Experian Data Breach Resolution is collaborating with card fraud monitoring mobile app BillGuard to enhance its fraud surveillance and identity theft resolution product ProtectMyID.
Breached organisations offering ProtectMyID can now allow affected customers to access their ProtectMyID alerts and BillGuard features within the BillGuard mobile app, which will alert cardholders of suspicious transactions that have posted to their credit/debit-cards and bank accounts.
“While Experian’s ProtectMyID’s current surveillance for various fraud types are one of the best ways to monitor for identity theft and fraud, we wanted to expand our product to address a wider variety of breaches,” said Michael Bruemmer, vice president, Experian Consumer Protection.
“A breached organization should offer the best protection available as a step toward rebuilding a positive reputation with its customers,” he added. “We are confident consumers will be very impressed with BillGuard’s data breach alerts and crowd-sourced card monitoring features along with the ProtectMyID benefits that are now all accessible in one place.”
Bank analyst reports show that financial institutions detect less than half of card fraud, leaving cardholders to catch the rest or personally absorb the financial loss. Retail data breaches have affected millions of consumers, and the cost of credit-card and debit-card fraud rose to $11 billion in 2013, up $3 billion since 2012. It is no surprise that among New Year’s resolutions on this topic, respondents to an Experian survey selected monitoring payment-card transactions more often (32 per cent) and in more detail (29 per cent) as top goals for 2015.
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