Apr 142008

According to the Federal Trade Commission total consumer fraud losses as result of identity theft totaled $1.2 billion, with the average monetary loss for an individual at $349. This despite hundreds of state and federal laws against identity theft, a Presidential Task Force on Identity Theft, and millions of dollars in stolen tax money being given away by the Department of Justice in the form of grants to combat this scourge on American’s privacy, pocketbooks, and peace of mind. In other words, the government has taken far more money from individual consumers than identity thieves ever have while failing to accomplish anything. And how do they plan on making this up to you, the consumer? By forcibly taking even more of your money.

But, surely, they’re doing all that can be done, right? The identity thieves are just too smart to be stopped. Well, LifeLock disagrees. LifeLock is the company behind those ads all over your television and radio lately that essentially shout the CEO’s actual social security number form the rooftops. Why is he willing to share this most desirable of credit information with all the world? Because he knows that, unlike the government, his market based private company can actually prevent identity theft.

How? I don’t really know all the details, but I don’t need to know because they’re willing to back up their claims with a $1,000,000 Service Guarantee. So let me break this down for y’all. You pay $10 per month (or $110 per year) to LifeLock and no longer have to worry about your identity being stolen. Because if it is stolen, then they’ll cover your losses up to one million dollars. Or, you can count on the government to keep taking your hard earned tax money and providing zero actual protection. It’s your choice.

  2 Responses to “Government Admits Failure, Market Steps In To Protect Consumers”

  1. Here we are a few years later and overall identity theft is down. In other words it’s still in the millions per year but not like the number we used to see a few short years ago. The bad news is cost are rising so getting a company like Lifelock to stand by you is huge.

  2. 1.2 billions is a considerable amount of money. Most of what we do and what we buy, we can do via the internet access.This might be worth thinking about.

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