SAN FRANCISCO, Calif. –Fintech startup Breach Clarity has been chosen as the winner of this year’s VentureTech event. VentureTech is a venue for fintech companies to pitch their credit union business solutions to industry investxors in hopes of earning investment capital. The event was developed by The Veridian Group, Open Technology Solutions and CUNA Strategic Services.
According to Breach Clarity, the selection validates its “novel approach to empowering consumers with hyper-personalized intelligence in the face of massive data theft. It also indicates credit union industry readiness to integrate self-service digital tools to help members navigate the often muddy waters of data breach risk.”
Breach Clarity said its proprietary algorithm analyzes more than 300 factors associated with a data breach to evaluate the risks of a specific breach, and each victim’s unique risk profile based on their cumulative data breach history. The company said the algorithm also generates a Breach Clarity risk score, which it called the “Richter Scale of data breaches for the financial services marketplace,” and added its Breach Clarity Premium solution “integrates seamlessly with a credit union’s online and mobile banking channels, making it easy for members to engage with a series of personalized risk analysis tools.”
Remedies for Two Problems
According to Breach Clarity CEO Jim Van Dyke, credit unions encounter a series of potentially costly problems following publicly reported data breaches of major retailers, healthcare groups and other data-rich entities.
“Credit union fraud teams are heavily impacted because they have to make fast, interchange-threatening decisions without much information. Contact center teams are confronted with heavy spikes in volume, fielding calls from members worried their accounts may be compromised,” explained Van Dyke. “Our platform remedies both problems by empowering members and credit union employees alike to assess – down to the member level – who was impacted and what their individual risks are. This keeps unaffected cards active, reduces incoming calls and gives members a direct call to action. In many cases, that call to action is opting in or activating one or more of the fraud prevention tools their credit union already provides.”
For info: www.breachclarity.com.