Compromised Identity Exchange Basic offers retailers insight into ID theft risk
Austin-based data and analytics startup XOR Data Exchange is introducing a free resource for online retailers to identify and prevent account takeover attempts caused by the increasing frequency of data breaches that include account login credentials.
XOR’s Compromised Identity Exchange Basic platform allows e-retailers insight into the level of identity theft risk associated with a specific customer based on the number and types of data breaches the individual has been impacted by, whether or not those breaches are producing fraud, and if the individual’s stolen information is available for sale on the Dark Web. Participating retailers will also receive details about recent data breach activity and format of any compromised account passwords in order to implement authentication measures as needed to ensure a purchase is 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,” stated 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.”
By implementing this free version of XOR’s Compromised Identity Exchange, which was initially introduced in May 2016, retailers that process online transactions for customers are able to determine the risk level of identity theft and account takeover associated with approving a specific transaction or fulfilling an order. For many of these retailers, customer payment and shipping information is automatically saved for convenience, putting these individuals at risk of identity theft.
Following the implementation of EMV chip technologies in U.S. payment cards, retailers and card issuers have reported an increase in card not present (CNP) and online fraud, with some studies reflecting a 3-to-1 surge in growth. Combined with increasing frequency of data breaches that include login credentials, consumers carry increasing risk of experiencing identity theft in the form of account takeover across multiple online platforms.
Retailers interested in taking advantage of this free resource may do so by visiting http://info.xor.exchange/CIEBasic and requesting an API key. Implementation is fast and easy, allowing participants to quickly begin protecting customers from identity theft and fraud caused by data breaches.