LifeLock CEO has identity stolen; lawsuits ensue

[Rockefeller]

It was a challenge too delicious to refuse. For years, Todd Davis, CEO of tech security company LifeLock, boasted that his company's system was so secure that he even posted his Social Security number online.

"It's 457-55-5462," Davis said on his company's site." "Of course, you should only share your Social Security number when completely necessary, but I give mine out because of my total confidence in LifeLock's ability to guarantee my good name."

Happy to prove him wrong, a Texas man last year used his Social Security number to get a $500 payday advance loan. Davis said that the check cashing company made no attempt to verify the identity, which he believes would have stopped the theft cold, but says that's not the important part of the story.

"What's important is the whole incident proves that LifeLock works, because I was never out a dime of my own money or a minute of my own time," Davis said. "LifeLock protected me and the other 104 members exactly as they promised."

LifeLock customers aren't buying it. The Tempe, Ariz.-based company has since been hit with lawsuits from customers in New Jersey, Maryland and West Virginia, who allege that the company used false advertising and knowingly lied about its claims after Davis' security snafu.

"Of course, no system is perfect, which is why our $1 Million Total Service Guarantee is so important," Davis said on LifeLock's Web site, referring to the breach. Davis said that the company has already asked the federal courts to have the cases thrown out.

"We knew this would happen," he said. "We were ready and believe the suits will be proved to be without merit, because we follow the law and do exactly what we say we do, and I don't see where anyone has come even close to proving different."

Source

 

[Focus]

It's so much easier to just have bad credit these days...that way you really don't have to worry much about it...lmao

Giving out your social online to the public? What a dumbasssssss! geez

 

[Rockefeller]

Yeah, what an idiot. I guess he asked for it by giving the entire world his SSN...and now he's going to be sued up and down until they're bankrupt.

 

[tldrental]

You guys what me social, it 610 -20- 2584 have fun

 

[Mr. Deleted]

It's so much easier to just have bad credit these days...that way you really don't have to worry much about it...lmao

Giving out your social online to the public? What a dumbasssssss! geez

Well in ID theft, it does not matter what your credit score is, they will build up the score before they leave you hanging will 100,000 in credit card bills.

 

[copper]

Well in ID theft, it does not matter what your credit score is, they will build up the score before they leave you hanging will 100,000 in credit card bills.

If they can build up score easily, wouldn't they make more money by selling credit score improvement :?:

 

[jdk]

If someone steals your ID they are not going to help build up your score before leaving you with 100k in debt. They are going to apply for every credit card they can and blow them out.

This article is interesting, because I was looking into their service a month or so ago. But you have to remember this guy was publically posting his ss# all over the net and on the car he drives. This allowed hundreds if not thousands of people to try and use his social. If your social gets out you are lucky if a handful will try and use it.

 

[Ehsan]

lol just checked and the Number is still on there website , i thought they would have removed it by now lol

 

[Donald Aquilano]

OK so your saying he's system doesn't work?He said out of one million subscribers only 105 have been the victim of identity theft. That's less than one percent if true. Is it suppose to be a 100% full proof? nothing is.

Better article on this subject.

http://machinist.salon.com/blog/2008/05/23/lifelock/

 

[Mr. Deleted]

If someone steals your ID they are not going to help build up your score before leaving you with 100k in debt. They are going to apply for every credit card they can and blow them out.

This article is interesting, because I was looking into their service a month or so ago. But you have to remember this guy was publically posting his ss# all over the net and on the car he drives. This allowed hundreds if not thousands of people to try and use his social. If your social gets out you are lucky if a handful will try and use it.

Yes they do. There was a movie made about this, and the guy kept paying the bills on the cards (the min needed to stay current), and then would get cash advances that would put him ahead and he was putting that money in a safe deposit box, and then after a while the banks would actually raise the credit limit on all the cards, which means he could get even more money from them. then once he was ready to drop the project, his aim was to get the safe depost box (but the USPS agents realised it and got there first). ID theft is a rather complex issue, and unless you get your credit report constently, you do not know you are a victom.

 

[jdk]

Yes they do. There was a movie made about this, and the guy kept paying the bills on the cards (the min needed to stay current), and then would get cash advances that would put him ahead and he was putting that money in a safe deposit box, and then after a while the banks would actually raise the credit limit on all the cards, which means he could get even more money from them. then once he was ready to drop the project, his aim was to get the safe depost box (but the USPS agents realised it and got there first). ID theft is a rather complex issue, and unless you get your credit report constently, you do not know you are a victom.

Interesting

 

[sashas]

not exactly his fault if the lending company didn't verify the identity.

I would rather sue them than lifelock

 

[draggar]

not exactly his fault if the lending company didn't verify the identity.

I would rather sue them than lifelock

Life Lock's clients cannot sue the payday advance company but they do have the right to go after Life Lock for false advertising (doesn't mean they'll win). The owner of Life Lock can sue the payday advance company but for $500 it probably isn't worth his time.

From what I've heard, LifeLock puts an alert with the 3 major credit checking agencies (Experian, etc..) so they'll notify Life Lock before any kind of credit card or loan is approved. This anyone can do for free. You're just paying them to do the work for you.

 

[GAMEFINEST]

it was a great ad run