With identity misappropriation protection, businesses earn themselves tremendous competitive advantage. However, prior to getting into the features and benefits of the LifeLock program, let us understand what identity heist is really all about. Identity embezzlement is basically an act wherein a person wrongfully acquires and makes use of another individual’s personal information in a way that involves deception or fraud, usually for financial gain.
Most sophisticated criminals can capitalize on other’s mobile, virtual world using innovative tactics for stealing data, such as name, address, passwords, social security number, etc.With just these little bits of information, they may get an auto loan or a mortgage, drain bank accounts, or get access to a mobile phone, other utilities, etc.As a result, the victim’s funds disappear and the credit status gets ruined.
Impact on a Business
Identity rip-off not just hurts individuals; it can considerably impact businesses as well. Modern companies thrive in the world of technology where tablets, smartphones, laptops, etc. have become the norm. And, employees are now more trapped within the web of the Internet.
With technology and its benefits, certain other things would have to give in. Identity thievery has been on the rise over the years and the rate of growth is quite high among users of tech gadgets.
If a business finds its customers being affected by identity larceny, then it could hurt their credit-securing ability, will not be able to pay for the services and goods, and find it impossible to carry out transactions in a way the business finds it convenient. As far as the impact on the employees goes, they would invariably end up spending too much time or business hours trying to resolve the issue.
Life Lock Identity Theft Insurance – Working Mechanism
The system monitors and scans for threats on a regular basis. In other words, the product’s foundation basically revolves around an alert system that continuously keeps an eye on personal data, commonly used or found in credit applications. It’s not just credit monitoring – the system has a more proactive approach. In fact, the company can detect any instance of identity fraud much before it appears on the credit report.
As criminals are constantly into buying, selling and trading personal data on the Internet, LifeLock makes it a point to scan more than 10,000 global black market sites for member information misuse. LifeLock members can feel confident about the continuous threat monitoring that the system carries out round-the-clock.
If the personal information of a member does scrape through into public domain, an alert would be sent across to the concerned individual via email, phone, or as a text message.
Members would usually be asked to go through the alert message details and confirm validity. The alert information may be courtesy the member’s credit application, or due to an identity robbery attempt.
If any fraudulent act is confirmed, LifeLock’s specialists would get into action instantly. The victim would be walked through all the steps, with all the necessary materials being sent. Requests and calls will also be facilitated to clear the name of the victim.