(SAN FRANCISCO, Calif. – August 27, 2020) – Fraud prevention and detection technology firm Breach Clarity today announced the San Francisco startup has been named a finalist in two categories of the 2020 Finovate Awards. Finovate recognizes cutting-edge banking and financial technology. Winners will be announced during the Finovate Fall Digital event on Sept. 15, 2020.
Earlier this year, Breach Clarity announced the launch of Breach Clarity Premium for Financial Services. The platform promises to solve common problems banks, credit unions, card issuers and other financial providers face after a data breach. Leveraging a proprietary algorithm developed by data security expert Jim Van Dyke, the Breach Clarity platform provides account-level intelligence regarding the specific risks facing specific customers. The specificity improves the provider’s ability to mitigate risk for the customer and the organization while maintaining a superior customer experience.
“No bank or card issuers wants to put a cardholder’s account into a status that causes embarrassing or irksome declines,” said Breach Clarity CEO Jim Van Dyke. “Knowing precisely which customers were impacted by a breach, and to what degree, lets providers target only those accounts facing the greatest identity or fraud risk.”
Premium integrates seamlessly with online and mobile banking channels, making it easy for users to engage in the provider’s customer-facing security tools. The solution is designed to go far beyond typical credit monitoring by demystifying the risks around data breaches. Breach Clarity essentially partners with its clients to enhance customer financial well-being while also building customer confidence in and loyalty to the provider.
In April 2020, in response to the global pandemic and the anticipated uptick in cyber criminal activity, Breach Clarity fast-tracked the rollout of a streamlined version of its solution called PremiumNOW. The product gave Breach Clarity clients immediate access to specific data breaches and personalized recommended actions.
“In a time when the potential for identity and fraud threats is growing, financial institutions must be prepared for resulting financial crime,” said Al Pascual, Breach Clarity COO. “Premium supports providers in the protection of their increasingly vulnerable customers. Engaging them early, immediately upon public declaration of a breach is the cornerstone of this program – to stay ahead of fraud, reduce losses and strengthen the relationship.”
According to Finovate, finalists for Top Emerging Tech Company are defined as fintech startups two years or younger that are likely to become the next “fintech unicorn.” Finalists for Best ID Management Solution are providers that excel in the area of ID Management, including ID verification and KYC compliance pieces, protecting customers’ identities and safeguarding personal data.