How they describe themselves: Account takeover and other cybercrime are growing rapidly. Banks and payments processors have the financial incentive and knowledge to achieve strong security, but people – the #1 cause of security incidents – have neither. Although consumers are worried about identity theft they sacrifice security for convenience, and regardless find security complex. What if improving security was rewarding for consumers and super simple to do – while the payments ecosystem saw reduced fraud and new revenue opportunities? Covered uses gamification, rewards, machine learning, and automation to motivate and empower consumers to protect their digital identity, while delivering a financial win for the payments ecosystem.
How they describe their product/innovation: Covered provides consumers with a quick and easy way to determine their risk of online identity theft, motivates them to act, and automates improvements. Leveraging research on consumer and security expert online behavior and using machine learning, Covered delivers a single, easy-to-understand Security Score. The gamified assessment, education, and improvement experience shows consumers how they rate relative to others, and how their score will increase if they implement Covered’s guidance. Covered empowers consumers to easily implement this guidance (and increase their Security Score) by automating security actions, such as automatically scanning breach notifications for personalized alerts and response.
Product distribution strategy: Direct to Business (B2B), through financial institutions
Bus. Dev Press & Sales.: Chris Zannetos, CEO, email@example.com