Financial fraud veterans to roll out 'Breach Clarity Score' for consumers and FIs

Wednesday 15 January 2020 10:25 CET | News

Financial fraud veterans have initiated a ‘Breach Clarity Score’ for consumers and financial institutions, which seeks to become the Richter Scale of publicly reported data breaches.

Each time data security expert Jim Van Dyke concluded his work on a data breach lawsuit, he couldn’t shake the feeling there was even greater use for his research. An expert witness in nearly 20 high-profile legal cases, Van Dyke developed an algorithm to offer detailed and unbiased analysis of data breaches to lawyers, judges and juries, according to the official announcement.

The patent-pending algorithm underpinning the Breach Clarity Score analyses 1,188 data points to assess the specific risks stemming from a breach. The tool then recommends actions to mitigate the unique risks of each breach. New data points are added as Breach Clarity’s proprietary research, knowledge base and thus partner network expands. The interface runs on a comprehensive source of data breaches in the US, maintained and updated continuously by the Identity Theft Resource Center.

Van Dyke and other financial fraud veterans will work together to generate consumer awareness and use of the Breach Clarity Score, as well as integrate the Breach Clarity platform with other digital tools, such as online and mobile banking apps.

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Keywords: financial fraud, AI, algorithms, fraud prevention, data breach, US, risk score, Breach Clarity Score
Categories: Fraud & Financial Crime
Countries: United States
This article is part of category

Fraud & Financial Crime