Identity Theft Protection, Available Exclusively Through the Benefits Channel, Helps Employees Protect Their Retirement Savings With More Tools to Manage Their Identities
SAN FRANCISCO (January 25, 2017) – LifeLock, Inc. (NYSE: LOCK), an industry leader in proactive identity theft protection, announced the newest features of LifeLock Benefit Elite™, identity theft protection designed specifically for employers and brokers to offer as a benefit for employees. With these enhancements, employers are able to offer an even more comprehensive benefits package to attract and retain top-quality talent.
Available only through employers, LifeLock Benefit Elite is available for employees at a competitive price with easy enrollment and convenient payroll deduction, paid for either by the employer or as a voluntary benefit. LifeLock Benefit Elite helps detect potential fraud† and brings it to the attention of enrolled employees through alerts via email, text or phone. In addition to helping protect 401(k) and other investment accounts from fraudulent withdrawals and balance transfers, Benefit Elite's new features include:
Checking, Savings and Credit Card Account Activity Alerts – These alerts allow members to manage credit card, checking and savings account activity in one secure place and receive alerts for cash withdrawals, balance transfers and large purchases to help detect fraudulent activity.†
LifeLock Privacy Monitor™ Tool – The LifeLock Privacy Monitor tool helps reduce public exposure of personal information to help keep private information such as name, birthdate, and address private.
Stolen Funds Reimbursement – If a LifeLock member does become a victim of identity theft, LifeLock protects their hard earned money with dollar for dollar reimbursement for lost funds up to $1 million for Benefit Elite membership. This includes everything from fraudulent bank and investment account withdrawals to fraudulently filed tax returns.
Identity theft is a serious problem for many consumers with a new identity fraud victim every two seconds. A study by Javelin Strategy & Research found that fraudsters stole $15 billion from 13.1 million U.S. consumers in 2015.1 Employers, recognizing the problem, are adopting identity protection as a core benefit for the workplace. To that end, a recent study showed that nearly 70 percent of employers are projected to offer identity theft protection as a voluntary benefit by 2018.2
"With seemingly endless data breaches in the news, people are concerned about identity fraud," said Terry Reams, general manager of employee benefit protection solutions at LifeLock. "For employees, this is especially worrisome when it comes to getting protection for their retirement and investment accounts. That's why we've tailored Benefit Elite identity protection to meet their unique needs."
Reams continued: "LifeLock Benefit Elite differentiates employers' benefit offerings by providing identity theft protection as an employee benefit and may help reduce employee time-off and distractions while helping to mitigate employer risk."
LifeLock searches millions of transactions per second for potential threats to its members' personal identity, including suspicious uses of name, address, phone number, birth date, and Social Security number to obtain loans, credit and services, or to commit crimes. If an employee becomes a victim of identity theft while a LifeLock member, LifeLock will spend up to $1 million, if necessary, to hire the necessary lawyers, accountants and investigators to help with recovery. The benefits under the Service Guarantee are provided under a Master Insurance Policy underwritten by State National Insurance Company. ‡ As this is only a summary policy the terms and restrictions can be found at LifeLock.com/legal.
1 2016 Identity Fraud Study, Javelin Strategy & Research, February 2016.
2 "2016 Willis Towers Watson Voluntary Benefits and Service Survey, completed by 317 employers representing 9.2 million employees, November 2015.
† LifeLock does not monitor all transactions at all businesses.
‡ Stolen Funds Reimbursement benefits and Service Guarantee benefits for State of New York members are provided under a Master Insurance Policy underwritten by State National Insurance Company. Benefits for all other members are provided under a Master Insurance Policy underwritten by United Specialty Insurance Company. Under the Stolen Funds Reimbursement, LifeLock will reimburse stolen funds up to $25,000 for Standard membership, up to $100,000 for Advantage membership and up to $1 Million for Ultimate Plus membership. Under the Service Guarantee LifeLock will spend up to $1 Million to hire experts to help your recovery.