Project 360 lets users monitor credit activity, identify threats to their privacy and respond when personal info might be exposed, per the release.
“Fraud, scams and the exposure of personal information have become an everyday reality for consumers, making basic monitoring tools almost a baseline expectation,” Arijit Roy, head of consumer and business banking products at U.S. Bank, said in the release. “But consumers want more than alerts after the fact. They want help understanding where they’re vulnerable and what steps they can take to better protect themselves. Protect 360 is designed to provide a more proactive line of defense, helping clients stay informed, take action sooner, and regain control of their digital and financial lives.”
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Project 360 lets customers monitor changes to their credit profile, get alerts when their information shows up on data broker sites, and remove information from exposed sites, according to the release. The service is available through U.S. Bank’s mobile app and website, and there is a free “Essentials” plan and a $9.99 per month “Premium” version.
Banks are facing a dual-edged problem when it comes to preventing fraud and scams, PYMNTS reported Sept. 28.
“The 43% of scam victims who pay fraudsters within an hour present banks with an obvious problem,” the report said. “There may be almost no time to stop the transaction. The 18% who take at least two weeks present a different one.”
The findings, included in the September PYMNTS Intelligence report “Fraud’s Loyalty Tax: How Scams Cost Banks Their Customers,” found that scam payments work on different schedules, with 63% of victims paying within a day of first contact with scammers, while nearly 1 in 5 took at least two weeks.
The slower cases tend to involve scams that generate the largest losses, including romance scams (average losses of $27,587), travel scams ($35,272) and investment scams ($14,225). Just 16% of romance scam victims paid within a day, while 37% of investment scam victims did the same.
“What happens financially during the rest of that time is becoming important to banks,” the report said.
The extra days or weeks give banks “more customer activity to evaluate before the final payment, and to connect the dots between fragmented data points.”
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