TEMPE, AZ – November 15, 2007 - LifeLock CEO Todd Davis announced today that Fifth Third Processing Solutions has selected LifeLock as the identity theft prevention tool for its financial institution clients.
"Our relationship with Fifth Third Processing Solutions allows us to work together to provide an affordable, preventative tool for Fifth Third Processing Solutions' financial institution clients and their customers who are concerned about the nation’s fastest growing crime - identity theft," said Davis.
As the leader in identity theft prevention, LifeLock enables "locks" by setting and automatically renewing fraud alerts with the major credit bureaus, removing member names from pre-approved credit card offers and junk mail lists and guaranteeing the service with a $1 million service guarantee.
In February, the Federal Trade Commission (FTC) released its annual report highlighting that for the seventh consecutive year, identity theft tops the list of consumer complaints. More than 246,000 complaints were filed in 2006, a number that experts believe is vastly underrated due to the number of complaints that go unreported. In 2006, identity theft cost Americans $1.1 billion dollars, the highest amount ever.
Fifth Third Processing Solutions will re-market LifeLock directly to its participating financial institutions who, in turn, can offer the service to consumers via their Websites, or purchase population licenses to protect specific segments of their customer/member bases and/or their employees. With more than 2400 financial institution clients, Fifth Third Processing Solutions is the electronic transaction processing division of Fifth Third Bank, Cincinnati, Ohio.
"As we continue to deliver the solutions best suited for our valued financial institution processing partners, the service that LifeLock provides is unprecedented in helping to combat the crime of identity theft," said Angela Brown, senior vice president and general manager of Financial Institution Services for Fifth Third Processing Solutions. "Their 'whatever-it-takes' attitude combined with their $1 million guarantee make LifeLock the exemplary leader in their field and we are proud to introduce their service to our customers."
LifeLock (www.lifelock.com) helps consumers to render their personal information useless to thieves, backing up its service with a million-dollar 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 Kleiner Perkins Caufield and Byers as well as Bessemer Venture Partners. The company recently won an American Business Award for the Best Radio Advertising Campaign and was a finalist for 10 other awards, including Best New Company and Best New Product/Service.
Fifth Third Bank Processing Solutions processes over 21 billion ATM and POS transactions per year for more than 2,400 financial institutions and over 154,690 retail locations worldwide, including the Armed Forces Financial Network (AFFN), First Niagara Financial Group, Sovereign Bank, The Kroger Co., AutoZone, Abercrombie & Fitch, Nordstrom, Inc. and The Finish Line. Annually, Fifth Third processes $148.1 billion in credit card sales. According to The Nilson Report (March 2007), Fifth Third Bank is the fourth largest bankcard acquirer. Investor information and press releases can be viewed at www.53.com.
with the most advanced Identity Theft Protection system available!