If a global pandemic and drastically weakened economy weren’t enough stress for financial consumers, an anticipated long tail of resulting financial crime has begun to emerge.
In response, fraud prevention and detection technology firm Breach Clarity is waiving per-user costs for its product, Breach Clarity Premium for Financial Services, free to financial institutions (FIs) for six months.
Cybercriminals have already begun phishing fearful consumers under the guise of COVID-19 aid, and are expected to soon begin targeting government relief programs. And now, the country’s largest-ever pool of remote workers presents cybercriminals with new opportunities around tenuous at-home information security practices.
Breach Clarity Premium for Financial Services identifies and analyzes specific data breaches impacting FI customers. It factors the types of personally identifiable information (PII) exposed in any particular breach to predict the types of identity fraud risk it creates. The platform generates recommendations that allow both the FI and the consumer to take targeted, effective action to protect against potential financial losses.
“As cybercriminals experiment with new forms of cyber scams, newly remote workers and the systems to which they are attached will be a high-value target,” said Breach Clarity Co-Founder and COO Al Pascual. “During inevitable security breakdowns, criminals will gain access to a wealth of personal information. We expect the increase in stolen data will fuel a massive wave of financial crime that will last long after consumers return to a more normal way of life.”
To help FIs and customers quickly and effectively respond to increased threats, Breach Clarity is fast-tracking a streamlined version of Premium called PremiumNOW that radically simplifies and shortens implementation. This will enable FIs give customers nearly immediate access to:
• Data breaches in which their specific information was compromised.
• Specific threats from each of those breaches and the recommended actions personalized to their unique situation.
• Saved records of their personal data breach histories.
• Information about the severity, risks, and recommended actions for any breach, regardless of whether they were personally affected.