Free Tool Helps Online Retailers Combat Fraud
XOR Data Exchange introduced a free resource for online retailers that may help them identify fraud.
The Austin-based company introduced the Compromised Identity Exchange Basic platform to help retailers more easily identify theft risks. The system analyzes whether a transaction is at risk for fraud by examining several factors: if the individual has been the victim of previous data breaches; how many times they have been the victim of a data breach; whether those breaches are generating fraud; and if the shopper’s information is for sale on the Dark Web.
Retailers will also receive reports about recent data breach activity and the format of any compromised account passwords.
“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.”
XOR’s Compromised Identity Exchange was first released in May 2016, but this free version is meant to give more retailers the opportunity to protect customers.