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Lenders are facing some extraordinary times right now as they try to prepare for the months ahead; underwriting risk has...
The pandemic has helped drive a surge in Canadians using digital identity authentication platforms to get access to government programs;...
FinTech Sandbox is a non-profit which aims to further financial services by providing both data and infrastructure to fintech startups;...
American Banker shares some of the companies that may stand to benefit from the Equifax hack as identity verification becomes top of mind; Mitek is planning to roll out a new product called Mobile Verify for Lending; other companies that have similar solutions include Trulioo, VixVerify and AuthenticID. Source
Equifax announced late yesterday that it has acquired the small business data analytics company Paynet; Paynet provides commercial credit risk...
The WSJ reports that the hack actually occurred in March instead of May; the breach wasn’t discovered until July 29th and it was announced to the public on September 7th. Source
Capital One recently suffered a data breach resulting from poor security practices that exposed 100 million credit card applications and accounts. They expect the breach to cost the company $150 million. Two years back, Equifax lost 140 million identities, again from poor security practices. At the time, I said that according to GDPR this should cost them $150 million. They have since settled for about $600 million -- though some of that seems to be in-kind services coverage like free credit monitoring (lol!). Separately, Facebook has settled for a $5 billion fine associated with the Cambridge Analytica privacy "breach".
Following the Equifax hack, Credit Karma is offering a free service that will alert customers if their information has been compromised; the service is currently being tested and will be available sometime in October; the company accelerated the launch due to the large breach at Equifax and has seen a 50% increase in signups following the hack. Source
Now more than ever it is important to bring the fintech community together. Many readers are already aware that we...