Over the next few weeks LifeLock will be transitioning to their new identity theft protection system. The new service will replace fraud alerts and work together with LifeLocks other services including eRecon, TrueAddress and WalletLock. Though LifeLock is touting this as a change for the better, and indeed it may be, it is clear that they would have preferred to add the new service as an addition to fraud alerts rather than a replacement.
Unfortunately, the litigation brought forth by Experian, which claimed the spirit of the FACT Act was not written with the intention of letting companies set fraud alerts on behalf of consumers, was upheld in a preliminary court ruling. An extremely unfortunate decision that has left privacy experts dismayed and in the end will only hurt American citizens.
LifeLock CEO Todd Davis said they had planned for the possibility of this ruling and that the new identity protection system, which will be rolled out in the next few weeks, will offer “better and broader protection”. Davis went on to say the new system “adds an even greater level of security to protect your identity often in real time. Our new service will provide deep forensic analysis of the entire credit network to both help predict future risk and identify vulnerable members before their identity is stolen. Our new service monitors million of data sources, substantially more than the credit bureaus. These new sources include retailers, banks, mortgage lenders, utilities and auto lenders.”
At LifeLock.com, the official news on their yet unnamed new system is that it uses highly developed technologies, scientific modeling and algorithms, and multi-point data mining to detect fraud and can even help predict future identity risks and vulnerable members. We will have more information as it becomes available, including a detailed analysis, and will of course update our LifeLock review as the changes roll out over the next few weeks.
For now here is what Todd Davis has to say in its entirety, just play the video below.
UPDATE: The new service is called LifeLock Command Center.