VentureTech participants select Breach Clarity platform as Best in Show
Credit union industry investors chose San Francisco-based fintech startup Breach Clarity as the winner of this year’s VentureTech event. The nod signifies investor belief in Breach Clarity’s novel approach to empowering consumers with hyper-personalized intelligence in the face of massive data theft. It also indicates credit union industry readiness to integrate self-service digital tools to help members navigate the often muddywaters of data breach risk.
Breach Clarity’s proprietary algorithm analyzes more t,300 factors associated with a data breach to evaluate the risks of a specific breach, and each victim’s unique risk profile based on their cumulative data breach history. The algorithm also generates a Breach Clarity risk score, the Richter Scale of data breaches. Its product for the financial services marketplace, Breach Clarity Premium, integrates seamlessly with a credit union’s online and mobile banking channels, making it easy for members to engage with a series of personalized risk analysis tools.
Of the Breach Clarity platform, Jeffrey Staw, chief innovation officer of Open Technology Solutions, said, “This is an entirely new concept that offers the promise to protect credit union members against other organizations’ data breaches. A big congratulations to Breach Clarity!”
According to Breach Clarity CEO Jim Van Dyke, credit unions encounter a series of potentially costly problems following publicly reported data breaches of major retailers, healthcare groups and other data-rich entities. “Credit union fraud teams are heavily impacted because they have to make fast, interchange-threatening decisions without much information. Contact center teams are confronted with heavy spikes in volume, fielding calls from members worried their accounts may be compromised,” explained Van Dyke, who was recently nominated by colleagues for the CB Insights 2020 Fintech Hall of Fame.
“Our platform remedies both problems by empowering members and credit union employees alike to assess – down to the member level – who was impacted and what their individual risks are. This keeps unaffected cards active, reduces incoming calls and gives members a direct call to action. In many cases, that call to action is opting in or activating one or more of the fraud prevention tools their credit union already provides.”
VentureTech provides a venue for fintech companies to pitch their credit union business solutions to industry investors in hopes of earning investment capital. The event was developed by The Veridian Group, Open Technology Solutions and CUNA Strategic Services.
In October, Breach Clarity was awarded “Top Emerging Tech Company” at the 2020 Finovate Awards after being named a finalist in two categories that also included “Best ID Management Solution.” Finovate recognizes cutting-edge banking and financial technology.
About Breach Clarity
Breach Clarity’s proprietary, machine learning algorithm instantly analyzes more than 1,000 elements to score the risk level of a data breach. Each publicly reported data breach in the U.S. receives a Breach Clarity Score on a simple numerical scale, typically from 1 to 10. Breach Clarity’s dynamic algorithm and easy-to-use interface runs on the most comprehensive source of data breaches in the U.S., maintained and updated continuously by the Identity Theft Resource Center. To learn more, or to check the score of a recent data breach, visit breachclarity.com.