LifeLock
From Wikipedia, the free encyclopedia
| LifeLock | |
|---|---|
| Type | Privately held |
| Founded | 2005 |
| Headquarters | Tempe, Arizona, United States |
| Website | http://www.lifelock.com |
LifeLock, founded in 2005, is a personal fraud protection company.[1] For a fee, the company once every 90 days asks for a fraud alert on your file by calling Experian (1-888-397-3742) or Equifax (1-800-525-6285) or TransUnion (1-800-680-7289) (the three major credit bureaus) who communicate this information to each other.[2][3] Experian has accused LifeLock "of deceiving consumers about the breadth of its protection and abusing the system for attaching fraud alerts to credit reports."[4]
[edit] Marketing
Lifelock's Web site[2] states: "Our Guarantee: If your Identity is misused while you are our client, we’ll spend up to $1,000,000 to make it right." The television ads, featuring a truck advertising CEO Richard Todd Davis' Social Security Number (457-55-5462), boasts the same.
Former United States Senator and 2008 US Presidential candidate Fred Thompson, as a part of his ABC contract, recorded a radio spot for LifeLock. In these commercials, Thompson recounts a tale of military heroism in Iraq, then introduces himself and says the company’s service can stop identity theft. [5] Other celebrity spokespersons for LifeLock have included Howard Stern, Paul Harvey, and Rush Limbaugh. [1]
[edit] Controversy
Robert J. Maynard, Jr., one of the co-founders of the company resigned after it was revealed that he had once been accused of taking money from consumer bank accounts without permission. [1] Maynard spent several days in a Maricopa County Jail in 2003 because of an alleged unpaid $16,000 casino marker from the Mirage. Maynard came up with the plan for LifeLock while sitting in his jail cell, so other people could avoid being victimized by identity thieves. While it's true Maynard spent that time in jail, he was not the victim of identity theft. The $16,000 casino marker was his. The Mirage had gotten a copy of his Arizona driver's license when it made him the loan.[6]
In 2007, it was reported that the founder and CEO of LifeLock, Todd Davis, became the victim of fraud when someone used his published social security number to obtain a $500 loan.[7] The alleged identity thief did not face criminal charges because LifeLock stepped in before the police could finish investigating the crime and coerced the suspect into making a videotaped confession that isn't admissible in court.[8]
In February of 2008, the credit information company Experian sued LifeLock for fraud and false advertising. Experian alleged that LifeLock initiated false credit fraud alerts on Experian customer accounts and misled the public as to the necessity of its services.[9][7]
As of 2008 there are currently over 25 people using Todd Davis' social security number and also three lawsuits pending against them for illegal activities and misrepresentation. This comes directly from transcripts of the court proceedings.[10]
On May 29, 2008 in an interview with talkshow host Mike McConnell on WLW, Todd Davis claimed that out of a total of 88 attempted thefts of his identity, only the $500 payday advance loan was a success, which was not the fault of LifeLock, because the lender failed to check the validity of the thief's claim.[11]
[edit] References
- ^ a b c LifeLock founder resigns amid questions about his past. bizjournals.com (2007-06-12). Retrieved on 2007-06-19.
- ^ a b LifeLock Identity Theft Protection & Identity Theft Prevention Products
- ^ Dumb, dumber, and Davis published July 26, 2007
- ^ CNN article Fraud-prevention pitchman becomes ID theft victim published May 22, 2008
- ^ An awkward ad by Fred Thompson. Retrieved on 2007-06-16.[dead link]
- ^ What Happened in Vegas.... Retrieved on 2007-05-31.
- ^ a b Fraud-prevention pitchman becomes ID theft victim. Retrieved on 2008-05-22.
- ^ Dumb, dumber, and Davis. Retrieved on 2008-01-10.
- ^ Experian Sues LifeLock For 'Abusing' Fraud Alert System. Retrieved on 2008-03-20.
- ^ ID theft protection firm sued. Retrieved on 2008-05-20.
- ^ Midday with Mike McConnell on 700wlw Podcast. Retrieved on 2008-05-29.
