As it turns out you can get something for nothing.
Data and analytics group XOR Data Exchange has introduced a free resource for online retailers which will help them identify and protect account takeover attempts caused by the growing number of data breaches involving account login credentials.
XOR’s Compromised Identity Exchange Basic platform identifies the evil of identity theft risk associated with specific customers based on the number and type of data breaches the individual has been impacted by, whether those breaches are resulting in fraud, and if that person’s stolen credentials have been for sale on the Dark Web. Client companies also receive recent data breach activity details and the format of any compromised account passwords so they can initiate the authentication measures necessary to confirm the proper person is making the purchase.
“Our goal when we set out to develop the Compromised Identity Exchange was to remove the burden of fraud prevention from consumers and to build a more efficient, effective method for service providers to prevent fraud,” XOR Data Exchange founder and CEO Mike Cook said. “By taking advantage of this free insight into data breaches, online retailers will be able to easily prevent attempts at identity theft and better protect themselves and consumers from massive financial losses.”
With this free version of XOR’s Compromised Identity Exchange, retailers processing online transactions can determine the level of identity theft and takeover risks. Because many retailers retain customer payment and shopping information they are susceptible to identity theft.
Now that American retailers have adopted EMV technology, fraudsters are backing up to create false identities and steal legitimate ones to stay in operation. According to some studies the rate of this activity has tripled in recent years. Taken together with login credential data breaches it has produced an increased occurrence of account takeover across multiple platforms.