August 31, 2011 10:41 AM Eastern Daylight Time
Javelin’s Fifth Annual Identity Protection Report Announces Winners in Identity Fraud Prevention, Detection, and Resolution, Explores Trends in Rapidly Changing Industry
SAN FRANCISCO--(BUSINESS WIRE)--Javelin Strategy & Research’s report, “Fifth Annual ID Protection Services Scorecard: Increased Focus on Antivirus, Social Media, Child and Medical Identity Theft, Yet Prevention Still Lags” - presents a comprehensive overview of the ID protection services industry, analyzing industry trends and rating vendor offerings from independent ID protection vendors, credit bureaus, and financial institutions (FIs). The Javelin report scores 24 major identity protection vendors using data from surveys conducted with more than 25,000 consumers, identifying the ID protection services winners.
“Given the lack of industry standards, vendors need to be very clear to consumers about the type of services they provide.”
Javelin discovered significant variations among ID protection service offerings. For example, while many vendors authenticate, charge consumers, and begin services at the time of enrollment, more than one in five evaluated vendors accept payment but do not start providing services until consumers take additional enrollment steps.
“Antivirus software, social media, and child and medical identity fraud create challenges for all vendors,” said Phil Blank, Managing Director, Security, Risk, and Fraud at Javelin. “Given the lack of industry standards, vendors need to be very clear to consumers about the type of services they provide.”
Victims who discovered fraud using credit monitoring or other ID protection services suffered a lower mean fraud amount and consumer cost than the population average. Consumers who reported being victims of new account fraud in 2010 had a mean fraud amount over twice the fraud amount of consumers who discover fraud through ID protection services.
“Promote value, not hype,” James Van Dyke, President and Founder of Javelin advises. “Don’t aggressively market to consumers and don’t lure them with promises of free credit reports that aren’t really free or Internet scanning, which varies according to the quality of the database used. Our report helps vendors attract and retain more customers, by highlighting specific strengths or weaknesses.”
Javelin experts evaluated twenty-four of the top products based on their consumer-facing prevention, detection, and resolution capabilities and declared the following winners:
- Best Overall: Identity Guard Total Protection (Intersections)
- Best in Prevention: LifeLock Credit Score Manager; LifeLock Command Center
- Best in Detection: IDEssentials (TrustedID); Identity Secure (Affinion)
- Best in Resolution: Identity Force (Bearak Reports); Royal (EZShield); AllClear ID Pro (Debix)
Selected Key Report Findings – Fifth Annual ID Protection Services Scorecard
- Details of market opportunities and consumer price point preferences for ID protection services vendors
- How industry trends affect ID protection product innovation
- How vendors scored on prevention, detection, and resolution
Contact
For more information about this or other Javelin reports, please contact Crystal Mendoza at (925) 225-9100 ext. 35 or cmendoza@javelinstrategy.com or visitwww.javelinstrategy.com/research.
To arrange an interview with a research analyst and/or view available research (available to qualified members of the media), please contact Crystal Mendoza at (925) 225-9100 ext. 35 or cmendoza@javelinstrategy.com.
About Javelin Strategy & Research Javelin Strategy & Research is the leading provider of quantitative and qualitative research focused on the global financial services industry. Our extensive quantitative data and deep analyst experience enable us to forecast the direction of the financial services market and make recommendations that empower you and your business to succeed.
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