(San Francisco, CA) Today, Javelin Strategy & Research, an Escalent company, released its 2024 Identity Protection Services Provider Scorecard. This comprehensive evaluation assesses 16 prominent identity protection services (IDPS) providers and serves as a valuable resource for vendors, financial institutions, and industry stakeholders, providing insights into the strengths and weaknesses in existing identity protection services and tools.
Javelin has uncovered vast opportunities for growth and improvement across the IDPS industry, specifically related to IDPS providers’ ability to provide services consumers cannot readily access or find elsewhere. These opportunities fall within the realms of stronger identity verification that relies on biometrics and behaviors, as well as more services surrounding identity theft protection support for children and families.
“IDPS providers have significant growth opportunities in refining their focus on specialized identity protection services," said Tracy Kitten, Director of Fraud & Security at Javelin Strategy & Research. "By offering unique, value-added services and prioritizing clarity and consistency, they can bolster consumer trust and unlock new avenues for success in this evolving market.”
Among other key findings, Javelin highlights the need for greater industry standardization and a clearer mission and strategy for market share among IDPS providers. The scorecard reveals that vendors must focus more attention on building trust among consumers, by migrating away from direct-to-consumer sales and leaning more heavily on a white-label business model that provides IDPS to consumers via financial services providers, financial institutions in particular.
Equifax, renowned for its ID Watchdog Premium + Family service, emerges as the Best in Class IDPS provider in the 2024 scorecard. Equifax's focus on prevention, education, and empowering consumers to protect their identities, coupled with detection, monitoring, and alerting services to notify consumers of suspicious activity, and robust resolution support through call centers, chat, and identity fraud insurance coverage, propelled Equifax to the forefront. Allstate and TransUnion also stood out as Leaders in this arena.
To compile the scorecard, Javelin analysts rigorously assessed each of the 16 providers across various categories, including identity theft detection, prevention and resolution. Equifax's overall performance underscores the importance of prioritizing identity protection services in an increasingly competitive market.
For more information on the 2024 Identity Protection Services Provider Scorecard, visit javelinstrategy.com.
About Javelin Strategy & Research
Javelin Strategy & Research, part of the Escalent family, helps its clients make informed decisions in a digital financial world. It provides strategic insights to financial institutions including banks, credit unions, brokerages and insurers, as well as payments companies, technology providers, fintechs and government agencies. Javelin’s independent insights result from a rigorous research process that assesses consumers, businesses, providers, and the transactions ecosystem. It conducts in-depth primary research studies to pinpoint dynamic risks and opportunities in digital banking, payments, fraud & security, lending, and wealth management. Learn more at javelinstrategy.com.
