Is Preventing Identity Theft Impossible?

Posted on 27. May, 2008 by in Credit & Debt, Fraud & Scams

Well, if we’ve learned anything this week it’s that keeping your identity safe isn’t helped by posting your social security number on billboards and magazine ads all over the country.

Two years ago, Todd Davis, the founder of LifeLock, decided to plaster his Social Security number wherever he could get ad space. For a fee of about $10 a month, LifeLock offers what it calls a “proven solution” that prevents its customers from becoming victims of identity theft and fraud. I wrote about whether a solution like this is worth the money a few weeks ago (Is ID Theft Protection Necessary)… and apparently it’s not.

One man in Texas has already succeeded in getting a payday loan in Davis’ name. However, when asked about the breach Davis stressed that his service does not guarantee that your I.D. won’t be stolen. Rather, it aims to reduce the likelihood that your I.D. is stolen, and if it is, LifeLock promises to fix the problem.

But that’s not the real problem. LifeLock’s current problem is dealing with lawsuits of up to 105 of people who now claim that LifeLock didn’t live up to its advertising and have suffered at the hands of identity thieves.

So what can you do to prevent 83 people from trying to access your personal information? The answer is not LifeLock. The answer, as of today, does not involve only one approach. You need to be active in monitoring your own credit, and perhaps combine your own efforts with a service such as LifeLock… to help you with the monotonous lifting. Take a read through Is ID Theft Protection Necessary and try and follow the suggestions I’ve made. Monitoring your own credit, placing freezes on your credit, and many other “tricks” can keep you one step ahead of the game.

No comments.

Leave a Reply