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What You Need to Know About Identity Theft1. Q. What is Sealaska offering?A: To protect shareholders from the dangers of identity theft, Sealaska is providing enrollment in LifeLock, an identity theft protection service, through July 17, 2009. For legal reasons, Sealaska is unable to automatically enroll shareholders, so the corporation has set up an account allowing shareholders to sign up for the service free of charge. Enrollment closes on 10/17/2008 and shareholders are encouraged to enroll as soon as possible. 2. Q: What is at risk? A: There are many ways a thief can use your stolen identity fraudulently should a breach occur. Here are just a few of the ways: opening new credit card accounts, applying for cell phone service, getting a car loan, renting an apartment, getting medical benefits or applying for a job. 3. Q. What is identity theft and how long can the effects last? A: Identity theft is a crime in which a thief obtains personal information such as social security numbers and driver’s license numbers and uses them in a fraudulent manner. This type of crime varies widely and can include check and credit card fraud, financial and criminal identity theft, and identity fraud. It is difficult to predict how long the effects of identity theft may linger. If you are a victim of identity theft, you should monitor your financial records for several months after you discover the crime. You should also review your credit reports once every three months in the first year of the theft, and once a year thereafter. Stay alert for other signs of identity theft. 4. Q. Who is LifeLock? A: LifeLock is the industry leader in the rapidly growing field of identity theft protection. They are based in Tempe, Arizona and serve hundreds of thousands of people in the United States. LifeLock’s privacy policy supports the firm’s objective of safeguarding personal information and states that: “We will never disclose your non-public personal information to any third party unless required to do so.” LifeLock is ISO 27001 certified, which is the highest security standard for data handling and processing. LifeLock Institutional Breach Services 60 East Rio Salado Pkwy, Ste. 400 Tempe, AZ 85281 1.877.509.5357 www.lifelock.com 5. Q. How effective are identity protection services in preventing identity theft? A: Typically, organizations experiencing a data breach implement a program to ensure that people who have lost information do not become victims of identity theft. Our research has found that LifeLock subscribers reduce their risk of becoming identity theft victims dramatically. If a LifeLock subscriber becomes a victim of identity theft, LifeLock will fix the problem—committing substantial resources to restore the subscriber’s identity. 6. Q. What is a free fraud alert? A: A free fraud alert is something major credit bureaus attach to your credit reports. Free fraud alerts tell you if anyone is applying for credit in your name. With a free fraud alert, the creditor, lender, or other prospective user of a consumer report must take steps to verify your identity before it can issue new credit, increase credit lines, arrange loans, or create new accounts. After a free fraud alert has been placed in your credit file, any creditor using that credit file to grant new credit or an extension of credit in your name must contact you by telephone (using the phone number specified in the fraud alert) or take reasonable steps to verify your identity and confirm that the credit application is not the result of identity theft. If someone else is trying to use your identity to get credit, you will know. 7. Q. Does having a fraud alert on my credit report affect my creditworthiness evaluation by potential creditors? A: It will not affect your creditworthiness assessment by potential creditors. A free fraud alert simply puts a notation on your credit report, so that any bank or financial institution must take steps to confirm your identity before issuing any new credit or changing your credit situation in any way. 8. Q. What is a credit monitoring service, and how is it different from LifeLock? A: Credit monitoring services are typically reactive, they simply alert you after someone already has opened an account using your identity. Identity theft protection services like LifeLock are different from credit monitoring—it is proactive, meaning that it protects your personal information to help prevent a thief from turning it into money, even if they have the data. 9. Q. Will I be less likely to be approved for credit, credit line increases, or any other credit dependent situations if the creditor is required to contact me by phone before they can make a decision? A: A free fraud alert on your credit report will not affect your credit rating in any way. The free fraud alert is set to lock and secure your personal data and credit information from fraud or identity theft. It is part of the LifeLock identity theft monitoring program. 10. Q. What is a security or identity “freeze”? How is it different from LifeLock’s program? A: Certain states, including Alaska, allow individuals to implement a security or identity “freeze.” A security or identity “freeze” completely locks, or freezes, access to your consumer credit report and credit score. With a credit freeze, a business will not issue new credit to anyone in your name—including you, unless you unlock your file. When you want to access your own credit, you will need to formally unlock access to the credit file. Certain charges may apply. Once you become a customer, LifeLock’s services begin before identity theft occurs. LifeLock places fraud alert requests at the three major credit bureaus and automatically renews the requests every 90 days. It does not freeze your credit; rather, it safeguards your credit from unauthorized use. 11. Q. Will I lose the ability to apply for instant credit (either on the internet or in person), since I will need to speak with someone on the phone to confirm my identity? A: Banks and financial services institutions will be required to confirm your identity and confirm this transaction is valid, and not the result of improper use of your personal information. They will contact you by telephone using the number specified on the free fraud alert, or take reasonable steps to verify your identity. As long as you are reasonably available at this phone number, you should not lose the ability to apply for instant credit. 12. Q: Who are the three major credit bureau’s referred to in LifeLock’s services?
