LifeLock Offers 401(k) Identity Protection - Report on LifeLock

Jul 29, 2015, 09:05 ET from

NEW YORK, July 29, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on LifeLock, Inc. (NYSE: LOCK). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL:

Highlights from our LOCK Report include:

  • Launch of new product - In a press release dated June 10, 2015, LifeLock, Inc. announced introduction of its newest product, LifeLock Benefit Elite™ identity theft protection. The product, created specifically for employers and brokers to offer as a benefit for employees, comes at a competitive price for employees with easy enrollment and convenient payroll deduction.
  • Features of LifeLock Benefit Elite protection - The new product of the Company aims to help protect employee's identities and their savings for the future. As per the Company, though most of the employees have a 401(k), many of them set and forget it, which makes them vulnerable to potential frauds. LifeLock Benefit Elite protection helps detect potential fraud and brings it to the attention of employees through alerts within the company's network via email, text or phone. However, the company's network does not cover all transactions.
  • Views of Management - Commenting on advantages of LifeLock Benefit Elite protection, Todd Davis, CEO of LifeLock said, "I can think of few things more important to protect than life savings. That's why we're putting a huge emphasis on helping employers and brokers offer this critical service, including providing visibility into potentially fraudulent activity with employees' retirement accounts."
  • Benefits to the employees - The Company's new product, available only through employers, helps protect 401(k) and other investment accounts from fraudulent withdrawals and balance transfers. LifeLock added that it searches over a trillion data points each day 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. In addition, the Company informed that if LifeLock member, becomes a victim of identity theft, then the Company will spend up to $1 million to hire the necessary lawyers, accountants and investigators to help with recovery. Under a Master Insurance Policy underwritten by State National Insurance Company, the benefits under the Service Guarantee are provided.
  • Rising identity frauds - The Company stated that since 2008, it has been offering its identity theft protection products to employers with employee benefit payroll deduction. With the introduction of LifeLock Benefit Elite protection, the Company will offer an even better way for organizations to address the needs of their employees and for brokers to stay relevant to their clients. Further, the Company highlighted that, according to a study by Javelin Strategy & Research, in 2014, losses from identity fraudsters was $16 billion, and there were 12.7 million U.S. consumer victims of identity fraud.

To find out how this influences our rating on LifeLock, Inc. read the full report in its entirety here:

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