LifeLock vs. Identity Theft
How Identity Theft Works (And How LifeLock Helps Protect You)
Identity theft is one of the fastest growing crimes in the country, according to the Social Security Administration3. According to a recent Javelin Strategy & Research estimate, 12.6 million adults fell victim to identity theft and that identity fraud cost Americans $20.9 billion in 20121.
The threat is real. Fortunately for consumers like you, so is LifeLock.
Common techniques used by identity thieves
Using handheld skimmers and other devices that can lift your account information when you swipe your debit or credit card
Getting people to disclose sensitive personal data by sending them phony emails (Phishing), text messages (SMSishing) and phone calls (Vishing)
Using malicious software to transmit personal information to counterfeiters over the Internet
Using peer-to-peer computer technology, like the kind found on music-sharing sites, to search personal computers for password files, account numbers and other information
LifeLock recovery agents have earned the distinction of Certified Identity Theft Risk Management Specialist from the Institute of Consumer Financial Education.
Here’s a look at how they do it.
LifeLock monitors a vast information network†. Using a system of comprehensive data surveillance, LifeLock keeps an eye out for potential signs of identity theft such as:
Credit applications - To help stop a criminal from maxing out a credit card fraudulently opened in your name.
Address changes - Some identity thieves forge change-of-address forms so that they can have a potential victim’s tax documents, pre-approved credit card offers, bank account numbers and other information delivered right to their mailboxes.
Payday loan applications - Many hardworking people use payday loans to help them get through financial emergencies. Unfortunately, a resourceful identity thief can steal a small amount of personal information and use it to obtain bogus loans in multiple states very quickly.
New bank accounts - LifeLock Ultimate™ helps protect you from identity thieves who open fraudulent accounts under their victims' names.**
Not all identity thieves work within normal channels, of course. That’s why LifeLock also monitors black market websites known to sell consumers’ personal information.
Fast, Effective Response
When a member of the LifeLock Identity Alert Team detects an attempt to use your personal information, a LifeLock team member will contact you by the method of your choosing — phone, email or text message**. You’ll be asked to verify or dismiss the alert.
For example, if you’ve applied for a credit card and the Identity Alert Team notices the activity, you’ll confirm that the application is legitimate and the alert will be dismissed. If you didn’t apply, however, you’ll confirm the alert and the LifeLock Identity Resolution Team will take action.
Members are also encouraged to use their secure online portals often so that they can check for alerts and receive timely information on protecting themselves against identity theft.
Five Steps to Recovery
Once your claim is verified, LifeLock provides:
A dedicated resolution specialist to serve as your single point of contact.
Case assessment by your resolution specialist and a dedicated third-party recovery expert in some cases.
An explanation of your rights and what to expect during recovery.
Step-by-step instructions for how to handle actions required for your recovery, such as filing police reports.
A follow-up call after your matter has been resolved.