LifeLock announced in an email sent to subscribers today that the protection service against identity theft will soon stop setting fraud alert behalf of consumers. This comes after a trial in May in a case brought by Experian in which the credit bureau challenged the legality of the practice of LifeLock put fraud alerts on behalf of consumers.
LifeLock CEO Todd Davis said the company had been anticipating the possibility of this outcome and have invested in the development of a new system called LifeLock Identity Alert. According to Davis, the new system:
- uses more sophisticated and scientific algorithms to spot identity fraud
- Mines data sources than the credit bureaus. These sources include data from many retailers, banks, mortgage lenders, government and automotive lenders services
- examines trends over time through the network to help predict future risks identity and the vulnerability of member
Davis did not give a precise date on which the fraud alerts would cease to be together, but he said the transition would occur in the coming weeks and that the members of LifeLock suffer no interruption in the protection of their identity.
We have not been able to examine the new features of LifeLock Identity Alert detail for now, but included the full text of the email message sent by Davis below. We will provide more information once we have more details on the new tools and the transition schedule.
** Important message LifeLock **
Dear Valued Member,
LifeLock is pleased to announce that we are beginning the implementation of a new innovative system of identity protection that provides even better and broader protection. This new system, which replaces the fraud alerts, is better because it gives you the benefit of real-time protection, in some cases, and wider, as it identifies the risk of identity beyond the scope of fraud alerts.
As you might know, following a dispute with the credit bureau, Experian, a court ruled that LifeLock is soon to end the practice of setting fraud alerts behalf of consumers. Placing a fraud alert on the profile of a member is just one of many tools used LifeLock to protect our members against the growing threat of identity theft. We planned the possibility of this decision by developing better ways to help protect, and are excited about the widest protection, we will deploy in the coming weeks.
The new LifeLock Identity Alert will notify you by email, postal mail and / or phone at any time, we detect your personal information is used to apply many types of credit cards, wireless the retail credit, utilities, check orders / reorders, mortgages, auto loans and non-credit payday loans. If the application is fraudulent, our remediation team will take action to help restore your good name.
This system uses very powerful predictive models to help predict fraud and identity risks before fraud occurs. For example, the system:
* Use more sophisticated and scientific algorithms to spot identity fraud;
* Mine more data sources than the credit bureaus. These sources include data from many retailers, banks, mortgage lenders, utilities, and auto lenders; and
* examining trends over time through the network to help predict future identity risks and vulnerable members.Although this transition takes place in the coming weeks, you will notice no interruption of protection around the clock you depend LifeLock.
In addition to this new identity protection system, LifeLock will continue to provide the full suite of other personal protective services you have come to know and trust - including WalletLockTM, eReconTM, TrueAddressTM, and of course our $ 1 Million Total Service guarantee A. If you are a victim of identity theft while a member of LifeLock because of a failure in our service, we will help you fix it, up to $ 1 million. (Restrictions apply. See LifeLock.com for details)
At LifeLock, we never take your trust in us lightly and consider it an honor to protect your name. We are confident that you share our enthusiasm for this improved service levels and increased peace of mind and protection for you and all our members provide. If you ever have questions about your membership or the improvement to your service, please send us an email to member.services@lifelock.com or call us at 1-800-LifeLock (543-3562) option 2.
We thank you for your business and your continued confidence in LifeLock.
Sincerely,
Todd Davis
Todd Davis
CEO