TEMPE, Ariz.–(BUSINESS WIRE)–LifeLock, Inc. (NYSE: LOCK), a leading provider of proactive identity
theft protection services, announced a service enhancement that provides
members with even more protection in the event that they become victims
of identity fraud. The new benefit, Stolen Funds Replacement†, provides
reimbursement for funds stolen due to identity theft up to the limit of
the member’s plan.
“From our research, we know that consumers are very concerned about
protecting their financial assets,” said Dev Patel, chief product
officer at LifeLock. “Our members now have even more peace of mind,
knowing that if they do become victims of identity theft, we’re here to
help them restore their identities and recover stolen funds,
out-of-pocket personal expenses and legal fees.”
With the addition of Stolen Funds Replacement, LifeLock’s expanded
insurance coverage† now includes protection for three areas of potential
Stolen Funds Replacement: If a member loses funds due to
identity theft, and the LifeLock restoration service is unable to help
recover the funds, the insurance provides coverage for the member’s
losses up to his/her plan limits. This includes everything from
fraudulent bank and investment account withdrawals to tax returns
filed using a member’s name.
Personal Out-of-Pocket Expenses: If a member incurs expenses
such as document fees, lost wages and travel costs relating to
identity theft, the insurance provides coverage for the member’s
losses up to his/her plan limits.
$1 Million Dollar Service Guarantee: In particularly complex
cases, LifeLock’s efforts may require outside legal counsel and
subject matter experts to assist our members in the restoration of
their identity. In these situations, LifeLock will obtain the
necessary services on behalf of the member.
“Just recently I learned of a LifeLock member who had his identity
stolen following a widespread email phishing hack,” continued Patel.
“The criminals quickly secured his login credentials, leading to a
rabbit hole of fraudulent money wire transfers. The fraudsters also
contacted the member’s accountant and tried to lure him into making
transfers. Thanks to LifeLock protection and the dogged efforts of our
restoration team, we resolved the member’s identity issues, covered his
legal fees and recouped his stolen assets. It’s real member stories like
this one that motivate all of us at LifeLock to work our hardest to keep
our members safe and protect them from bad actors.”
LifeLock offers three levels of service for its members, LifeLock®
Standard™ ($9.99/mo.), LifeLock Advantage™ ($19.99/mo.), and LifeLock
Ultimate Plus™ ($29.99), plus applicable sales tax. The company’s
premier plan, Ultimate Plus, offers up to $1 million in coverage for
each of the three areas of potential losses.
With a new identity fraud victim every two seconds, identity theft is a
growing problem for many consumers. A recent study by Javelin Strategy &
Research found that fraudsters stole $15 billion from 13.1 million U.S.
consumers last year.1
† Insurance coverage for State of New York members are provided under a
Master Insurance Policy underwritten by State National Insurance
Company. Insurance coverage for all other members are provided under a
Master Insurance Policy underwritten by United Specialty Insurance
Company. Please see the policy for terms, conditions and exclusions at
1 2016 Identity Fraud, Javelin Strategy & Research February
LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive identity
theft protection services for consumers and fraud and risk management
solutions for enterprises. LifeLock’s threat detection, proactive
identity alerts, and comprehensive remediation services help provide
peace of mind for consumers amid the growing threat of identity theft.
Leveraging unique data, science and patented technology from ID
Analytics, Inc., a wholly-owned subsidiary, LifeLock offers identity
theft protection that goes beyond credit monitoring. As part of its
commitment to help fight identity theft, LifeLock works to train law
enforcement and partners with a variety of nonprofit organizations to
help consumers establish positive habits to combat this threat.
Sydney Brown, 415-767-7788