In today’s digital world, consumers have grown to expect that companies are safeguarding their data through various security measures. Additionally, consumers now hold the companies they engage with accountable for averting and addressing data breaches and theft when it occurs on the company platform.
Companies want to protect their customers and their customers’ data. But they also want to protect their own ecosystem from harm.
Now there’s a way to do both, and it comes in the form of a new add-on from Telesign, Breached Data.
So what was the driving factor behind Telesign developing this new way to handle data theft?
The risky realm of data breaches
With everything going digital these days, people spend more time online, and have more digital interactions than ever before. In fact, the average person is involved in 5,000 online interactions every day.
While this means that everyday tasks are more convenient, the unfortunate consequence is increased exposure to data leaks, identity theft, and other forms of fraud. According to Telesign’s latest solution brief, 8 out of 10 consumers have experienced the theft of their personal identifiable information (PII), which was subsequently exploited for large-scale data breaches.
Here’s what fraudsters are doing with this stolen data:
- Stealing identities
- Impersonating users
- Committing account takeovers (ATO)
- Transferring funds
- Making unauthorized account changes
The repercussions are severe for consumers and companies alike. Companies face significant disruptions to their financial stability and brand reputation, while consumers endure the harrowing consequences of their personal data being compromised.
The ultimate solution: Telesign Breached Data
Stolen data can be a giant headache. Telesign’s Breached Data add-on is the remedy.
What it does
Telesign’s Breached Data alerts customers when a phone number and any associated data attributes become part of a data breach.
How it works
Throughout the customer journey, Breached Data checks phone number data against a global dataset, providing real-time data theft reports and alerts. Whenever a phone number becomes compromised, Breached Data provides a time-stamp to the company to indicate when the attack/theft occurred.
Why it is so powerful
Telesign’s Breached Data comes packed with an abundance of features that make it a powerful choice for stopping data thefts from impacting you or your customers. Here are the key features:
- Global coverage. Breached Data has a wide range of data checks, comparing submitted data against more than 166 billion data records that were stolen by fraudsters.
- Dynamic protection. Stagnant security doesn’t work in a fast-changing digital world. Breached Data is updated daily to ensure it keeps you and your customers protected.
- Lightning fast assessment of threats. Discovered vulnerabilities are reported in real-time to users.
What types of fraud can Telesign’s Breached Data disrupt?
The main types of fraud that can result from stolen data are typically synthetic identity fraud and ATO. Here’s how the Breached Data add-on blocks these destructive forces.
When it comes to ATO, time and location of access are key to prevention. Breached Data provides timely notification to companies when their end users’ data has been stolen, which gives them the power to halt access into associated accounts.
Synthetic identity fraud is only successful when fraudsters have a good amount of stolen PII and an easy path to onboarding new accounts. Telesign’s Breached Data cuts fraudsters off at the pass, notifying businesses during the sign-up process if a user attempts to register with compromised data.
Which industries will benefit from using Telesign’s Breached Data functionality?
Industries that benefit from using Telesign’s Breached Data add-on include:
- Financial services
- Social media
- P2P marketplaces
It’s impossible to tell when your next exposure to a data theft will occur, but it’s possible to protect against it. If you’re interested in gaining further insights into the newly introduced Breached Data add-on or would like to explore Telesign’s extensive suite of digital security solutions, don’t hesitate to talk with us today.