Organizations that suffer data breaches may now be able to offer free fraud protection to their customers through a new program announced this week.
Austin, Texas-based data security and analytics company XOR Data Exchange has launched a new platform, the Compromised Identity Exchange, which “aims to protect U.S. consumers, businesses and government entities from data breach-related identity theft and fraud.”
Participation in the exchange is free to organizations that have suffered a data breach of personally identifiable information in order to drive widespread protection for breach victims.
According to the firm, The Compromised Identity Exchange synthesizes breached records with ongoing fraud analysis to offer banks, financial lenders and other service providers “unprecedented insight into which of their accounts and applications carry a higher risk of fraud related to one or more data breaches.”
It does this without the need for ongoing data sharing from breached entities, the firm stressed.
“Most consumers expect to be part of a data breach at some point,” stated Mike Cook, founder and CEO of XOR Data Exchange. “The Compromised Identity Exchange was developed to empower breached organizations to do everything possible to protect consumers before a fraudster takes over an account, opens a new account or files a tax return in their name.”
Cook noted that in recent years many states have begun requiring breached organizations to offer credit monitoring to those whose identities have been compromised by a data breach. The Compromised Identity Exchange supplements this standard response by allowing the breached entity to take proactive measures to protect 100 percent of its breached customers, rather than requiring opt-in by participating consumers.
Additionally, the Compromised Identity Exchange allows banks, lenders and other service providers that see an increase in fraud losses resulting from data breaches to identify accounts and applications that carry a higher risk of fraud in order to prevent fraudulent activity before it occurs, rather than monitoring for activity that may have occurred several days prior to discovery.
Cook said XOR Data Exchange and its partners encourage any entity that has experienced a data breach to utilize the Compromised Identity Exchange by visiting https://xor.exchange/breached.
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