Due to the confusion and fear of consumers, identity fraud protection services are a marketer’s dream: three out of four consumers believe that identity fraud is on the rise, despite steady declines in the crime over the past three years. The industry has responded to this growing awareness and concern with an array of direct-to-consumer services, such as credit monitoring, fraud alerts, data mining and most recently, credit freezes. This report provides a comprehensive assessment of the primary identity safety services, building upon robust consumer survey data on preferences, behaviors and attitudes. Leveraging qualitative data from in-depth vendor interviews, an analysis of the leading identity protection service providers is also featured, including, among others, Equifax, Experian, TransUnion, Fair Isaac, LifeLock, Debix, FraudStop (Identity Safeguards), Identity Guard (Intersections) and TrustedID.
Primary Questions
- What are the five factors that will determine success in this market space?
- What are the overall measures of impact of new accounts fraud?
- How many consumers are using credit monitoring services, fraud alerts and credit freezes?
- Which services provide the best value, both for consumers and for financial institutions from the partnership perspective?
- Which vendors are major players in the identity fraud protection services market, and what is the competitive differentiation for each provider?
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