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: http://www.aciassociation.com/?c=LOCK
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:
http://www.aciassociation.com/?c=LOCK
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