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2009 Consumer Identity Protection Services Scorecard: Competition Intensifies as Vendors Aggressively Expand Offerings
Javelin Strategy & Research, May 2009, Pages: 45
In December 2007, Javelin released a comprehensive industry research report introducing the identity fraud protection services space, which had just begun to see tremendous expansion, development and curiosity from other institutions with a vested interest in consumer security.
This year’s report provides an update to this rapidly growing market, covering the latest trends in identity protection services, new accounts fraud, and consumer perceptions regarding the wide variety of protection products available. Aside from highlighting consumer satisfaction levels and effectiveness ratings of the primary categories of services (credit monitoring, fraud alerts, personal information monitoring and credit freezes), the report also provides detailed coverage of vendor-specific solutions, as well as a scorecard that examines the features and benefits of the wide variety of products currently available.
The vendor analysis of over 20 service offerings includes several returning players, as well as some newer companies and firms that had not been addressed previously. Companies evaluated include Affinion Security Center, Debix, Experian, EZShield, FraudStop, Identity Force, Identity Guard, Identity Secure, Identity Sweep, IdentityTruth, IDWatchDog, Intelius, Intersections, LifeLock, TrustedID, Truston, and financial institutions with their own branded ID theft protection products, among several others. Actionable recommendations are directed toward vendors, financial institutions and consumers.
Primary Questions
-What key changes have occurred in this rapidly shifting market landscape of consumer fraud protection solutions?
-To what extent are consumers being impacted by new accounts fraud, which identity protection services are designed to protect?
-How does the usage of ID protection services break down among U.S. adults, by service category?
-Which services do consumers perceive as being the most effective in protection, and how do fraud incidence rates differ for consumers who subscribe to ID protection services compared with those who do not?
-Which vendors have managed to sustain a leading edge over their competitors?
Methodology
This report contains data collected online from several Javelin surveys that targeted respondents based on representative proportions of gender, age and income compared to the overall U.S. online population:
-A random-sample panel of 2,714 respondents in March 2008. The overall margin of sampling error is ±1.88 percentage points at the 95% confidence level.
-A random-sample panel of 2,339 respondents in September 2008. The overall margin of sampling error is ±2.03 percentage points at the 95% confidence level.
-This report is also based on data collected through a telephone survey of 4,784 respondents in October 2008. Overall margin of sampling error is ±.81 percentage points at the 95% confidence level.
This report was also based on Web site reviews and mystery-shop phone calls with customer service representatives, with each vendor being covered by a minimum of three reviews by three different associates. Answers were weighted and then subtotaled per section. Ratings were assigned based on the total overall weighted scores obtained by the vendors. The total points available for services equaled 13, for resolution equaled 8 and for support 8. Two points were subtracted if the business was not BBB accredited.
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