Lifelock

Company: LifeLock, Tempe, AZ
Company Description: LifeLock, Inc. is an industry leader in proactive identity theft protection. Since 2005, LifeLock has been providing consumers with the tools and confidence they need to help protect themselves from identity theft. The company has a strong focus on educating consumers and working with law enforcement and elected officials to better understand the increasing threats of identity theft.
Nomination Category: Products & Product Management Categories
Nomination Sub Category: New Product or Service of the Year - Services

Nomination Title: The LifeLock Identity Alert™ System

1. Tell the story about this nominated product or service (up to 500 words). Describe its function, features, benefits, and sales to date. You may include hyperlinks to product photos and data sheets. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

LifeLock® began searching for a replacement for fraud alerts to provide a
solution for members that had broader coverage than credit verification,
especially due to the fact that many identity theft cases start with utilities
and cell phone fraud. LifeLock also wanted to provide members with more control
and consistency of process, and be more proactive in detecting and helping to
protect against many more forms of identity theft. The company researched major
systems of risk management used by banks and retailers which were used to
reduce their fraud and credit risk and looked to capitalize those technologies
and translate their capabilities for the direct benefit of members.
LifeLock launched the LifeLock Identity Alert™ System August 30, 2009 and
within two months had communicated details of the new product to the company’s
member base and completed a seamless transition from placing fraud alerts to
implementing the LifeLock Identity Alert™ System for the company’s
approximately 1.5 million member base.

The LifeLock Identity Alert™ System uses advanced models to maximize accurate
detection rates around the use of any of LifeLock’s members’ personally
identifiable information (PII). LifeLock also employs sophisticated scoring
models to determine the identity risk of each application. This allows LifeLock
to notify members with the proper degree of urgency and follow-up.
Anytime LifeLock detects the use of a member’s PII, the company immediately
alerts the individual of the application by email, postal mail, and/or phone
(depending on urgency and risk level of the application). If the member informs
LifeLock that the application or transaction is possibly fraudulent, LifeLock
works quickly to help resolve the issue by using its unique, closed-loop system
that facilitates and expedites the resolution between the creditor and the
LifeLock member.

The LifeLock Identity Alert™ network is broad, providing early notification of
both credit and non-credit related identity theft threats by searching more
than 45 million data points daily and 30 million consumer transactions each
month. This advanced detection system can identify fraudulent applications for
many forms of both credit and non-credit related services. These include many,
but not all, retail credit cards, mortgage loans, and auto loans, as well as
non-credit related transactions such as wireless services, utilities, check
orders and reorders, and non-credit related payday loans. In the event that an
application is not captured by the LifeLock Identity Alert™ System, members are
assured that LifeLock is continuously working to help protect their identity,
and ultimately, backs up the service with the LifeLock $1 Million Total Service
Guarantee. (Restrictions apply. See LifeLock.com for details. Due to New York
State law restrictions, the LifeLock Service Guarantee cannot be offered to
residents of New York.).

From August 30, 2009 to April 30, 2010, the LifeLock Identity Alert™ System
detected approximately 8,000 fraudulent applications for credit and services on
behalf of LifeLock members, all of which were blocked before any damage could
be done. During that period, more than 280,000 applications were successfully
monitored and reported to LifeLock members, fulfilling the service's mission of
providing even broader identity theft protection.

2. List hyperlinks to any online news stories, press releases, product reviews, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:

http://www.lifelock.com
http://www.lifelock.com/about-us/press-room/2009-press-releases/lifelock-announces-next-generation-of-services-that-help-to-combat-identify-theft

3. Provide a brief (up to 100 words) biography about the leader(s) of the team that developed this nominated product or service:

Frank D. Caruana joined LifeLock as Director of Consumer Products in December
of 2007. Prior, Frank was Director of Product Management at Experian where he
managed the Product & Strategy efforts for Experian’s Anti-Money Laundering
business. Frank earned his Certified Anti-Money Laundering Specialist
designation in 2006, and was instrumental in developing Experian’s strategic
business plans and product roadmap around advanced criminal financing
solutions. Prior to Experian, Frank worked in similar capacities for eFunds
and Fair Isaac’s, managing product management and marketing for new and
advanced risk/fraud products.