Business identity theft schemes and cybercrimes are targeting Small and Medium-Sized Businesses (SMBs) every day. In fact, the growing crimes against SMBs go well beyond creating fake W-2 forms with Employer Identification Numbers (EINs) to file a fraudulent tax return. Today’s cybercriminals can easily mask their attacks and commit any number of malicious acts from hacking into IT systems to compromising email accounts and network connections, and even spoofing Wi-Fi access points and redirecting traffic.
These same bad actors are also ready to engage in activity that will compromise intellectual property, download employee records, or even take on the discernible route of stealing financial funds with unauthorized access to, or, even opening up, financial accounts. Essentially, all of the threats large organizations must deal with – including the resources, technology and skills these fraudsters tout – SMBs must also face. But, without the specialized tiger teams that big companies often put together. And, all on a shoestring budget. Continue reading
New fraud statistics from Javelin Strategy & Research’s Report, 2018 Identity Fraud: Fraud Enters a New Era of Complexity reveal growing consumer sentiment toward financial institutions as identity crimes hit another record-high. This comes despite industry best efforts to mitigate fraud. Continue reading
Corporate Position on Recent Enforcement Actions
Compliance doesn’t typically garner much attention outside of the financial industry. When the subject does make mainstream headlines, the alarms even put consumers on alert. Being prepared to address such issues is paramount to ensuring ethical practices are followed throughout an organization. Recent news of this magnitude has centered on Bank of America and U.S. Bank as the subjects of enforcement actions by the Consumer Financial Protection Bureau (CFPB) regarding fraud protection services. EZShield has taken the guidance provided by the CFPB to heart, and was fortunately already prepared for the issues that were identified.
EZShield offers a full suite of services that help secure, monitor and restore damage caused by fraud and identity theft. These offerings include products that feature credit monitoring and credit report retrieval similar to the types of products that were discussed in both cases mentioned above. Continue reading