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August 30, 2009

LifeLock unveils new identity protection system

Features scientific modeling and multi-point data mining to identify fraud

By CBR Staff Writer

LifeLock, a provider of identity theft protection technologies, has launched a new identity protection system that features scientific modeling and multi-point data mining to identify fraud and help protect consumers.

The company claimed that its identity protection system will: use algorithms to spot identity fraud, examine patterns over time across the entire network to help predict future identity risks and vulnerable members, and mine more data sources than the credit bureaus. These additional data sources include retailers, banks, mortgage lenders, utilities, and auto lenders.

In addition to this new identity protection system, LifeLock continues to provide members with a suite of personal protection services – including WalletLock, eRecon, TrueAddress and its $1m total service guarantee in the event its user becomes a victim of identity theft due to a failure in the company’s service.

The company said that its new system will be deployed in the coming weeks.

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Todd Davis, CEO of LifeLock, said: “The implementation of our new identity protection system reflects LifeLock’s unyielding commitment to innovation, consumer protection and industry-leading best practices. Criminals are devising increasingly complex schemes to defraud consumers. Our services must constantly evolve so we are not one, but two, steps ahead.”

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