Payment-card data breaches have exploded in the last year, making customers leery of shopping at certain retailers and using credit-cards in general at many merchants. Affecting millions of consumers, the cost of credit-card and debit-card fraud rose to $11 billion in 2013, up $3 billion since 2012, as identified in the 2014 Identity Fraud Report from Javelin Strategy & Research. This said, credit card fraud is nothing new – although the frequency of it happening at seemingly protected retailers still tends to shock consumers.
The Federal Trade Commission describes credit card theft as happening in a variety of ways, including “low tech dumpster diving to high tech hacking”. Yet as technology advances and digital payments become increasingly popular, how can a consumer ever feel safe? One way that customers can begin to feel at ease is by incorporating fraud surveillance and identity theft resolution products into their lives.
It’s reassuring to see that market demand drives innovation and that consumers can finally get what they need and deserve,” shares Gartner Security Analyst Avivah Litan. In particular, Litan is referring to the recently launched collaboration of ProtectMyID® and BillGuard, the first of it’s kind card fraud monitoring mobile application.
By ProtectMyID® and BillGuard joining together, customers and employees alike can gain a comprehensive product that supports them from data breach – including exposure of Social Security numbers or credit-card and debit-card numbers. In fact, Google Play identified BillGuard as one of the best apps of 2014. Together with ProtectMyID®, it’s bound to only be that much greater. After all, getting alerts of fraudulent behavior via your mobile device allows you to react quickly – supporting the well-known understanding that time truly does impact fraudulent activity. By getting a mobile alert, users can respond much faster than they have in the past – which, very simply, can make a huge difference.
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 of Experian Consumer Protection. “A breached organization should offer the best protection available as a step toward rebuilding a positive reputation with its customers. 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.”
Launched just recently on January 26, 2015, ProtectMyID with BillGuard provides a fast, easy and user-friendly solution for surveillance of fraudulent transactions that fills a need in the market. With financial institutions detecting less than half of card fraud, cardholders are left to catch the rest or personally absorb the financial loss, according to a study by Shevlin, Ron, Aite Group from May 2014. With staggering numbers like this, it only makes sense that consumers begin to take fraud protection into their own hands.