TEMPE, Ariz. (August 2, 2016) – 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 DevPatel,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 financial exposure:
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® StandardTM ($9.99/mo.), LifeLock AdvantageTM ($19.99/mo.), and LifeLock Ultimate PlusTM ($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 Yorkmembers 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 LifeLock.com/legal.
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 IDAnalytics,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.