LBJ coined the phrase 'All hat and no cattle' to describe an opponent's lack of skill or ability. For several years, I've been watching the commercials from firms that claim to help us protect our identity. Much of what these people are pitching reminds me of LBJ's saying. Lots of flash, promises but very little substance. All hat and no cattle.
Around 2 years ago, many of us were both shocked and impressed when the CEO of a leading ID theft company actually gave out his social security number to show how confident he was in his company's ability to protect his (and ultimately your) identity. Fast forward several years and you'll see that the company has dropped the approach. And if you dig a bit on the web, you'll soon discover than the CEO did, in fact, have his identity hacked on several occasions. Nice. If you keep digging, you'll also learn that the same company, for several years, was charging consumers for information that they could otherwise get free. Dig some more and you'll see a judgement involving deceptive advertising.
Other ID theft campaigns have promised the consumer that the company will 'be there' with you if your identity is stolen. They imply that they'll be there to do work for you. What they don't tell you is that it takes weeks and often months for a consumer to restore a stolen identity and that their coverage is not really much more than telling you what work you'll need to do. Again, the consumer loses.
In spite of the shortcomings of this category, the competitive landscape is improving. ID247 (www.ID247.com) has recently introduced what they call the 'third generation of ID theft protection'. In a very no-nonsense way and with full disclosre, they promise to 'restore your identity to pre-breach status' and to 'do all the work' for the consumer. Sounds good, but is it true. Yes. ID247 works with Kroll Fraud Solutions from Nashville. ID247 uses Kroll investigators to help consumers get their identity back. And the best news, they offer all these services for roughly the same price as the 'All Hat, No Cattle' companies.
So, it took awhile but it looks like the consumer is finally in a position to win in this category.
Until next time.....here's to reading the fine print.
Pete Thomson
Consumer Magazine.
