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Security - Tuesday, October 31, 2006

LifeLock Raises Funds For Personal ID Protection Guaranteed by $1M

LifeLock out of Tempe, AZ is set to close a $5M Series A deal from Bessemer Venture Partners, according to VentureWire. The company is led by refugees from Internet America (NASDAQ: GEEK). They offer a nice identity protection service and guarantee subscribers with up to $1M.

Lifelock monitors the credit agencies d if anyone tries to do anything with a credit report, such as get new credit, change your address, expand credit lines, open a checking account, get insurance, utilities, or anything else, they will have to call the subscriber directly for approval. Lifelock also alerts the companies that sell names to junk mailers that subscribers don't want their ads stuffing their mailboxes. LifeLock cites reports that victims spend an average of 160 hours over 3years trying to repair the damage. For this service, Lifelock costs $10 p/mo or $100 p/year. LifeLock has had early success selling its service to Alumni Associations.