LifeLock settles for $11M with FTC

But LifeLock -- the company that displayed its CEO's Social Security number in ads -- claimed it could for $10 a month.

Instead, the Arizona company failed, authorities say.

LifeLock agreed Tuesday to pay $11 million to the Federal Trade Commission and $1 million to 35 states, including South Carolina, for making false claims.

"The protection it actually provided left enough holes that you could drive a truck through it," FTC chairman Jon Leibowitz said in a statement.

LifeLock gave no protection against medical or employment identity theft, and did not help with existing credit and loan accounts, the most common source for identity theft, the FTC said.

LifeLock also had problems keeping its customers' information protected, the FTC said, by failing to encrypt data, including Social Security numbers.

The FTC will use the $11 million settlement for refunds. Letters are being sent to eligible customers. Details: 202-326-3757 or ftc.gov/lifelock.