Online retailers just got a new tool in the fight against identity theft and fraud.
XOR Data Exchange, Austin-based data and analytics startup, just recently introduced a new resource for online retailers to fight the account takeovers as the number data breaches that include account login credentials grows.
XOR Data Exchange’s free platform, Compromised Identity Exchange Basic, gives online retailers the ability identify and prevent account takeover attempts by providing theft risk insight on the individual consumer level. number and types of data breaches associated with any individual customer.
Online retailers will know if and how many times a consumer has experienced data breaches and whether these breaches have led to any fraud. Additionally, retailers will be able to know, for instance, if an individual’s stolen information is available for sale on the Dark Web.
Likewise, retailers will also receive information regarding any recent data breach activity, including the format of any compromised account passwords. This will allow online retailers to implement preventative authentication measures as needed, helping to ensure that purchases are being made by the rightful person.
Our goal when we set out to develop the Compromised Identity Exchange was to remove the burden of fraud prevention from consumers and to build a more efficient, effective method for service providers to prevent fraud,” said Mike Cook, founder and CEO of XOR Data Exchange. “By taking advantage of this free insight into data breaches, online retailers will be able to easily prevent attempts at identity theft and better protect themselves and consumers from massive financial losses.”
The need for online retailers to be on the vanguard of fraud prevention is more urgent than ever as consumers are more at risk of account takeover across multiple online platforms than ever. Along with growing number of data breaches, cases of card-not-present (CNP) fraud have increased both in the U.S. and globally.