Companies in the financial services sector experience 300 times more cyberattacks than any other industry. Cyberthieves target the sensitive Personally Identifiable Information (PII) and confidential data stored by Financial Institutions (FIs) because it can deliver a significant return when sold on the Dark Web. And, the cost of the security incident can rapidly add up to millions with remediation costing FIs an average of $206 per piece of exposed customer data. Continue reading
On January 28, the world will observe Data Privacy Day, the signature event in a greater privacy awareness and education effort that focuses on helping consumers own their online presence.
For Financial Institutions (FIs), the need to protect account holders’ Personally Identifiable Information (PII) has never been greater. PII that leads to fraudulent access of financial accounts is a favorite target of cyberthieves, and that puts FIs in the crosshairs constantly. This unwanted attention from cybercriminals costs financial services firms an average of $18 million per firm to remediate, which is 50 percent higher than in other industries, according to Forbes. Continue reading
Webinar Teaser: Q&A with Terri Burton
“The Rebirth of Identity Protection in Banking” is less than two weeks away! We decided to go behind-the-scenes and chat with Terri Burton, EZShield’s channel marketing solutions manager, who will also be moderating our upcoming webinar. Burton has worked closely with our speaker, Laura Bruck, vice president of marketing & solutions strategy, to bring this webinar together. Let’s see what Burton had to say about the significance of this topic within financial institutions. Continue reading
New research from the Auriemma Consulting Group (ACG) paints a bleak picture of the state of synthetic identity theft and its hit to the banking industry.
Synthetic identity theft cost banks $6 billion in 2016. Five percent of charged-off accounts and up to 20 percent of credit losses are thought to be a result of synthetic identity theft.
With synthetic identity theft on the rise, banks and credit unions must search for more comprehensive solutions to this growing problem. Continue reading
New research from Javelin Strategy & Research’s 2017 Identity Fraud Report knits an intricate relationship between consumer personas and identity crime risks.
In 2016, an estimated 15.4 million consumers were victims of identity theft and fraud, up from 13.1 million the previous year. This marks the highest identity victimization rate since Javelin Strategy & Research began tracking the trend in 2003. Continue reading
What makes up your financial institution’s engagement toolkit?
Perhaps you have a great app, timely email and text notifications, or even a strong social media presence. These initiatives keep accountholders tuned into their finances on their time. However, these perks offer much more than meets the eye. Continue reading
As we round out the current year, the data security world is buzzing with year-end reports and data security predictions for 2017.
From cybercrime to payments fraud — identity crimes took a dramatic turn in 2016. This year-end data paints a telling story of the state of data security. Some changes were for the best, others for the worst. However, there are a few qualitative findings that offer even more insight into the future. Continue reading