Lifelock and Menard

Radio hosts reading commercials often try to sound live and ad libbed (a “live read”) when doing commercials.   Its one thing when discusing how great Snapple is, its another thing when discussing a technical topic.   I wonder if these live reads are approved by legal.

Today I heard a radio show advertising lifelock which used a recent attempt to rob John Menard and his bank as an example of why you need lifelock.

From Walletpop:

Back in April, someone called Menard’s bank in Eau Claire, Wis., and requested $475,000 be wired to a bank account outside the country. Whoever it was — he or she hasn’t been caught yet — had Menard’s account numbers, passwords and Social Security number. And when the bank called Menard’s house to confirm the transaction, the thief was able to intercept the call and give the go-ahead to wire the money.

Unfortunately for the thief, the bank also called Menard’s office. Someone there contacted the billionaire, who was in flight at the time and asked that the transaction not go through.

Perhaps I’m not familiar with new Lifelock services, but I thought they 1.   Checked bad guy sites for signs your identity had been stolen 2. placed a lock on your credit reports so any new credit requests would be blocked if the people extending credit checked the credit report.

I dont see how either of those things would prevent someone from calling your bank to attempt a wire transfer.   What prevents that is your bank’s policies.   Perhaps Lifelock would have prevented this instance by hiring Kevin Mitnick to make sure the call to the home wasn’t intercepted.

I wrote about Lifelock back in 2007 here.  As I said, Lifelock sells fear.   When that happens, hold on to your wallet.  Identity Theft is a real problem, I dont think this is the solution.