Monday, August 31, 2009

LifeLock Enhances Identity Theft Protection

Tempe, Arizona-based LifeLock, the venture-backed provider of identity theft protection services, said Friday that the firm has extended the firm's service to add more data sources, as well as to better spot fraud. The firm said it has added retailers, banks, mortgage lenders, utilities, and auto lenders to its service, on top of the firm's existing use of credit bureaus. The firm also said it has added "sophisticated and more scientific" algorithms to spot identity fraud. LifeLock said the move will replace fraud alerts as one of the primary consumer protection mechanisms. The firm us backed by Goldman Sachs, Kleiner Perkins Caufield & Byers and Bessemer Venture Partners, and has primarily used automatic renewal of fraud alerts with credit bureaus for its service.