Scottsdale, Ariz., October 14, 2005 – LifeLock, the ONLY preventative identity theft company, announced today the launch of the first-of-its-kind Children’s ID Theft Prevention Program. Beginning Tuesday, October 18, the more than 50,000 LifeLock subscribers can add to their full suite of preventative services a program tailored specifically to preventing identity theft of minors 16 years and younger.
In the state of Utah alone, 1,800 Social Security numbers assigned to children 12 years of age or younger have been forged, according to the state’s Identity Theft Task Force. It is unknown how frequently these numbers have been forged, as well as where and by whom.
According to the Federal Trade Commission (FTC), between five and seven percent of victims of identity theft are under the age of 18. With the inclusion of college-aged individuals, the percentage increases to nearly twenty percent. The FTC also reports that sixty-one percent of identity thefts in the country are not reported.
LifeLock subscribers can pay $10 per year for the Children’s ID Theft Prevention Program through which Lifelock will regularly audit the credit bureau, monitor depository banking accounts, and track any unusual “work activity” with the Social Security Administration on behalf of Lifelock’s youth customers. All minors enrolled in the program will also benefit by LifeLock’s standard $1 million guarantee.
“Due to the extreme increase in ID theft among minors, we have taken the initiative to develop a first-of-its-kind program to protect children,” said Todd Davis, CEO of LifeLock. “We’ve seen far too many situations where children are the victims, and they aren’t even aware until years later when applying for their first line of credit or a driver’s license.”
Davis added, “Parents wouldn’t think twice about protecting their children’s health by investing in health insurance. With this rapidly growing crime among children, parents shouldn’t think twice about protecting their children’s financial future either.”
Tracking credit bureau activity and monitoring depository accounts are considered standard when dealing with identity theft. But Davis insists that working with the Social Security Administration and identifying work activity from unusually young minors is a red flag that warrants further investigation.
“LifeLock is in the process of working with local and federal agencies, as well as leaders in Washington D.C. to lead the efforts in protecting our children from identity theft. This is a critical aspect of our overall service,” continued Davis. “As the Utah investigation demonstrated, sadly, there are numerous victims yet to be discovered.” About LifeLock LifeLock, based in Scottsdale, Arizona, is the only ID theft prevention company in the U.S. that provides prevention, protection and reimbursement services to consumers, taking the burden out of the consumers’ hands and into the hands of experts.
LifeLock uses a lock system on consumers’ identity in such a way that it cannot be used by anyone except its rightful owner. The combination of tactics includes locking up all information, setting and maintaining alerts, forcing banks to contact people directly before issuing credit, and removing subscribers from pre-approved credit card and junk mailing lists. Confident in its success rate, LifeLock offers a $1 million guarantee to cover any expenses and legal fees should an ID thief break through their system.
The subscription fee for the standard service is $10 per month or $110 per year. The fee for the Children’s ID Theft Prevention Program is $10 per year to subscribers.
For more information please visit: www.LifeLock.com.
with the most advanced Identity Theft Protection system available!