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LifeLock Introduces Identity and 401(k) Theft Protection for the Workplace

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LifeLock, Inc. (NYSE:LOCK) , an industry leader in proactive identity theft protection, today announced its newest product, LifeLock Benefit EliteTM identity theft protection, created specifically for employers and brokers to offer as a benefit for employees. With easy enrollment and convenient payroll deduction, this new product will be available for employees at a competitive price.

LifeLock Benefit EliteTM protection is aimed squarely at what matters to employees – helping protect their identities and helping protect their nest eggs. 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,” said Todd Davis, CEO of LifeLock. “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.”

Available only through employers, LifeLock Benefit Elite protection 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. As this is only a summary policy the terms and restrictions can be found at LifeLock.com/legal.

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 fraudsters was $16 billion, and there were 12.7 million U.S. consumer 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.

About LifeLock

LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive identity theft protection services for consumers and consumer risk management services for enterprises. LifeLock’s threat detection, proactive identity alerts, and remediation services help provide peace of mind for consumers amid the growing threat of identity theft. Leveraging unique data, science and patented technology from ID Analytics, Inc., a wholly-owned subsidiary, LifeLock offers identity theft protection that goes significantly beyond credit monitoring. As part of its commitment to help fight identity theft, LifeLock works to train law enforcement and partners with a variety of non-profit organizations to help consumers establish positive habits to combat this threat.

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