LifeLock, Inc. (NYSE:LOCK) announced its newest product, LifeLock Benefit Elite™ 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 Elite™ 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.
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.
Source: Lifelock Press Release