Trump Breach Aftermath and Ramifications
When these breaches break through the defenses of data security firms employed to keep Trump Hotel’s data and networks safe, what happens after the breach? What are the ramifications to your business.
After the “point of compromise,” Feedzai’s business is about keeping payment transactions safe at the subsequent “point of use” for banks, payment providers and merchants like the Trump Hotel who are all part of an interconnected transaction chain. So we don’t detect breaches per se, that’s about keep bad actors from stealing data. Although data breaches seem to happen more frequently such that consumers expect it as part of living in a digital economy, consumers also demand to have frictionless commerce experiences. The paradox of safe yet convenient.
So while we can’t control consumer expectations or tolerance for data breaches, we can affect the efficacy of the stolen data to be used to defraud business customers and eventually their customers. Feedzai’s anti-fraud systems focus on keeping good customers happy and ensuring that you are who you say you are, that when you spend it is really you and not someone else who has stolen your account and identity information. So the data that was breached at the Trump Hotels will eventually be used to take over legitimate customer accounts, to counterfeit cards, to phish for more information and a myriad of devious ways. It is what happens after the data breaches that matter to you and I.
For example, our banking and payment provider clients are concerned about keeping their customers—the ones whose data was compromised in the Trump Hotel breach—safe and preserving their ability to transact freely without worry after the breach. Our clients don’t want to put in heavy-handed fraud countermeasures that punish their customers due to the actions of a few bad actors. So our clients use Feedzai to model their customer’s behavior—their commerce DNA—so that they can tell when something abnormal occurs which is an indication of fraud. By using machine intelligence and big data science, we give our clients a customer-centric way to keep transactions flowing while keeping out the bad guys.