A collaboration between fraud prevention and detection company Breach Clarity and digital consulting firm Xtensifi will bring additional machine learning technology to bear in the battle against cybercrime in financial services. The new integration will enable the company’s Breach Clarity Premium for Financial Services platform to empower banks, credit unions, brokerage firms and insurance companies to address the impact of data breaches – from financial losses to identity theft – after they happen.
“We sought out a company we knew would execute our vision and provide us with the knowledge and expertise to get these entirely new products to market,” Breach Clarity CEO Jim Van Dyke said. He credited Xtensifi not only for helping develop the new platform, but also for giving the company the ability to market its technology to a new client base: financial services companies. “Initially consumer focused, we are now able to provide financial institutions with hyper-personalized, customer-level breach risk intelligence, capable of making a measurable difference in a variety of areas – from customer engagement to fraud loss mitigation,” Van Dyke explained.
Founded in 2019 and based in Walnut Creek, California, Breach Clarity analyzes more than 1,000 elements to gauge and score the risk level of a data breach. The company’s proprietary, machine learning algorithm analyzes 50 data breaches a week on average, and Breach Clarity said that it has 4,000+ such incidents in its database. This resource is maintained by the Identity Theft Resource Center.
“Breach Clarity is working to revolutionize the fraud detection, prevention, and mitigation landscape by providing a greater degree of transparency into breaches and their effects,” Xtensifi CEO George Kelley said. “Providing the industry with more clarity, confidence, and direction around breaches will ultimately result in stronger consumer financial health and safety.”
Like a number of companies in the fintech space, Breach Clarity is making its services easier to access during the COVID-19 crisis. More than a month ago, the company announced that it was waiving per-user costs for financial institutions using its Breach Clarity Premium for Financial Services solution for six months.
Breach Clarity co-founder and COO Al Pascual underscored the value of these services at a time when shifting computer use patterns – from business offices to private homes – during the global pandemic have given rise to a shifting set of risks. “As cybercriminals experiment with new forms of cyber scams,” Pascual said, “newly remote workers and the systems to which they are attached will be a high value target.”
Breach Clarity demonstrated its consumer-facing solution last year at FinovateFall. A specialist in post-compromise fraud, Breach Clarity enables users to search any publicly-reported data breach and receive a fraud risk rating, a list of top identity-holder risks, and a set of action steps ranging from freezing credit to modifying alerts to limit exposure to potential identity theft and related cybercrimes.