Life Lock Employee Benefit Presentation
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Life Lock Employee Benefit Presentation

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FTC mandates all businesses liable without Identity Theft Protection Program

FTC mandates all businesses liable without Identity Theft Protection Program

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Life Lock Employee Benefit Presentation Presentation Transcript

  • 1.  
  • 2.
      • Identity Theft Today
      • The LifeLock Service
      • LifeLock’s Employee Benefit
    Agenda
  • 3.
      • Identity theft affects a significant portion of the population and will continue to rise
        • The FTC and Javelin estimate over 9.9 M ID Theft victims in the US in 2008, up 21% from 2007
        • There were 446 data breaches affecting 127M personal data records in 2007, with the period Jan-June 2008 jumping 69%
        • Identity Theft affected 4.3% of the US Population in 2008
    Identity Theft Today According to Javelin Identity Fraud Survey Report and FTC’s Consumer Fraud Report CY2008
  • 4. Identity Theft Today According to FTC’s Consumer Fraud and Identity Theft Complaint Data CY2007 Highest number of ID Thefts with 43,892 Rank #1 in ID Theft Highest growth of ID Theft complaints with 33% Y/Y 22% 2.4% 55% 14% 5%
  • 5. How Information Was Misused
      • Credit Card Fraud 20%
        • New Accounts
        • Existing Account
      • Phone or Utilities 13%
        • Telephone
        • Wireless
        • Utilities
      • Employment Related 15%
      • Bank Fraud 11%
        • Electronic Fun Transfer
        • Existing Accounts
      • Loan Fraud 4%
        • Business/Personal/Student
        • Auto Loan
        • Real Estate Loan
      • Government Documents/Benefits 15%
        • Fraudulent Tax Return
        • Gov. Benefits Applied
        • Driver’s License Issued
      • Other Identity Theft 24%
        • Uncertain
        • Evading the Law
        • Medical
        • Internet/Email
        • Apartment/House Rental
        • Insurance
        • Property Rental Fraud
        • Securities/Other Investments
        • Child Support
        • Bankruptcy
        • Magazines
      • Attempted Identity Theft 6%
    According to FTC’s Consumer Fraud and Identity Theft Complaint Data CY2008
  • 6.
      • SSN is not an effective source of identification
        • Easy to falsify, counterfeit or create a ‘synthetic’ identity
        • No standardized effective manner to associate SSN to a specific person
        • Personal data is already out and available to the public
      • ID Theft is a low risk/high reward crime
        • Lucrative
        • Little retribution/enforcement/penalties
        • Anonymity
      • Many victimized by those closest – family, co-workers, caregivers and community members
    Roots of the Identity Theft Problem
  • 7.
      • The fraud amount per victim equaled $4,849 in 2008
      • Identity theft cost consumers and businesses a total of $48B in 2008
      • The average Identity Theft lifecycle lasted between 72 to 218 days of fraud or misuse an overall increase of 21%
      • Victims spent on average 175-300 hours to restore stolen identities
    How Victims Were Impacted
  • 8. How to Protect Yourself Against Identity Theft
      • Prevention: Limit your points of vulnerability
        • Annual credit report
        • New accounts
        • Change of address
        • Online buying and trading of identities
        • Stolen mail
        • Stolen wallets
      • Detection
        • Alerts
        • Credit reports
      • Resolution
  • 9. The Lifelock Service TOTAL SERVICE GUARANTEE Regardless of the type of identity theft that our members experience, we cover it. Minimize risk of new account fraud Fraud Alerts Reduce the risk of identity theft through stolen mail Junk Mail/Pre Approved offering reduction Identify fraudulent and criminal sale of personal information eRecon TM Reduce the risk of Identity Theft through the method of change-of-address TrueAddress TM Identity Theft protection for children; the most vulnerable age group for identity theft Child Protection With LifeLock available 24 hours a day 7 seven days a week Remediation
  • 10. The Lifelock Story
      • LifeLock incorporated in April 2005 and had just over 2500 members year end 2005
      • After a nationally televised interview in February 2006, Todd Davis shared his social security number for the first time on the air
      • LifeLock quickly grew from 4,000 subscribers to over 1M in May 2008
      • With the LifeLock Service, Todd had over 400 attempts of identity theft and only 1 incident of identity theft for an amount of $500 and the occurrence was quickly resolved by the LifeLock remediation team
      • To date, of LifeLock’s 1.2M subscribers, only 105 had their identities stolen, and LifeLock was quick to respond to the problem, making them some of our biggest supporters
  • 11. Explosive Growth and Market Potential (a) As of 8/31/2008 Immediate primary market opportunity: “33+M subscribers of credit monitoring, with over 35% of them very unlikely to renew” – Javelin Strategy & Research
  • 12. LifeLock Subscriber Benefits
  • 13. Consumer Choices Today LifeLock’s services focus on proactively preventing identity theft and aggressively resolving and incidents that do occur.
