LifeLock recently announced its newest product, LifeLock Benefit Elite identity theft protection, which it created specifically for employers and retirement plan advisors to offer as a benefit for employees.
“LifeLock Benefit Elite protection is aimed squarely at what matters to employees–helping protect their identities and helping protect their nest eggs,” the company says. “While most employees have a 401(k), many may set it and forget it – which means they could miss important cues that may indicate potential fraud.”
LifeLock Benefit Elite protection helps detect potential fraud and brings it to the attention of employees through alerts within the company’s network via email, text or phone. The company’s network, however, does not cover all transactions.
“I can think of few things more important to protect than life savings,” Todd Davis, CEO of LifeLock, said in a statement. “That’s why we’re putting a huge emphasis on helping employers and brokers offer this critical service, including providing visibility into potentially fraudulent activity with employees’ retirement accounts.”
The product is designed to helps protect 401(k) and other investment accounts from fraudulent withdrawals and balance transfers. LifeLock also searches over a trillion data points every day for potential threats to its members’ personal identity, including suspicious uses of name, address, phone number, birth date, and Social Security number to obtain loans, credit and services, or to commit crimes.
If an employee becomes a victim of identity theft while a LifeLock member, LifeLock will spend up to $1 million to hire the necessary lawyers, accountants and investigators to help with recovery. The benefits under the Service Guarantee are provided under a Master Insurance Policy underwritten by State National Insurance Company.
“Since 2008, LifeLock has been offering its identity theft protection products to employers with employee benefit payroll deduction. With LifeLock Benefit Elite protection, LifeLock will offer an even better way for organizations to address the needs of their employees and for brokers to stay relevant to their clients.”
In 2014, losses from identity fraud was $16 billion, and there were 12.7 million victims of identity fraud, according to a study by Javelin Strategy & Research. With a new identity fraud victim every two seconds, identity theft can be a problem for many consumers.
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With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
