LifeLock introduces innovative new service to help predict future identity risks

According to sources, a provider of proactive identity theft protection solutions LifeLock declared the implementation of a new and innovative identity protection system that will provide current and prospective members with better and broader protection. The new system features some of the most sophisticated technologies available, including scientific modeling and multi-point data mining to identify fraud and help protect consumers.

LifeLock’s better and broader identity protection system will:

• Use more sophisticated and more scientific algorithms to spot identity fraud.
• Examine patterns over time across the entire network to help predict future identity risks and vulnerable members.
• Mine more data sources than the credit bureaus. These additional data sources include retailers, banks, mortgage lenders, utilities, and auto lenders.

The new system, which is expected to be deployed in the coming weeks, will replace fraud alerts as one of the company’s primary consumer protection mechanisms. Moreover, LifeLock continues to provide members with a full suite of personal protection services, including WalletLockTM, eReconTM, TrueAddressTM, as well as its $1 million total service guarantee in the event customer becomes a victim of identity theft due to a failure in service.

“The team at LifeLock will never lose sight of the reason we are in business – to help protect consumers who are vulnerable to identity theft,” shared Todd Davis, LifeLock CEO.

According to the Federal Trade Commission, identity theft costs Americans more than $1.8 billion annually, and the latest FTC reports show the number of identity theft complaints has grown by 80 % since 2000.