I noticed LifeLock got $25M in series c funding today. A month or so back there was a conversation going on at Banktastic about identity theft companies and if they were really worth the money. Search for credit union identify theft on Google and you’ll end up with a bunch of credit unions offering their service to their members.
So my question is who should be providing this? Should the consumer be buying this out of pocket? Is it a value add to a product line for a bank or credit union to offer? At Banktastic, Mark makes reference to the fact the he looks at it like car insurance, only cheaper. You pay a bunch of money a month and rarely ever use it. I can understand how some FI’s would want to offer this to their customers/members, but is it really worth the expense for the limited subset of people this type of product appeals to?
3 comments for this entry ↓
1 Is LifeLock Worth It? // Jan 23, 2008 at 1:28 pm
Yes, Lifelock is worth it. Well identity protection is anyway. Visit http://www.identitytheftlabs.com and read their article Identity Protection do I really need it. Very informative. They also compare your other options and appear unbiased.
2 charles bruen // Jan 23, 2008 at 7:13 pm
Robbie, I looked at it very closely and decided that the service is a loser. We too many risks associated with endorsing the service, the value proposition is lousy for members and there are serious security considerations. This shouldn’t be a “me too” sloppy decision. My advise to credit unions … do your homework!!!
3 Identity Theft Protection Services Reviews // Sep 26, 2008 at 12:59 pm
Lifelock is a pretty good option. Although you can do what they do they have an outstanding price pluss you can pay a company to worry about that problem for you. Lifelock is ok in my eyes.
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