Each year, the cost of Identity Theft amounts to over 50 Million US Dollars and these numbers are steadily rising. Identity theft has been one of the most expensive crimes in the United States, costing both the government and individuals such a huge amount of money. Even though the crime is rising in numbers, most people still think that it may just be a result of isolated cases that have been blown out of proportion by the government and agencies that tend to gain from them.
That may seem like a convenient reality, in which one does not have to face the facts that everyday, a significant number of Americans are affected by Identity Theft all over the country. With cases and awareness growing, more and more firms offering protecting against identity theft are also popping up. Two firms that offer Identity Theft Protection Services are Lifelock and TrustedID. These firms claim to help their clients by informing them once their credits have been breached. So, how is each one different from the other? How does a prospective client know which firm is best for him?
Lifelock is a company that is based in Arizona. They offer their services for a monthly fee of $10 and an annual fee of $110. This company protects their clients by setting up fraud alerts with their client’s creditors as well as removes a client’s name from the mailing lists of pre-approved credit cards and junk mail. The company has become controversial in a way because of on one of their ads, CEO Todd Davis gives out his Social Security Number claiming that he is confident on how Lifelock works. Such an action has resulted in his number being hit several times by pranksters trying to prove that the Lifelock system is not as fool proof as they advertise it to be. In one scenario, a fraudster was able to solicit $500 from a credit company that did not check with Davis’ credit history. This resulted in a blow for the company, but they claim that they have recovered and still have the clients that they used to and even more.
Another firm that is in the Identity Theft protection business is that of TrustedID. Unlike Lifelock, TrustedID takes a more curt approach when it comes to dealing with new accounts in their client’s name. Instead of a simple monitoring of the account, TrustedID proceeds to freeze a client’s account until the client verifies the fact that the new set up is valid or not. Like Lifelock, TrustedID also offers to remove a client’s name from junk mailing lists. The company charges it clients $12.95 a month for their services.
So which is better: Lifelock or TrustedID? The answer to such query solely depends on the consumer. The two agencies work on a similar field with only a slight difference when it comes to the way they deal with breaches and new accounts instituted in a client’s name. But, no matter what a firm may offer, an individual does not have to pay extra for the credit protection. The solution to that is for credit card agencies to make their process of freezing as well as unfreezing accounts easier for their users. This way, a client may be able to protect himself against Identity Fraud without using the services of any Identity Theft Protection agencies.