Javelin Releases 2024 Identity Protection Services Scorecard
Javelin Strategy & Research, an Escalent company, recently published its 2024 Identity Protection Services Provider Scorecard. This evaluation assesses 16 identity protection services (IDPS) providers, offering insights for vendors, financial institutions, and industry stakeholders.
Javelin found growth opportunities for IDPS providers, particularly in providing services consumers can’t easily get elsewhere. Areas for improvement include stronger identity verification using biometrics and behavior analysis, along with more support services for families and children.
“IDPS providers have significant growth opportunities in focusing on specialized identity protection services,” stated Tracy Kitten, Director of Fraud & Security at Javelin Strategy & Research. “By offering unique, value-added services and keeping things clear and consistent, they can build consumer trust and find new success in this changing market.”
Key findings from Javelin point to a need for industry standardization and a clearer business approach among IDPS providers. The report suggests a shift away from direct-to-consumer sales towards a white-label model that provides IDPS through financial services providers.
Equifax, with its ID Watchdog Premium + Family service, earned the top spot as the Best in Class IDPS provider in the 2024 scorecard. Equifax’s success comes from its focus on helping people avoid fraud, educating them on risks, and giving consumers the tools to protect themselves. They offer services to detect unusual activity, provide alerts, and have strong support through call centers, chat, and identity fraud insurance.
Allstate and TransUnion also stood out as Leaders.
To create the report, Javelin analysts carefully examined each of the 16 providers based on identity theft detection, prevention, and resolution services. Equifax’s performance shows how important it is for companies to prioritize identity protection in a competitive market.
For more details about the 2024 Identity Protection Services Provider Scorecard, visit javelinstrategy.com.
