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Fraud detection and prevention company Breach Clarity announced this week it has developed a new platform to help financial service providers offer personalized protection for their customers.
The machine learning-powered platform, dubbed Breach Clarity Premium for Financial Services, offers two sets of tools, one for the financial services company and one for the end consumer.
“Financial institutions are in a bad spot when it comes to data breach fallout,” said Breach Clarity founder Jim Van Dyke. “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.”
Founded in 2019, Breach Clarity analyzes data breaches, scores them in real-time based on 1,000 factors, and offers ideas for protective measures. The database behind the consumer-facing tool includes more than 4,000 data breach incidents, a number that grows by 50 each week.
Breach Clarity Premium for Financial Services has multiple benefits for financial services and their customers. The new tool details the most effective actions both parties can take, based on the information that was compromised, to mitigate loss in the event of a breach. The offering also enables consumers to search for data breaches that impact them without leaving their bank’s website or mobile app.
Breach Clarity is headquartered in Walnut Creek, California. Van Dyke recently demoed Breach Clarity at FinovateFall 2019 in New York.
A look at the companies demoing live at FinovateFall on September 23 through 25, 2019 in New York City. Register today and save your spot.
Founded in 2019, Breach Clarity empowers consumers and FIs in the fight against data breaches. The company’s patent-pending solution delivers breach-specific guidance to reduce fraud losses and bolster trust.
Helps customers understand the real risks to their accounts and identities
Drives adoption of customer-facing controls (two factor authentication, alerts, etc.)
Reduces call center volume and improves satisfaction
Why it’s great When it comes to the security of their identities, consumers place the greatest degree of trust in their financial institutions. Breach Clarity helps banks and credit unions meet that expectation.
Jim Van Dyke, CEO and Founder Founder of Javelin Strategy & Research, Van Dyke is an expert witness on the country’s largest data breach cases, serves on the board of the ITRC, and previously served on the board of the CFPB. LinkedIn.
Al Pascual, COO and Co-Founder Pascual is a recognized expert on identity fraud having served as Head of Fraud & Security at Javelin Strategy & Research. Prior to Javelin he served in fraud roles at FIS, Goldman Sachs, and HSBC. LinkedIn.