Fifth Third Processing selects LifeLock for ID theft prevention

Source: LifeLock

LifeLock CEO Todd Davis announced today that Fifth Third Processing Solutions has selected LifeLock as the identity theft prevention tool for its financial institution clients.

"Our relationship with Fifth Third Processing Solutions allows us to work together to provide an affordable, preventative tool for Fifth Third Processing Solutions' financial institution clients and their customers who are concerned about the nation's fastest growing crime - identity theft," said Davis.

As the leader in identity theft prevention, LifeLock enables "locks" by setting and automatically renewing fraud alerts with the major credit bureaus, removing member names from pre-approved credit card offers and junk mail lists and guaranteeing the service with a $1 million service guarantee.

In February, the Federal Trade Commission (FTC) released its annual report highlighting that for the seventh consecutive year, identity theft tops the list of consumer complaints. More than 246,000 complaints were filed in 2006, a number that experts believe is vastly underrated due to the number of complaints that go unreported. In 2006, identity theft cost Americans $1.1 billion dollars, the highest amount ever.

Fifth Third Processing Solutions will re-market LifeLock directly to its participating financial institutions who, in turn, can offer the service to consumers via their Websites, or purchase population licenses to protect specific segments of their customer/member bases and/or their employees. With more than 2400 financial institution clients, Fifth Third Processing Solutions is the electronic transaction processing division of Fifth Third Bank, Cincinnati, Ohio.

"As we continue to deliver the solutions best suited for our valued financial institution processing partners, the service that LifeLock provides is unprecedented in helping to combat the crime of identity theft," said Angela Brown, senior vice president and general manager of Financial Institution Services for Fifth Third Processing Solutions. "Their 'whatever-it-takes' attitude combined with their $1 million guarantee make LifeLock the exemplary leader in their field and we are proud to introduce their service to our customers."

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