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News

Fraud Detection For Tax Refund Anticipation Loan Applications

LifeLock : 09 April, 2010  (New Product)
LifeLock has extended its Identity Alert System to enable loan providers to detect fraud amongst applications for loans based on anticipated tax refunds
LifeLock has announced an enhancement to the LifeLock Identity Alert System that is now able to detect fraud amidst certain tax refund anticipation loans. Refund anticipation loans are loans secured by and repaid directly from a consumer's tax refund.

"Once again, we continue to expand our services to help protect consumers from the growing threats of identity theft and fraud," said Todd Davis, Chairman and CEO of LifeLock. "Recognizing that this crime hits so many different financial areas, we are adding a tax refund anticipation loan alert to the LifeLock Identity Alert System. At no additional charge to LifeLock members, we are now protecting them from the threat of a false filing of tax refund anticipation loan, potentially denying them of their hard earned tax refund."

Refund anticipation loans are an easy and fast method for identity thieves to perpetrate tax fraud. Identity thieves may try to impersonate a hard-working tax payer, obtain a rapid refund loan in less than 48 hours and make an escape before the IRS or the consumer identifies that the fraud has occurred. Through the LifeLock Identity Alert System, LifeLock members will now be alerted when a tax refund application loan is applied for through certain tax preparation agencies.

The National Consumer Law Center/Consumer Federation of America reports that in the 2008 tax filing season, tax preparers and their banking partners made approximately 8.4 million refund anticipation loans, with consumers spending an estimated $738 million in fees to expedite their returns.

Launched in August 2009, the LifeLock Identity Alert system offers broader identity coverage, greater control, and early notification of both credit and non-credit related identity threats by searching more than 45 million data points daily and 30 million consumer transactions each month. This advanced detection system can identify fraudulent applications for many forms of both credit and non-credit related services. These include many but not all retail credit cards, mortgage loans, and auto loans, as well as non-credit related transactions, such as wireless services, utilities, peer-to-peer loans, and non-credit related payday loans.
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