LifeLock is the only existing Company among the 18 identity theft protection services that meets the best criteria for identity monitoring and restoration. It also stands out as the only service with the most comprehensive alert system to the customers’ based on any suspicious identity theft via their personal and financial information. Life Lock is an example of what it takes for the best identity theft protection, but still faces a number of challenges to extend its market share in America. What causes Life Lock’s business to stagnate in the US?
- Legal disputes
Despite having the most comprehensive alerts, LifeLock has faced the wrath of Federal Trade Commission twice. Recently, Life Lock paid fines and penalties amounting to $100 while the company the first event amounted to $116. This shows that Life Lock has lost about $216 to fines, which all results from the company’s failure to secure its customers’ personal as per the advertised standards. In addition these losses, most of its customers’ who did not opt to leave after the first incidence migrated to other companies following the recent, but significant security concerns.
- Competition
There are about 18 Companies in the identity theft protection industry. Different companies have come with better innovative technology and affordable prices to the Americans. These companies have greatly reduced the amount of profits Life Lock used to make in the past.
- Reinstating the glory of lifelock’s business
To succeed in a competitive business environment, it requires effective management team that layout and implement innovative strategies to outsmart the existing business competitors. As a service industry, customer service is paramount. It accounts for affordability, convenience, accessibility, and public confidence which are important ingredients for customer satisfaction. The true cost of identity theft protection is not paying back what is stolen, but in restoring the stolen identity to rightful owner.
This entails a service provider getting authorization from the customer for a temporary power of attorney to handle Social Security or IRS on behalf of the victim for identity theft. Due to the past security concerns over Life Lock’s customers data, it is not surprising that majority of its customers may not be willing to get involved. This explains why Life Lock has invested in a more time-consuming approach via confidence-inspiring phone service to its clients as an option.
LifeLock must work towards rebuilding public trust and confidence over protection of their personal data for them to feel the worthiness of the kind of service they pay. Moreover, Life Lock must enforce effective security measures to its customers’ personal data to avoid other events of security breach and fines in the future. They should also adjust their identity theft protection packages to fair, affordable, and comparable prices based on its business competitors.
