Posted on 07/23/2015 2:10:20 PM PDT by markomalley
It seems like every other day there is a report about another cyber intrusion that compromises personal data. There are multiple companies that promise to help protect that information but one, LifeLock, has found itself under fire from the federal government.
Let's talk about that:
First, what is LifeLock?
The proliferation of hacks that have compromised consumer's personal information have many people turning to identity protection through companies such as LifeLock. The Tempe, Arizona-based company was founded in 2005 and went public in 2012. It has offices in San Diego, San Francisco, Irvine and Mountain View, California. The company provides a variety of identity-theft protection services, including alerting LifeLock members to identity-related issues, such as new account openings and credit applications.
By the way...
LifeLock currently has more than three million subscribers that pay between $10-$30 a month for ID protection. The company also has plans for businesses.
The problems all started in 2010
In 2010, LifeLock reached an agreement with the Federal Trade Commission to pay $12 million to settle charges that the company used false claims to promote its identity theft protection services. The settlement barred the company from making further deceptive claims; required LifeLock to take more stringent measures to safeguard the personal information it collects; and required LifeLock to pay refunds to customers.
And now...
FTC said LifeLock hasn't lived up to that agreement and is still deceiving customers about how secure their data is, as well as failing to take required steps related to that information. Specifically, it alleges LifeLock violated the 2010 agreement by failing to establish a system to protect users' sensitive personal data, including credit card, Social Security, and bank account numbers.
According to the FTC, LifeLock also falsely advertised it was protecting customer data at the same level as banks and failed to meet record keeping requirements from the 2010 order.
LifeLock responds
"LifeLock has been up front and transparent that we have been in a dialogue with the Federal Trade Commission for more than 18 months. During this time, we have worked with agency staff and commissioners, striving to come to a satisfactory resolution. Despite our efforts, we were unable to do so," the company said on its website.
"As a result of our unwillingness to agree to an unreasonable settlement, the agency has decided to litigate its claims. We disagree with the substance of the FTC's contentions and are prepared to take our case to court."
So what happens now?
The two sides will have to settle the matter in court. Meanwhile, the news is already hitting LifeLock: in afternoon trading yesterday, its shared tumbled 32 percent to $10.78.
Is Life Lock run by conservatives?
Probably because it’s keeping illegals from getting their hands on those ID’s.
Dear Leader is not pleased.
Lo loll! This is from a government agency whose government authority was just hacked to the tune of over 20 million people? Yep, they sure know a lot about cyber security.
I am sick to no end of this administration's attacks against America. They don't end.
However, it does make me smile when I think of the ways to defund and repeal all of their cr@p. :-)
They advertise on Laura Ingraham and Huckabee. So I'd guess yes.
You mean, the Obama administration supports profit sharing through identity theft? Plausible.
Life Lock sponsors Rush Limbaugh and a slew of other Conservative radio shows.
Truth be told I believe THAT is what this is really about.
I use them and have had no complaints. They have actually alerted me to a couple of suspicious things that were going on.
Yeah, meanwhile Bath-house Barry Benghazi's OPM is just the absolute paragon of data security ...
Rush........................
Yep. More thuggery from the Regime.
“We will punish our enemies.” Valerie Jarrett......................
It’s now up to 25 million people ;(
Bingo.
35% hit in the stock price. I wonder who in Washington shorted the stock first. Might be a bargain to pick up some shares.
The type of transaction analysis done by these types of services is adaptable to law enforcement. Makes me wonder if they didn’t cross paths with some Government agencies that then were impeded by Lifelock.
Relational transaction analysis is a powerful tool and it fuels the desire for organizations like the NSA to gather and catalog simply anything and everything.
It strikes a wrong nerve with me that I should be asked to pay a fee in order to receive the benefits of normal, legal protection. It rings of “protection money,” and gives a sense that, if I am not inclined to pay their fee, they could find ways to make me wish I did. Is that not what the mafia is all about?
Life Lock must feel this is totally bogus and that they are being railroaded. Otherwise they would not have opted to take their chances in Federal Court.
Well, they do advertise pretty heavily on conservative talk radio, if that is any indication.
Follow the money. The Obama extortionists want more of it. They are running out of time. The Obama regime has to pull off its last heists from corporations and banks in order to build up its kitty for one last ripoff of other people’s money from it before Obama leaves office. Gotta grease palms and payoff their cronies so they’ll keep their traps shut after Obama leaves office; the regime has to dirty up their associates’ hands real good with tainted payoffs to keep them silent.
It's a bank shot to get Limbaugh. Lifelock is a big advertiser for him.
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