So confident is Lifelock in its $10-$15/month “identity theft protection service” that its CEO Todd Davis posts his social security number in its ads. Unfortunately, his identity has been stolen 13 times since doing so, reports the Phoenix Times. The FTC fined Lifelock $12 million in March for deceptive advertising.
For several years, LifeLock has been so brash about their skills at protecting customers from ID theft that they not only drove around a truck displaying their CEO’s Social Security Number in public, they also advertised his SSN on TV ads. But that hubris has come back to bite them on the rear, as LifeLock has just agreed to a $11 million settlement with the Federal Trade Commission over the bulked-up claims made in their ads. [More]
A slate of companies legitimately profit from identity theft by offering services that the three credit reporting agencies refuse to make easily accessible to consumers. The Times brings us the stories of three such companies that are sucking the venture capital teat all the way to market: