our retention rate is well over 90%.

Q: That’s a very high number of customers who re-subscribe with you. Thank you very much for your time, Cortney.

A: Your welcome.

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