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LifeLock is betting that its acquisition of ID Analytics, which closed Wednesday, will help it better market its services to retail banks.
March 14 -
A spike in security breaches might make such protection more appealing to customers, even though regulators are taking a closer look at banks that offer such add-on products.
March 17 -
Roughly 12.7 million Americans were hit with identity fraud in 2014, a 3% drop from a year earlier, while losses tied to that fraud fell 11% to $16 billion, said the study, which was released by Javelin Strategy & Research.
March 3
Identity theft protection company LifeLock is coming under fire from the Federal Trade Commission for failing to adequately protect customers' credit card and bank account data, Social Security numbers and other sensitive personal information, among other allegations.
The agency filed
The suit accused LifeLock of using false claims to promote its identity theft services. As part of
Now, the FTC alleges that for at least 17 months from October 2012, LifeLock violated its order by "failing to establish and maintain a comprehensive information security program" to protect user data. It also says the company falsely claimed sensitive user data was protected with "the same high-level safeguards as financial institutions."
The agency is also asking that the Court require LifeLock to provide full redress to customers affected by its violations.
"It is essential that companies live up to their obligations under orders obtained by the FTC," said Jessica Rich, director of the FTC's Bureau of Consumer Protection. "If a company continues with practices that violate orders and harm consumers, we will act."