Breach Clarity Launches Premium to Give Financial Services Firms Customer-Level Breach Risk Intelligence
Fraud prevention and detection technology firm Breach Clarity, which analyzes and scores every publicly reported U.S. data breach based on more than 1,000 factors, has developed a new machine learning platform for financial service providers to enable highly targeted protections for customers.
Underpinned by a proprietary algorithm, the platform offers one set of tools for the provider and another for the consumer.
"Financial institutions are in a bad spot when it comes to data breach fallout,” said data security expert Jim Van Dyke, creator of Breach Clarity.com, in a statement. "These breaches, most of which they have zero control over, are coming fast and furious, yet the actual damage can take years to occur. We first developed Breach Clarity to help the consumer fight back against the routine theft of their personal information. Now, we're equipping their financial providers with much greater intelligence to help them strengthen everyone's financial health."
For the provider, Breach Clarity Premium generates the following:
- Clarity around impacted customers and stolen data – Breach Clarity Premium identifies and analyzes breaches affecting the customer. The platform factors the types of personally identifiable information (PII) exposed in any particular breach to predict the types of identity fraud risk it creates. It also generates recommendations on the most effective actions to mitigate the consumer and financial provider's losses.
- Easier security activation for customers - Breach Clarity Premium plugs seamlessly into online and mobile banking apps to create an event-driven pathway for customers to activate those controls.
- Reduction in contact center volume – Breach Clarity Premium helps address customer concerns and questions after a data breach, eliminating the need to engage the financial provider through other channels.
For the customer, Breach Clarity Premium provides the following:
- An alternative to today's onslaught of news related to identity scams and fraud, provided directly through their financial providers' online banking or mobile apps.
- Information on the risks created by each data breach affecting them, including a Breach Clarity Score and incident-specific action steps.
- A custom breach history that includes all breaches impacting the customer.
- The ability to locate breaches customers might know about using only their email addresses.
"A platform like this is what the financial services industry has been missing," said Tom Shaw, Breach Clarity advisory board member and former vice president of financial crimes management at USAA, in a statement. "Banks and credit unions are deploying all kinds of strategies and technologies to protect the institution and the customer from the fallout of data breaches. Rarely are those response mechanisms tailored precisely to the customers impacted. Breach Clarity has figured out how to enable a hyper-personalized response and to do it at scale."