  • 14. Consumer Choices Today / C C Fraud alerts set $1M total service guarantee Removal from junk mail lists Removal from preapproved credit card offers Request free annual credit reports WalletLock TM TrueAddress TM eRecon TM Credit monitoring Before Theft During Theft After Theft = Competition C = LifeLock
  • 15. LifeLock Security
      • ISO/IEC 27001 certified for data and operational security
        • Highest industry standard to secure and protect personal information
      • PCI Level 1 compliant
        • Highest level of compliance in credit card protection
      • Physical security
        • Biometric security access
        • Surveillance 24 hours a day
  • 16. LifeLock National Branding
      • Over 92% of household impressions
      • Over 2,068 national radio spots year to date not including $41,989 spent in local radio spots
      • Over 500 interviews year to date
      • Over 9,400 nationally aired commercials year to date
      • Over 6B impressions and 6M clicks through online advertising
  • 17. LifeLock Brand Awareness LifeLock maintains the lead in terms of total awareness (43% unaided + aided) – across a variety of institutions. Based on the August 2008 survey conducted by MRSI.
  • 18. LifeLock Celebrity Apprentice
    • Two teams of celebrities will be charged with designing a package and promotional display for the launch of the new LifeLock Gold
    • The program averaged over 9 million viewers in the most recent season and closely matches the LifeLock customer profile
    • The program has an extremely successful track record of driving web, sampling and store traffic
      • Tide To Go – 500,000 web visitors, 300,000 sample requests in one day
      • Vanilla Mint Crest – 4.7 million web hits, 40,000 samples requested
    • The program will integrate an offer for a free 30 day trial of LifeLock through an in-store promotion at Target
  • 19. Retail Merchandising LifeLock Identity Theft Protection Starter Kit
    • $9.99 retail
    • Launches October 2008 chain-wide in 1,100 Office Depot stores
    • Initial launch 20,000 units
    • Office Depot- in-store on power-wing grid endcap
    • 350 secondary free-standing displays
    • Office Depot feature Oct-Dec 2008- “purchase LL ID theft protection starter kit, enroll and receive a $10 Office Depot gift card”
    Identity Theft Prevention Kit for Dummies
    • LifeLock trial offer: 2,400 stores with
    • 180,000 units on endcap in Nov 2008
    LifeLock Retail ONE-YEAR Membership Kit
    • $99 retail- launches chain-wide at Best Buy
    • 920 BB stores
    • Initial launch 12,000 units
    • Best Buy feature in circular ad, possible front page 10/27
    • Endcap in November, possible circular ad placement again in December
    • Bundled offer in Feb-April targeting tax products
    • Tear-pad offer, Reward Zone, BestBuy.com, Geek Squad co-marketing plans in Q1 2009
  • 20. Continuous Protection
    • LifeLock Product Vision
  • 21. LifeLock as an Employee Benefit
  • 22. Employee Benefit Options
      • Employee paid
        • Group discount available
        • Direct home billing via credit or debit card
        • Payroll deduction available for groups larger than X
        • 24x7x365 call center
        • Signup online at www.lifelock.com or via 1-800 LifeLock
  • 23. Employee Benefit Options
      • Company paid
        • Volume incentive pricing based on group size
        • Employer pays for all employees (population pricing)
        • Employer pays on a per subscriber basis
        • 24x7x365 call center
        • Signup online at www.lifelock.com or via 1-800 LifeLock
  • 24. Employee Benefit Support
      • Support from start to finish
        • Employee benefit brochures
        • Employee benefit launch kits
        • Employee benefit emails and collateral
  • 25.
    • To Add Lifelock As An Employee Benefit
    • To Your Company
    • Contact:
    • Cheryl Miller
    • 888-629-2410
    • www.thefinanciallink.ws
  • 26. Thank you!
