What are the disadvantages of LifeLock?

LifeLock, now owned by NortonLifeLock, is a popular identity theft protection service promising to safeguard your personal information and credit. While it offers various features like credit monitoring, alerts, and recovery assistance, it's essential to understand its potential drawbacks before subscribing. This article provides a comprehensive overview of the disadvantages of LifeLock, helping you make an informed decision about whether it's the right service for your needs.

Understanding LifeLock: A Brief Overview

LifeLock aims to protect your identity by monitoring your credit reports, scanning for suspicious activity, and alerting you to potential threats. They also offer identity restoration services and, depending on the plan, some level of insurance to cover losses resulting from identity theft. They promote ease of use and comprehensive protection, but understanding the fine print is crucial.

Key Disadvantages of LifeLock

Despite its popularity, LifeLock has several potential drawbacks that should be carefully considered:

1. Cost and Value Proposition

LifeLock's pricing structure can be a significant concern. While they offer different tiers of service, the costs can add up quickly, especially if you want comprehensive protection. Here's a breakdown of the potential cost-related disadvantages:

• Higher Tier Costs: The more robust features, such as comprehensive credit monitoring with all three major credit bureaus (Equifax, Experian, TransUnion), and higher insurance coverage, are only available in the more expensive plans. This can price out some potential users.
• Introductory Pricing vs. Renewal Rates: LifeLock often advertises attractive introductory pricing. However, be aware that the renewal rates can be significantly higher. It's crucial to understand the long-term cost before signing up.
• Value for Money: Consider if the features offered justify the price. Some users may find that they can achieve similar levels of protection through free services like credit freezes and self-monitoring, combined with careful online habits. The perceived value is subjective and depends on individual risk tolerance and technical ability.

2. Limitations in Monitoring and Coverage

LifeLock, like any identity theft protection service, isn't foolproof. There are limitations to what they can monitor and protect you from:

• Not a Guarantee Against Identity Theft: LifeLock cannot completely prevent identity theft. It primarily focuses on detecting and alerting you to suspicious activity. They cannot prevent someone from stealing your wallet or hacking into a database that contains your personal information.
• Reactive, Not Proactive: LifeLock primarily works by monitoring for existing suspicious activity. It doesn't necessarily prevent your information from being stolen in the first place. For example, if your data is part of a major data breach, LifeLock won't prevent the breach, but it may alert you if your information is being used fraudulently.
• Limited Coverage for Certain Types of Fraud: While LifeLock offers insurance to cover certain losses resulting from identity theft, there may be limitations on what is covered. Read the fine print carefully to understand the specific terms and conditions, including any exclusions or limitations on coverage for specific types of fraud. For example, coverage may be limited for losses related to pre-existing fraud or activities you authorized.

3. Accuracy and Frequency of Alerts

The effectiveness of LifeLock relies heavily on the accuracy and timeliness of its alerts. However, there can be issues with alert frequency and relevance:

• False Positives: Like any automated system, LifeLock can sometimes generate false positives, alerting you to activity that isn't actually fraudulent. This can be frustrating and time-consuming to investigate.
• Delayed Alerts: The speed at which LifeLock can detect and alert you to suspicious activity is crucial. However, there can be delays in receiving alerts, especially for certain types of activity. A delay of even a few days could allow a fraudster to cause significant damage.
• Alert Fatigue: Receiving too many alerts, even if most are legitimate, can lead to "alert fatigue," where you become desensitized to the alerts and may miss a genuine threat. It's important to carefully evaluate each alert and not dismiss them automatically.

4. Dependence on Credit Bureau Data

LifeLock's credit monitoring services rely on data from the major credit bureaus. This dependence can create vulnerabilities:

• Data Accuracy Issues: If the information reported by the credit bureaus is inaccurate or incomplete, LifeLock's alerts may be inaccurate as well. It's essential to regularly review your credit reports from all three bureaus to ensure the accuracy of the data.
• Delays in Reporting: There can be delays in the credit bureaus reporting new information, which could affect the timeliness of LifeLock's alerts. For example, if a new account is opened fraudulently in your name, it may take some time for it to appear on your credit report and trigger an alert from LifeLock.
• Limited Monitoring of Non-Credit Activities: LifeLock primarily focuses on monitoring credit-related activities. It may not provide comprehensive monitoring of other potential identity theft risks, such as medical identity theft or tax fraud. Consider whether you need additional protection for these areas.

5. Data Security and Privacy Concerns

Entrusting your personal information to any third-party service carries inherent risks. Data security and privacy are crucial considerations when evaluating LifeLock:

• Data Breach Risk: Like any company that stores sensitive personal information, LifeLock is a potential target for data breaches. A breach could expose your data to hackers, increasing your risk of identity theft.
• Data Sharing Practices: Understand how LifeLock uses and shares your data. Review their privacy policy carefully to understand what information they collect, how they use it, and whether they share it with third parties.
• Account Security: It's essential to protect your LifeLock account with a strong, unique password and enable two-factor authentication if available. This will help prevent unauthorized access to your account.

6. Customer Service Issues

Some users have reported experiencing difficulties with LifeLock's customer service:

• Long Wait Times: Reaching customer service can sometimes involve long wait times, especially during peak hours. This can be frustrating if you need urgent assistance.
• Difficulty Resolving Issues: Some users have reported difficulty resolving complex issues with LifeLock's customer service representatives. Clear communication and documentation are essential when dealing with customer service.
• Offshore Support: Customer service may be handled by offshore call centers, which can sometimes lead to communication challenges.

7. Alternatives to LifeLock

Before committing to LifeLock, explore alternative identity theft protection options. There are many other services available, each with its own strengths and weaknesses. Some alternatives include:

• Credit Karma: Offers free credit monitoring and reports.
• Experian IdentityWorks: Provides comprehensive identity theft protection features.
• IdentityForce: Focuses on real-time threat detection and rapid response.
• Aura: Combines identity theft protection with VPN and antivirus software.
• DIY Solutions: Freezing your credit, monitoring your credit reports yourself, and practicing safe online habits can provide a significant level of protection.

Carefully compare the features, pricing, and customer reviews of different services before making a decision.

8. Legal and Regulatory Scrutiny

LifeLock has faced legal and regulatory scrutiny in the past, including actions by the Federal Trade Commission (FTC) for deceptive advertising practices. While they have taken steps to address these issues, it's important to be aware of their past history.

9. Difficulty Cancelling Your Subscription

Some users have reported difficulty canceling their LifeLock subscription. Be sure to understand the cancellation policy and follow the proper procedures to avoid being charged after you no longer want the service. Document all communication with LifeLock regarding cancellation.

Conclusion: Is LifeLock Right for You?

LifeLock offers a range of identity theft protection features, but it's essential to weigh its potential disadvantages before subscribing. Consider your individual needs, risk tolerance, and budget. Carefully evaluate the cost, coverage limitations, accuracy of alerts, and customer service reputation. Explore alternative options and consider whether you can achieve similar levels of protection through free services and proactive security measures. By making an informed decision, you can choose the identity theft protection solution that best meets your needs.