Your column is generally quite helpful but how can you recommend Lifelock in your column when Lifelock agreed on 12/17/15 to pay a fine of $100 Million!!! to the FTC for, among other things, Misleading consumers with deceptive Advertising?

Plus, they already paid a fine to the FTC of $12 Million back on 3/9/2010.

Regards,

John

Terry Says:  I said in my column that I have for years resisted the idea of paying for a service that a consumer could handle by simply freezing their credit so no new credit could be opened.  Since you are 100 percent protected on existing credit and bank accounts if you report fraud promptly, I have always advised checking the balances online frequently (at least twice a week).  And I figured that covered all the bases — no new credit opened fraudulently, and no fraud liability on existing accounts.

BUT in researching this column, I realized that the new chip cards were driving scam artists into creative new ways of taking your identity AND your credit.  Many accounts do not require a credit check.  For example, opening a new bank account in your name, using your social security number and a fictitious address would not require a credit check.  They deposit real money, and then subsequently make withdrawals to overdraw the account.  That’s the first time you learn about the account!  Lifelock says its service monitors the “dark web” where if your name/SS#/or other identifying credentials show up, they can check back with you to make sure you are aware.   While I can’t guarantee — and they can’t either — that they can pre-empt this kind of identity theft,  I’ve changed my mind to think that the peace of mind this type of monitoring gives might be worth the price!  And like it or not, they are the most highly regarded company in this area — although some of the credit bureaus do offer similar programs.

I wrote about the original settlement back in 2010 –The investigation was spearheaded by IL Atty Gen. Lisa Madigan —  and I worked with her office on reporting the issue.  And that is why I held off all these years.   But stubbornness has its price.  And they are still doing business in Illinois, so they have perhaps learned an expensive lesson about their marketing.