  • 27. Who is Affected According to Javelin Identity Fraud Survey Report CY2007
  • 28. Methods of Identity Theft According to Javelin Identity Fraud Survey Report CY2007
  • 29. Identity Theft
      • At age 18, Candace order her first credit report, after a professor in her business class told the students it was a good idea. When she received it, a family member had opened over 5 credit cards in her name, cell phone and more. To this day, she has had trouble cleaning up her credit.
        • Identity Theft Victim; Candace Kapela, Tucson AZ
      • Jennifer had just moved into her new apartment and called her utilities company to get signed up. They informed her that her account was already active. She came to find that the Identity Thieve had been using her Social Security Number since 2006
        • Identity Theft Victim, Jennifer Mooney, Mechanicsville, VIA
  • 30. eRecon TM
      • A service added to LifeLock’s Identity Protection in April 2008
      • Identifies fraudulent and criminal sales of:
        • Social security numbers
        • Bank accounts
        • Credit accounts
        • Drivers license registration
        • Medical ID’s
      • Monitors over 10,000 websites, bulletin boards and chat rooms used by criminals to sell and trade identities
  • 31. TrueAddress TM
      • The change of address method of identity theft continues to be the preferred method of identity thieves, occurring 3 times as much as change of phone number or obtaining counterfeit cards
      • A service added to LifeLock in April 2008, LifeLock’s TrueAddress minimizes risk of becoming a victim of mail fraud by alerting members if any new address information is associated with their name
  • 32. WalletLock TM
      • Lost or stolen wallets attribute to 33% of Identity Theft
      • With LifeLock’s WalletLock if a customers wallet is stolen or misplaced
        • LifeLock will make all phone calls to creditors, financial institutions and other document-issuing companies
  • 33. Consumer Choices Today / C C Fraud alerts set $1M total service guarantee Removal from junk mail lists Removal from preapproved credit card offers Request free annual credit reports WalletLock TM TrueAddress TM eRecon TM Credit monitoring Before Theft During Theft After Theft = Competition C = LifeLock
  • 34. Voice of the Consumer
    • In February 2008, LifeLock lead a “Defeat Identity Theft” tour to urge Congress to focus on helping consumers fight identity Theft
      • LifeLock toured 15 cities in 12 days , from Miami to Washington DC
      • LifeLock’s petition received over 20,000 signatures
      • The petition was delivered to congress urging them to:
        • Provide stronger penalties against both identity thieves and third party agencies
        • Enact laws to prevent agencies from selling personal information
        • Assign more funding to law enforcement to fight this crime
  • 35. Summary Resolution Process LifeLock Confidential Product Feature Member Resolution Tasks Average Resolution Time Notification Fraud Alert Mail/fax proof of current address and identity Approximately 2-3 days to process documents; Approximately 2-4 weeks for bureaus to receive and process alert Phone, mail and/or email; Credit Bureaus mail confirmation eRecon™ Respond to resolution team’s emails/calls to confirm information, communicate suspected problems, complete limited power of attorney Members are contacted within 24 hours of the alert being received; resolution approximately 1 hour after member is contacted Phone and/or email TrueAddress™ Respond to resolution team’s emails/calls to confirm information, communicate suspected problems, complete limited power of attorney Members are contacted within 24 hours of the alert being received; resolution approximately 1 hour after member is contacted Phone and/or email
  • 36. Summary Resolution Process LifeLock Confidential Product Feature Resolution Steps Average Resolution Time Notification WalletLock™ Contact LifeLock within 30 days of lost/stolen wallet incident; file police report and fraud affidavits; limited power of attorney; may need to participate in conference calls with document issuers Requests to replace all lost documents are usually completed in approximately 1 hour after member is contacted. Actual document replacement time will vary by state and issuing institution N/A – member initiated Private & Public Database (Court Records, Address History, Names and Aliases, Payday Loans, Sex Offender) Review alerts for accuracy, communicate suspected problems, limited power of attorney New Service - Historical data not yet available Email Personal Breach Detection Review educational material and FAQs regarding P2P software Safe Practices, uninstall P2P software, New Service - Historical data not yet available Phone and/or email
  • 37. Fraud Resolution Process Fraudster attempts to open a new line of credit In LifeLock member’s name Creditor sees Fraud Alert and calls member at phone # listed to authenticate identity Member is alerted and able to terminate credit application Creditor does not act on Fraud Alert and opens line of credit Member discovers fraud and contacts LifeLock; 24 x 7 x 365 Member is covered by LifeLock’s $1M Total Service Guarantee. LifeLock may retain attorneys, third-party recovery firm and reimburse expenses as needed to restore ID Credit Issuer Fraudster LifeLock may escalate Remediation / ID Restoration issues to 3 rd party Third Party calls member to begin remediate / restore processes Initiate Limited Power of Attorney if needed Resolved LifeLock Confidential LifeLock email $1M Service Guarantee
  • 38.
    • eRecon™/TrueAddress™ RESOLUTION PROCESS
    Member views Alert details in portal or calls LifeLock for assistance LifeLock Third Party Scans daily for member data across online chat rooms, IRCs, BBS, Public and Private Databases If data is found contact member by email (phone for members without email) Online Alert details provides “next step” instructions No member response is received (response and participation is required to continue case resolution) LifeLock Resolution Team Triages Issue If member requires further resolution, contacts LifeLock 24 x 7 x 365 LifeLock may escalate Remediation / ID Restoration issues to 3 rd party Initiate Limited Power of Attorney if needed Member is covered by LifeLock’s $1M Total Service Guarantee. LifeLock may retain attorneys, third-party recovery firm and reimburse expenses as needed to restore ID Third Party calls member to begin remediate / restore processes Member validates Alert details Phone Resolution LifeLock Confidential RESOLUTION PROCESS $1M Service Guarantee email
  • 39. LifeLock Third Party Scans daily for member data across online chat rooms, IRCs, BBS, Public and Private Databases Online Alert details provides “next step” instructions LifeLock Resolution Team Triages Issue Member reviews Alert and determines ID has been compromised; contacts LifeLock 24 x 7 x 365 LifeLock may escalate Remediation / ID Restoration issues to 3 rd party Initiate Limited Power of Attorney if needed Member is covered by LifeLock’s $1M Total Service Guarantee. LifeLock may retain attorneys, third-party recovery firm and reimburse expenses as needed to restore ID PRIVATE & PUBLIC DATABASE RESOLUTION PROCESS If data is found, attempt to contact member by email Email contact directs member to the LifeLock portal to view Alert details Third Party calls member to begin remediate / restore processes No member response is received (response and participation is required to continue case resolution) Phone Resolution LifeLock Confidential RESOLUTION PROCESS $1M Service Guarantee email
  • 40.
    • WalletLock™ RESOLUTION PROCESS
    Report Theft/Loss 24 x 7 x 365 Identify Missing Items Initiate the fraud affidavit and police reports if the wallet was stolen Conference call with member and contact each document issuing entity to cancel/void documents Local Law Enforcement Agencies Fill out the paperwork and request new replacements Document Issuing Company Replacement Items sent directly to LifeLock Member; Member is covered by LifeLock’s $1M Total Service Guarantee. LifeLock may retain attorneys, third-party recovery firm and reimburse expenses as needed to restore ID LifeLock may escalate Remediation / ID Restoration issues to 3 rd party Third Party calls member to begin remediate / restore processes LifeLock Confidential RESOLUTION PROCESS $1M Service Guarantee LifeLock email
  • 41.
    • PERSONAL BREACH RESOLUTION PROCESS
    Determines Source of Data Found (member-disclosed vs. external source Self-Disclosed: Member is sent Alert email directing them to the LifeLock portal to view alert details Third Party Scans daily for member data across files found on P2P Networks If data is found externally Third Party begins resolution Present member with Recommendations; education; FAQs; Uninstall P2P Software; Safe Practices Third Party assesses potential fraud exists, escalates to the Resolution Team to begin proactive remediation Member reviews information and has additional questions / concerns and contacts LifeLock 24 x 7 x 364 LifeLock Resolution Team works to resolve issue External Entity Third Party works to stop propagation of data with appropriate external entity LifeLock may escalate to Third Party for further investigation * Member is covered by LifeLock’s $1M Total Service Guarantee. LifeLock may retain attorneys, third-party recovery firm and reimburse expenses as needed to restore ID Phone Resolution LifeLock Confidential RESOLUTION EFFORTS LifeLock email $1M Service Guarantee*