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Breach Clarity Captures ‘Best of Show’ Award at FinovateWest
FinovateWest Best of Show Graphic
Posted
December 9, 2020
Third Major Industry Award Win in 2020 Signals Growing Financial Institution Interest in Personalized Data Breach Response

(SAN FRANCISCO, Calif. – December 9, 2020) – Senior fintech innovators, financial institution decision-makers and investors selected San Francisco-based fintech startup Breach Clarity as a “Best of Show” winner at the FinovateWest Digital fintech conference. The recognition comes on the heels of recent wins at VentureTech and Finovate2020.

The FinovateWest award is another acknowledgment that consumers’ growing identity security concerns provide financial institutions with an opportunity to add value beyond banking. By integrating intelligent fintech that provides personalized data breach risk analysis and prevention guidance, credit unions and banks increase customer engagement while further mitigating fraud losses.  

Breach Clarity Premium for Financial Services delivers hyper-personalized data breach intelligence and tailored recommendations to consumers following a data breach.  Breach Clarity’s patented algorithm analyzes more than 1,300 factors associated with a data breach to evaluate the risks of a specific breach and each victim’s unique risk profile, which evolves with each new breach added to their cumulative data breach histories. The API solution integrates seamlessly into digital and mobile banking channels, making it easy for customers to engage with a series of personalized risk analysis tools.

“We couldn’t have foreseen the events of 2020 when we launched Breach Clarity in 2019,” said co-founder and COO Al Pascual. “There was already a huge need for a solution like Breach Clarity. Now, identity security has become an even greater concern in the context of COVID-19, as cybercriminals seek to exploit new vulnerabilities. It is very gratifying to offer a tool that provides such a relevant value proposition right now.”

Financial institutions can encounter a host of costly problems following publicly reported data breaches of major retailers, healthcare groups and other data-rich entities. Because of the limited available information, fraud prevention efforts often start too late, are not targeted and leave the institution holding the bag on hefty fraud losses.

“Financial institutions must constantly balance the importance of cyber and fraud controls against creating too much customer ‘friction,’” said Ben Wallach, member of Breach Clarity’s board of advisors and an executive leader in financial services for more than 25 years. Wallach’s experience includes managing complicated financial crime and cyber risk challenges across the broader financial services landscape. “The targeted, actionable information Breach Clarity brings to the market is precisely what the industry needs to strike the balance between robust data security and a positive customer experience.”

Breach Clarity also recently announced a partnership with leading identity security provider Sontiq, which will infuse Breach Clarity’s algorithm into Sontiq’s cloud-based security solutions. This will make hyper-personalized breach intelligence available to the thousands of financial institutions and millions of consumers who already use Sontiq products, making a next-generation approach to data breach response much more widely accessible.

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