Lifelock Identity Theft Protection promises online privacy. Does it deliver? What is the real Lifelock cost and how can you protect yourself against identity theft?
Identity theft is a growing concern for millions of people around the world. As offices shift to remote work environments and more people complete everyday tasks from their mobile devices, criminals have increased their activities to make identity theft a billion-dollar industry.
Lifelock Identity Theft Protection has set out to provide users with robust protections against identity theft crimes. Is Lifelock really worth it? In this guide, we will explore the role of Lifelock and how you can protect your personal information from identity thieves.
What is Lifelock?
Launched in 2005, Lifelock is a system that is designed to protect people’s information against identity theft. The system also incorporates credit monitoring features, alerting users to changes in credit scores which may be indications of fraudulent activity.
Lifelock can be downloaded from the Google Play store. There are currently two versions: a standalone identity theft protection system and one bundled with Norton antivirus software. Simply verify that you’re downloading the legitimate app by viewing the Google Play logo.
Identity Theft: A Growing Concern for Consumers
How serious is the problem of identity theft? The statistics are alarming.
According to the Insurance Information Institute (III), almost 50 percent of all Americans experienced some form of financial identity theft in 2020. In that same year, global losses related to identity theft exceeded $712 billion.
2021 was even worse. An estimated 1862 data breaches occurred in 2021, affecting 293 million people. This represents a 68% increase in the total number of reported identity crimes committed in 2020. While the total dollar figure associated with these crimes dropped considerably from the year prior, victims of identity theft experienced $9 billion of losses in the United States alone in 2021.
If these figures aren’t enough to illustrate the severity of identity crimes and the need for identity theft protection, consider these statistics compiled in a joint study by IBM Security and the Ponemon Institute:
- The average data breach costs $4.24 million globally.
- In the United States, the average cost of a data breach jumps to $9.05 million.
- Ransomware attacks cost the most, with an average loss of $4.62 million.
- Ransomware attacks account for about 25% of all identity theft crimes, followed by attacks on consumer goods and services and telecommunications attacks.
Faced with the onslaught of identity crimes, the need for identity theft protection is more crucial than ever. Is Lifelock the answer to this growing threat?
Social Security Number Alerts and Identity Theft Protection Services
Some of Lifelock’s most popular — and useful — features are the Social Security number alerts. The Lifelock system alerts users whenever personal data is used in applications for credit or banking. Personal data monitored by the Lifelock service includes:
- Social security number
- Physical addresses
The Social Security number alerts come via text, email, phone, or directly from the mobile Lifelock app, depending on how the user has set up notifications. These Social Security number alerts can help people stop a fictitious identity created by criminals from accessing sensitive banking or other financial information.
Identity theft protection services employed by Lifelock use aggressive monitoring to scrutinize social media accounts, financial accounts, and millions of websites where data may be shared as part of the activities of identity thieves.
If users become a victim of identity theft, Lifelock rolls out U.S.-based identity restoration specialists to restore your personal privacy. The company may also provide reimbursement for stolen funds up to the limits of the particular plan you’re signed up for. If you have been the victim of a stolen identity, you know that personal expense compensation is a valuable feature. Read more:https://bit.ly/3MO5WrK
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