Every dollar of fraud now costs banks and credit unions roughly $2.92 — a 9.3% increase over 2017
The average cost of a data breach is $3.86 million — a 6.4% increase from last year
Cybercriminal entities continue to organize sophisticated operations to steal vast amounts of data (both in-person and online) before selling it to thriving underground marketplaces and communities.
They are skilled, well armed, and well prepared. Shouldn’t you be too?
The average cost per record, lost or stolen, during a breach was $336 per record for the financial industry.
“Continuing the trend of prior years, the cost of fraud continues to rise for global financial institutions…Fraudsters continuously test for the weakest entry point in the financial transaction system and these institutions should apply a multi-layered approach to fraud prevention to combat this growing issue.” -LexisNexis Risk Solutions
Elimination at the source
We provide a preventitive & proactive solution in the form of our secure API which allows banking clients to interface securely in real-time and flag compromised accountholders before criminal parties can act. Alternatively, we can remove the information instantly from the source for an additional cost. This is is distinctly different from existing ‘reactionary’ products that claim a high degree of efficacy in fraud prevention - there is a 100% probability the information is going to be used in a fraudulent capacity.
We are in the process of deploying a web portal here: https://stats.mindwise.io/bincheck which will provide the exact number of cardholders associated with your BINs that have been found.
Instant mitigation of fraudulent activity and protection of client accounts.
Identification of POC’s (Points of Compromise) where criminal parties have installed malware to siphon the information in the first place. Identification of a POC allows you to get ahead of news headlines and secure any of your cardholders information that was used at the merchant.
MINDWISE in the news
MINDWISE was able to determine the single point of compromise (POC) related to the release of almost 7 Million credit/debit cards, and was featured in a subsequent article by security researcher Brian Krebs’ blog in a post here.