2024 Identity Protection Services Provider Scorecard
- Date:April 30, 2024
- Author(s):
- Tracy Kitten
- Kevin Libby
- Report Details: 37 pages, 28 graphics
- Research Topic(s):
- Cybersecurity
- Fraud & Security
- PAID CONTENT
Overview
Javelin’s analysis of the identity protection services (IDPS) market dates to 2010, when IDPS providers were just starting to make names for themselves and consumer concerns about identity theft were just starting to garner public and law enforcement attention. Identity protection has evolved since those early days. But Javelin continues to see vast opportunities for growth and improvement across the industry. IDPS providers continue to do themselves a disservice by failing to self-impose industry standardization, lacking a clearly defined mission and strategy for market share, and focusing on too many services that dilute their ability to retain customers long term. Javelin sees opportunity for growth in IDPS providers’ abilities to provide services that consumers cannot readily access or find elsewhere—namely, within the realm of identity theft protection, prevention, and resolution support for children and families.
IDPS vendors appear to understand the need to cater more to families but have failed to adequately capture significant market share where child and family protections are concerned. What’s more, the IDPS industry has not yet established consumer trust and confidence—a key area of recommended focus noted by Javelin analysts in this year’s evaluations and a primary reason Javelin strongly urges the industry to migrate toward a white-label business model that leans more heavily on business-to-business (B2B) sales to financial services providers, and financial institutions in particular.
Key questions in this report:
- Despite growing concerns about child identity theft, why do so few U.S. consumers proactively invest in identity protection for their children and families?
- How has the IDPS industry’s lack of pricing uniformity, industry standardization of services, and clearly defined strategies around services provided eroded consumer confidence and trust?
- What steps will be critical for IDPS providers over the next 12 to 36 months to ensure they adequately capture market share and develop strategies that facilitate long-term growth and reduce customer churn?
Companies Mentioned:
Allstate, AURA, Carefull, Cash App, Equifax, ID Watchdog, Experian, Gen Digital, Guard Well, IDIQ, IDSeal, Pre-Paid Legal Services, ReliaQuote Insurance Services, Tenerity, PrivacyGuard, TransUnion, Trusted Capital Group, Zander Insurance, ZeroFOX, Sontiq, Consumer Reports, Federal Trade Commission, Google, Apple, Federal Reserve, Bark, Zelle, Venmo
Learn More About This Report & Javelin
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