If you’ve never heard of LifeLock, you obviously don’t watch too much TV or listen to the radio. The company has brazenly advertised their “identity theft protection” services, with Richard Todd Davis, the CEO of LifeLock Inc., publicly revealing his social security number everywhere (it’s 457-55-5462). They have a $1 million guarantee against any damages resulting from LifeLock’s mistakes. But Davis’ own identity has been compromised numerous times, there are more than 20 driver’s licenses that have been obtained using his personal information, and his entire personal profile has been compromised. The lawsuit claims that LifeLock doesn’t prevent many forms of identity theft, doesn’t disclose its services, and has a misleading guarantee. For a company born in a jail cell, this could be a devastating blow!

Numerous lawsuits have already been filed against the company, with Kevin Gerhold of Falling Waters, West Virginia only the latest. Like many other customers, he was attracted to the $1 million guarantee, but upon closer inspection realized that he was paying $10 for… what?

“In actuality, once you get beyond the numerous legal limitations and disclaimers, the policy really only guarantees that LifeLock will investigate how to fix its failure. The subscriber receives no monetary recompense and no guarantee that their reputation and credit status will be restored.”

That’s actually pretty smart on LifeLock’s part.

According to the suit, 1 million subscribers pay $110 a year for LifeLock’s “protection”. But how can a person know what they are getting from LifeLock? According to the suit, people can make the same safeguards for free, but obviously LifeLock wouldn’t want anyone to know that. LifeLock also takes their client’s annual free credit report and places fraud alerts that can inconvenience people.

Apparently the company as a “nefarious origin” in a county jail. Robert J. Maynard Jr., co-founder of the company, supposedly came up with the idea for LifeLock while in jail after failing to repay a $16,000 casino marker from the Mirage Hotel in Las Vegas. He’s been sanctioned by the FTC for misleading infomercials for the National Credit Foundation, and the suit alleges that he actually stole his father’s identity and racked up over $100,000 in debt. Prestigious!

The icing on the cake is this story:

In Wisconsin, a woman’s debit card was stolen, and that thief used that card to sign up for LifeLock. If you can’t provide the basic information to verify someone for subscription purposes, how can you be relied upon to protect people’s identities?”

[Source]

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