Service So Secure Identities Are Protected With a $1 Million Guarantee

ARLINGTON, VA — July 9, 2007 — The Food Marketing Institute (FMI) announced today a strategic partnership with LifeLock, the industry leader in identity theft protection, to offer services for FMI members, their employees and their customers.

How serious is the identity theft problem? The identities of as many as nine million Americans are stolen each year, costing Americans $1.1 billion, according to the Federal Trade Commission. Even taxpayer records are not safe. The IRS reported the loss or theft of at least 490 computers from 2003-2006, according to the U.S. Treasury Department inspector general.

"When even the federal government has trouble maintaining the security of our personal data, it is time to take action to protect ourselves, our members and their customers from hackers and identity thieves," said FMI President and CEO Tim Hammonds. "LifeLock takes a proactive approach to prevent identity theft. If a customer is victimized, LifeLock will take all the actions necessary to restore the person’s identity and compensate them for financial losses and legal expenses."

     For example, the service:

  • Stops pre-approved credit card and loan offers through the mail (a popular way for identity thieves to steal personal information).

  • Reduces the volume of junk mail into people’s homes.

  • Places automatic fraud alerts on customer credit reports with the three major credit bureaus — TransUnion, Experian and Equifax — ensuring that participants are called to verify applications for new credit, checking accounts, insurance and utility service prior to any approvals.

  • Provides identity theft protection for children, the nation’s only service to offer this protection.

  • Covers losses up to $1 million for customers whose identities are stolen.

By aggregating the volume of FMI membership, FMI enables members to provide this service to their employees and customers for purchase at discounted prices lower than they can obtain on their own. Under the LifeLock program, FMI members are also eligible for revenue-sharing opportunities based on customer subscriptions.

"We are excited to partner with the Food Marketing Institute and assist them in providing additional benefits to their members," said Todd Davis, LifeLock CEO. "FMI has a solid tradition of providing great leadership and support to its members and now further defines their commitment to those ideals with LifeLock’s identity theft prevention services."

LifeLock was founded in 2005. It currently protects the identities of nearly 200,000 people. The company is certified under ISO 27001, the world’s strictest security standard, and protects personal data with sophisticated encryption, firewalls, full-time security officers and other measures.


Stephanie Strauss, FMI


Mike Prusinski, LifeLock