Is Lifelock a scam?

Here's an interesting article on the latest so-called privacy protection plan. (click here for the article) Here's an excerpt from ConsumerAffairs.com:

Almost 1 million consumers have signed up for LifeLock, which promises to protect their credit and identity. But in the midst of three lawsuits against the company, consumer advocates say LifeLock customers are wasting their money while the company's founder insists it is the best way for consumers to protect themselves.

LifeLock's co-founder and chief executive officer, Todd Davis, is so confident in the product that he shares his own Social Security number in the company's many TV, radio and print ads.

But consumer advocates and two class action lawsuits claim that LifeLock actually provides very little protection. LifeLock, based in Tempe, Arizona, works by renewing an individual's fraud alert with one of the nation's three large credit bureaus, a service which federal laws mandate any individual can do for free, usually within a few minutes over the phone or Internet.