Javelin Strategy & Research has long recommended identity protection services (IDPS) as effective tools for battling identity theft and subsequent privacy and cybersecurity risks. These services are vitally important in helping to protect consumers from undetected and unmitigated criminal activity that threatens their personal information and privacy. IDPS provisions for consumers provided through financial institutions build loyalty and trust, creating positive associations with and for an FI’s brand and ultimately decreasing fraud losses linked to identity theft, synthetic identities and fraud, and account takeovers.
Javelin’s latest IDPS market sizing analysis discusses the substantial growth observed within the IDPS market over the past several years. It further explores what providers must do to sustain that growth and capture additional revenue. To do so, IDPS providers need to reduce market churn, focus on converting consumers from unpaid to paid subscriptions, align subscription features with consumer expectations and offerings by popular brands, and expand coverage to include minors within a subscribed consumer’s household.
Key questions discussed in this report:
- Why has the IDPS market grown in recent years?
- What challenges do IDPS providers face?
- What market share opportunities should IDPS providers be focused on over the next 24 months?
AllClearID, Allstate Identity Protection, Aura, Credit Karma, Credit Sesame, Equifax, Experian, FICO, IDShield, Norton LifeLock, Tenerity, TransUnion
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