13. March 2010 · Comments Off on LifeLock pays $12 million to settle charges of false and deceptive claims · Categories: Identity Theft · Tags: ,

SC Magazine reports:

LifeLock will pay $11 million to the Federal Trade Commission (FTC)
and $1 million to a group of 35 state attorneys general to settle
charges that the Tempe, Ariz.-based company made false claims about its
identity theft products.

The FTC contended that LifeLock's claims
were "deceptive" because the fraud alerts it places on customers'
credit files can only protect against certain types of identity theft,
such as new account fraud, which occurs when an ID thief opens up new
financial accounts by using the victim's name and Social Security

In addition, ironically:

LifeLock, which bills itself as "#1 in identity theft protection," has
gained national notoriety with commercials that show Davis' Social
Security number on the side of a truck, while Davis tells the audience
that he is confident his company's services will protect him – and
potential customers – from having their identity stolen. But Davis
reportedly has been a victim of ID theft.

As I have said before, Identity Theft is a real problem. To protect yourself, start by reviewing the offerings of the three credit agencies Equifax, Experian, and TransUnion.