LifeLock® CEO Todd Davis is calling for a major change in the way consumers can protect themselves from identity theft. Currently consumers can request the three credit bureaus to place a 90-day fraud alert on their credit reports. Davis wants the alerts to be effectively placed and last longer between renewals, convinced that more consumers will use the prevention tool since it will be less cumbersome.
“I believe the number one reason consumers fail to place fraud alerts is due to the fact that every 90 days they have to renew them,” said Davis. “In an age when everyone is pressed for time and trying to juggle so many things, there are very few people with the desire to keep the process going every 90 days. If everyone is truly concerned about preventing Identity Theft and allowing consumers a free option to do so, it makes perfect sense for the bureaus to allow a longer-lasting fraud alert and to make sure that the fraud alerts are actually set as requested.”
Fraud alerts act as a “red flag” when a financial institution, loan provider or anyone else inquires about opening a new line of credit. The consumer must give verbal authorization for the transaction to be approved. The bureaus now allow a recorded ID Theft victim to place a seven-year fraud alert.
Davis is also calling for stronger laws to protect consumers, penalize criminals and require higher security standards for companies and organizations holding personal information. To deliver the message personally Davis and his company LifeLock are traveling more than 6,000 miles as part of the first-ever ”STRIKE BACK – DEFEAT IDENTITY THEFT” Tour which will stop in more than 15 cities throughout the Southeastern and Eastern U.S. from February 24 through March 6. Along the way, Davis will be asking consumers to demand:
Limiting the use of the social security number
Asking for stronger federal standards for lost or stolen data
The need to impose tougher prison sentences
The national acceptance of fraud alerts
The need for a national credit registry
Verbal authorization for all
“Though we are clearly making progress because of the increased attention brought to the problem, identity theft continues to be a thorn in the side of consumers throughout the U.S.,” said Davis from one of the tour stops in Florida. “It’s crucial that everyone takes this crime seriously. Doing nothing or turning to options that are not preventative can no longer be an option. This is all about protection whether someone does it themselves or decides on a service like ours. We want to work with the credit bureaus so consumers have every option available when it comes to preventing the problems associated with identity theft. However these options must be secure, complete and actually prevent the problems.”
About LifeLock®
LifeLock® (www.lifelock.com) helps consumers to render their personal information useless to thieves, backing up its service with a one million-dollar service guarantee. Famous for its CEO giving out his Social Security Number in advertising and national press, the company is experiencing astounding growth. Located in a secure facility in Tempe, Arizona, LifeLock is a private company backed by Goldman Sachs, Kleiner Perkins Caufield and Byers, as well as Bessemer Venture Partners. Winner of the 2007 American Business Award for the Best Radio Advertising Campaign, LifeLock was a finalist for 10 other ABA awards, including Best New Company and Best New Product/Service. Recently the company was named recipient of the Red Herring 100 Global Award as one of the Top 100 start-up’s in the world.