Since 2005, LifeLock has offered identity theft protection services, but the Federal Trade Commission said the company failed to put adequate protections in place for Social Security numbers, bank and credit card accounts.

In its announcement, the FTC also said LifeLock falsely claimed its systems were as strong as those used by financial institutions. By paying the fine, LifeLock will settle the FTC contempt charges that it violated the terms of a 2010 court order. 

In a written statement, LifeLock said the allegations are related to ads they no longer run and policies that are no longer in place. According to the company's statement, the settlement requires no changes to current products or practices.

LifeLock must deposit the money into the registry of the U.S. District court for the District of Arizona. The FTC said $68 million may be used to help consumers who were allegedly injured.