New York-based startup BillGuard has added a new offering on its mobile app.
Nobody wants to experience identity theft because it includes financial pain and a time-consuming resolution process. According to the Javelin Identity Theft Study, 12.7 million American consumers faced identity fraud, with more than $16 billion stolen in 2014. Of the $16 billion, $2 billion have been accounted to new-account fraud.
Source: Javelin Strategy & Research
85% or $14 billion of identity fraud result from existing-account fraud.
BillGuard—the crowdsourced security system for personal finance—helps cardholders detect fraud, grey charges and billing errors missed by banks.
Recently, BillGuard announced the release of the most advanced identity theft protection ever created labeled “BillGuard Ultimate.” The company combined its account fraud monitoring technology and mobile app with identity fraud protection features such as credit monitoring, black market surveillance, social security number tracing, full service identity and wallet restoration, and a $1-million identity theft insurance. To avail these services, the user needs to pay $6.99/mo. There is also an option of starting with a protection package of $2.99/mo.
What’s more, BillGuard can even be used for free, but it will not include the complete identity theft protection features.
BillGuard is offering most of what LifeLock offers for $30 a month, plus existing account fraud protection and money tracking—beautifully designed for customer’s smartphone—for less than a third of LifeLock’s price.
BillGuard has partnered with security company Symantec for the distribution of BillGuard Pro and BillGuard Ultimate. Symantec will target millions of American consumers and small businesses who already use its Norton Security software.