The Monett, Mo., banking technology and outsourcing provider Jack Henry & Associates Inc. has agreed to offer its bank and credit union customers identity theft protection services from LifeLock Inc. of Tempe, Ariz.
Jack Henry announced the deal Thursday.
LifeLock's identity theft service maintains fraud monitoring at all of the major credit agencies, which as a result requires any creditors to obtain authorization from the consumer before issuing any new credit or changing any personal details, such as address.
LifeLock also says it will reimburse them for any identity theft losses of up to $1 million, and it displays the Social Security number of Todd Davis, its chief executive, on its Web site.
Jack Henry plans to remarket the service to its financial clients, which will promote the service to their customers. The financial clients also can license the service to protect their own operations; in the event of a data breach, LifeLock will protect their affected customers.
Offering LifeLock "will generate recurring revenue for our bank and credit union clients and will enhance good will among their customers and members," Debbie Wood, Jack Henry's general manager of marketing and strategic initiatives, said in a press release.
The Federal Trade Commission estimates that someone's identity is stolen every three seconds, and that victims can spend up to 300 hours repairing their credit.
