American Banker’s Miriam Cross published a very strong and concise article on us that got our value proposition right, which is never easy to do for an all new service like ours. Because American Banker’s content is subject to copyright I’m not at liberty to post it, yet bankers and many fintechs reading this should have existing access. I’ll simply summarize or even expand Miriam’s solid article based on her interview of me.
-FInancial institutions rarely get breached–and when they do, the breaches generally are less damaging. The great majority of breaches happen at non-financial entities (such as healthcare firms, government agencies, merchants, etc…for details read the freee data breach trends report from our strategic partner, the Identity Theft Resource Center)
-Financial institutions are the place where most identity fraud happens, and therefore FI’s have a powerful incentive to more effectively derail fraud at the point of the breach, rather than relying exclusively on traditional methods of ‘fraud analytics’. Think of ID fraud as a two-crime-crime: first steal the data, then misuse the data, (and sometimes there are more than two crimes, such as phishing, spoofing, social engineering, etc.). If FIs can start earlier in the misuse cycle (by systematically analyzing the risk of every new publicly reported breach) they can improve everyone’s financial health (their own, the consumer, and even merchants).
-Once we have a small critical mass of financial institutions offering Breach Clarity Premium (our consumer-facing application that goes far beyond the free one found on our free public site), we will begin to steer our public web site’s visitors to the FIs who have made the service available to their customers. So there will be a very powerful advantage to the first movers who partner with us to protect everyone’s bottom lines from fraud.