“Status Quo”

in the Banking and Credit Industry Exposes Millions to Global Identity

Theft Threats

TEMPE, Ariz.–(EMWNews)–Following the stunning announcement that the U.S. Justice Department has

charged 11 individuals in connection with the largest identity theft

case in our nation’s history, LifeLock®

CEO Todd Davis today called on the banking and credit industries to

begin taking a proactive role in protecting American consumers

threatened by the increase in global ID theft.

“I applaud the efforts of the government in

bringing to justice these 11 individuals who are damaging millions of

American families. Unfortunately, this case, while representing the

largest prosecution in American history, is only the tip of the iceberg

in an ever-growing illegal enterprise that is staying one step ahead of

the government and the banking and credit industries to steal consumers’

identities,” said Davis. “The

time has come for those that profit in the credit industry –

both the banks and the major credit bureaus –

to begin working with consumer advocates to proactively protect American

consumers from those who would prey on their identity and financial

well-being.”

Davis, whose company works to protect the identity of more than a

million LifeLock members, called on the credit industry to support

services that advocate on behalf of busy consumers to register with

credit bureaus, and make fraud alerts control identity theft. According

to Davis, the credit industry has repeatedly either opposed these

services or is reluctant to endorse them, arguing that individuals

should bear the burden of managing their credit history alone.

More than 27 million Americans have been victims of identity theft

between 2003 and 2007, according to the Federal Trade Commission, and

that number continues to grow, said Davis, as banking and credit bureau

leaders continue to take a “reactive”

approach to protecting the identities of consumers.

Davis would like to see tougher penalties for companies that lose

sensitive data and harsher sentences for criminals that engage in

identity theft. Under current federal law, thieves who use stolen

identities to commit crimes involving terrorism or other major felonies

can receive up to five years in prison for the act. Individual states

have varying penalties for identity theft, usually fines or short

periods of jail time, while local law enforcement officials don’t

have the resources to set identity theft as a high priority.

“This week’s case

must serve as a wake-up call for consumers, the credit industry and

government agencies. The current status quo in the banking and credit

bureau agencies has failed consumers miserably. This week, millions will

learn they are the victims of identity theft. Consumers have rights, and

we all must work together to ensure their rights are protected and

identities remain secure,” said Davis, a

pioneer in the field of identity protection.

About LifeLock®

Famous for its CEO giving out his Social Security Number in advertising

and national press, the company is experiencing strong growth. Located

in a secure facility in Tempe, Arizona, LifeLock®

(www.lifelock.com) is a private

company backed by Goldman Sachs, Kleiner Perkins Caufield and Byers, as

well as Bessemer Venture Partners. LifeLock was the winner of the 2008

American Business Awards for Best Magazine Advertisement and Best Radio

Advertisement. The company was named recipient of the Red Herring 100

Global Award as one of the Top 100 start-ups in the world and was listed

among the finalists for the Best Places to Work in 2007 by the Phoenix

Business Journal. Most recently, LifeLock was awarded both the Hot

Growth Award from bizAZ, and also the azFast 15 Award from the Arizona

Business Magazine.

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