Intensifying fraud attacks reinforce the value of identity protection services. Subscriber satisfaction is on the rise.
San Francisco, Calif., Dec. 12, 2018: In the aftermath of one of the most destructive data breaches ever recorded, fraud hit record highs in 2017 as fraudsters broadened their focus to target a wider array of account types and organizations. These growing threats reinforce the relevance of identity protection services in facilitating victims’ ability to prevent, detect, and resolve fraud.
In its 11th Identity Protection Service Provider Scorecard report, Javelin Strategy & Research explores changes in the identity protection landscape and identifies the top vendors in the identity protection space based on the Prevention, Detection, and Resolution™ capabilities of their direct-to-consumer products.
EZShield takes Best in Class in the 2018 Identity Protection Service Provider Scorecard. As the only provider to emerge as a leader in all three categories, EZShield distinguished itself through its breadth of capabilities, providing both robust core functionality around credit, black market, and existing account monitoring and emerging features, such as mobile data protection tools and digital fraud resolution capabilities.
2018 Identity Protection Service Provider Award Category Leaders (listed alphabetically)
Prevention: EZShield Inc., ID Watchdog, Norton LifeLock
Detection: EZShield Inc., ID Watchdog, LegalShield
Resolution: EZShield Inc., IdentityForce, Norton LifeLock
“As fraud moves to target new industries, many of the affected companies have had minimal experience in managing fraud and consequently lack well-defined resolution processes. On top of that, nearly a quarter of fraud victims say the incident had a severe impact on their lives, jumping from just 8% in 2016 back up to 24% in 2017, undoing a decade of declines,” said Al Pascual, Head of Fraud & Security at Javelin Strategy & Research. “The growing complexity of fraud establishes the continuing relevance of identity protection services in helping victims protect themselves from rapidly evolving fraud schemes.”
The report, 2018 Identity Protection Service Provider Scorecard, provides insights and answers important questions such as:
- How current fraud and financial services trends impact customers’ demands and expectations for the IDPS industry.
- How providers should adjust their product offerings to best meet the challenges posed by a shifting competitive landscape.
- What capabilities are best suited to addressing current and emerging fraud threats.
This year, in addition to core features such as credit, existing account, and dark web monitoring, Javelin included features aimed at protecting minors from threats to their identity in the scorecard evaluation criteria. With no or minimal account history, minors’ identities offer blank slates for fraudsters, which can provide the foundation for long-term schemes that go undetected for years.
- 2018 Identity Protection Service Market Report: Building engagement to deepen customer relationships, April 2018
- 2018 Identity Fraud: Fraud enters a new era of complexity, February 2018
- 2017 Identity Protection Service Provider Scorecard: Securing the identities of digital consumers, December 2017
About Javelin Strategy & Research
Javelin Strategy & Research, a Greenwich Associates LLC company, is a research-based advisory firm that helps its clients to make better-informed business decisions in a digital financial world. Our analysts offer unbiased, actionable insights and unearth opportunities that help financial institutions, government entities, payment companies, merchants, and other technology providers. (Twitter: @JavelinStrategy)