Although LifeLock and Wells Fargo Identity Theft Protection both claim to offer identity theft protection, LifeLock is the only one that is truly designed to achieve that goal. Instead of identity theft protection, Wells Fargo offers credit monitoring from all three credit reporting bureaus. It is also lacking when it comes to customer service which is only available during normal banking hours. LifeLock offers comprehensive features in terms of both identity theft protection and credit monitoring.
Overview: Wells Fargo Identity Theft Protection vs LifeLock
Even though LifeLock and Wells Fargo Identity Theft Protection seem to be heading in the right direction in terms of protecting subscribers from financial loss, LifeLock follows through where Wells Fargo Falls short. Wells Fargo does not offer reimbursement or recovery insurance but will help victims report their card stolen and have another one issued. LifeLock goes the extra mile in terms of providing restoration and recovery support if a victim's identity is compromised in any way.
- Wells Fargo has numerous complaints through the Better Business Bureau
- LifeLock offers $1 million in funds to pay for attorneys and experts during the recovery process
- Wells Fargo offers monitoring for all three credit bureaus
- LifeLock offers both email and text notifications
- Wells Fargo limits reimbursement expenses to $10,000
Similarities: Wells Fargo Identity Theft Protection vs LifeLock
Both LifeLock and Wells Fargo Identity Theft Protection offer credit monitoring for all three of the reporting credit bureaus. They both offer fraud resolution assistance and 24/7 monitoring for fraud when it comes to your financial accounts. They also offer reimbursement insurance for subscribers even though the amounts are drastically different.
- Notification emails
- Affordable pricing for the number of services received
- Reimbursement assistance
- Monitors your personal information for cases of fraud
- Daily monitoring
Differences: LifeLock vs Wells Fargo Identity Theft Protection
LifeLock and Wells Fargo Identity Theft Protection both offer similar services. The main difference is in the limitations. LifeLock offers up to a $1 million in reimbursement, while Wells Fargo limits their reimbursement amount to $10,000. Another major difference is in how customers are notified. LifeLock offers both text and email alerts. Wells Fargo, on the other hand, offers email notifications and letters through the United States Postal Service.
- Wells Fargo only offers the service to account holders
- LifeLock's customer service is available 24/7
- Wells Fargo does not have a trial period
- LifeLock offers text alerts
- Wells Fargo focuses primarily on credit monitoring services
When it comes to identity monitoring, LifeLock is constantly on the lookout scanning the dark web and court records trying to find your social security number, address, birthday, and other personal information. If they find it, you are notified immediately and it is removed from suspicious websites that are known for fraudulent activity.
Wells Fargo also monitors for your personal information and will notify you when it is found. The scans they perform also run 24 hours a day and are extremely in-depth in terms of locating your information on websites where it doesn't belong.
Financial & Credit Monitoring
LifeLock monitors all of your financial accounts as well as the three credit bureaus. They are able to identify fraudulent charges by comparing them to your regular spending habits. They are also able to catch when new lines of credit are opened and large purchases are made. When it comes to credit monitoring, they are able to identify changes to your credit and let you know if something is amiss.
Wells Fargo also monitors all three credit bureaus and will provide you with notifications if there are major changes to your credit reports or if your financial accounts have been tampered with in any way. They will also help you freeze your accounts if you lose a credit card or have one stolen. They will also order replacements for you.
Identity Restoration & Insurance Coverage
LifeLock offers multiple benefits in terms of restoration and recovery. This includes $25,000 to $1 million in reimbursement for stolen funds. Personal expense compensation ranging from $25,000 to $1 million is also included. All three of LifeLock's plans include $1 million in coverage that can be used to cover the fees for both experts and attorneys that need to be hired during the recovery process.
Wells Fargo's total reimbursement coverage is limited to $10,000.
Pricing & Plans
LifeLock's three plans provide for stolen funds reimbursement, personal compensation reimbursement, and insurance coverage to pay the fees of lawyers and experts. The LifeLock Standard Plan can be paid for by the year for $109.89 or by the month for $9.99. LifeLock Advantage costs start at $219.89 for the year and $19.99 a month. LifeLock Ultimate Plus costs are the highest, starting at $329.89 per year or $29.99 a month. After the first year, the prices go up by $5 a month.
Wells Fargo offers two plans. Their basic Identity Theft Protection plan starts at $12.99 a month. Their Enhanced Identity Theft Protection plan costs $15.99 each month.
Summary: LifeLock vs Wells Fargo Identity Theft Protection
LifeLock is designed for the customer who wants maximum identity theft protection with all of the bells and whistles.
Wells Fargo Identity Theft Protection is a great choice for account holders who want the basic coverage for an affordable price.