13. Q. How do I sign up for LifeLock? A: Call 1.877.509.5357 or visit LifeLock’s website at www.lifelock.com to enroll. Please refer to the cover letter accompanying this Q&A for the “Code” and “Member ID#” required to sign up. 14. Q. How long will it take for identity protection to take effect? A: Your protection will begin when the enrollment process is complete. 15. Q. How long will I be protected? A: Under Sealaska’s contract, you will receive LifeLock protection and benefits through July 17, 2009. At the conclusion of the contract, you will have the option to extend the service at your own expense. Sealaska has negotiated a reduced rate for Sealaska shareholders to extend their protection. LifeLock will notify you of the expiration of your services and it is your choice and responsibility to re-enroll if you desire. 16. Q. How many breaches occur annually in the US and how many people are potentially affected? A: According to the Identity Theft Resource Center (ITRC), in 2006 there were more than 315 publicized breaches affecting nearly 20 million individuals. These records only account for breaches made public and do not capture all of the smaller breaches that are not communicated. 17. Q. Are all breaches alike? A: No, but breaches are happening frequently enough to be organized by category. What the breaches do have in common is that personal identifying information was in a format that could be used by others. Here are some types of breaches that happen fairly regularly: • Lost or stolen laptops, computers or other computer storage devices • Hackers breaking into systems • Information bought by a fake business • Viruses and computer security loopholes 18. Q: What other steps can I take to prevent being a victim of identity theft? A: You may visit the following website to obtain additional protections of your identity: http://www.lifelock.com The State of Alaska also offers an identity theft fact sheet that can be found here: http://www.law.state.ak.us/pdf/press/idtheft-fact-sheet.pdf The Federal Trade Commission offers consumers tips, which can be found here: http://www.ftc.gov/bcp/edu/microsites/idtheft/consumers/defend.html 19. Q. What will LifeLock services cost Sealaska? A: LifeLock advertises a $110 annual fee for their services to individuals. Because of the size of Sealaska’s shareholder base, Sealaska was able to negotiate a one-time annual fee at a fraction of the advertised cost. Other measures that could help prevent identity theft in your daily life include: • Destroy sensitive personal information • Use a cross-cut shredder, fireplace, or woodstove to destroy preapproved credit card offers, bank or brokerage statements, old pay stubs, tax records, credit card receipts and other sensitive documents • Avoid giving out your social security number or bank numbers to unsolicited callers • Use a post office box or locked mail box for incoming mail • Place outgoing mail in a secured collection box • Question how personal information will be used • Avoid carrying social security card in wallet • Avoid printing driver’s license or social security number on checks • Avoid internet profiles for rebates or contests • Limit the amount of credit cards and other identification information in wallet * Note to Custodians for Sealaska shareholders under the age of 18. Sealaska will provide Lifelock services to all shareholders including those under the age of 18. The identity theft service requires that individuals under 18 must have Lifelock service administered by a parent or legal guardian.
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 | Copyright 2006 Sealaska Corporation |
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