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XOR Data Exchange employs Dark Web in fighting fraud

24 August 2016  |  3196 views  |  0 Source: XOR Data Exchange

XOR Data Exchange, an Austin-based startup which helps companies leverage data to mitigate fraud and credit risk, has built and deployed a Dark Web and Internet intelligence platform called Lumen.

 This patent-pending technology, which collects and synthesizes personally identifiable information (PII) from online marketplaces including Dark Web and non-indexed websites, will assist the company and its clients in providing automatic identity theft and fraud protection for consumers.

“The Internet presents an endless marketplace for fraudsters and crooks to sell our stolen, personal information,” commented Mike Cook, founder and CEO of XOR Data Exchange. “Dozens of companies crawl these sites and alert people when their information has been found for sale; but there is often little or no action taken to prevent risk. Lumen was built to find this stolen data, extract it and help prevent its misuse before identity theft and fraud ever occur.”

Lumen does this by analyzing online and Deep Web marketplaces to identify PII and deploying this intel into XOR’sCompromised Identity Exchange. This exchange synthesizes information compromised by data breach incidents along with ongoing fraud analysis and Lumen-discovered data in order to help banks, lenders and other service providers determine which of their applicants and accountholders are at risk of identity theft. This allows for accurate implementation of diligence efforts necessary to ensure transactions are completed by the true account owner.

“Like the Compromised Identity Exchange, XOR’s Lumen was built specifically with consumer protection in mind,” added Vice President of Exchange Services Greg Bonin. “Most companies that scour the Dark Web sell the information they find as an alert service. Lumen was built to fit into XOR’s model, which empowers companies to proactively protect consumers and take the responsibility off of them to monitor their own fraud risk following a corporate data breach.”

The Compromised Identity Exchange, which launched in May, offers comprehensive identity theft and fraud protection for consumers following their involvement in one or more data breaches without requiring affected individuals to opt in or incur costs. Adding Lumen data to this technology adds a more comprehensive view of risks associated with lost or stolen information, even when a data breach has not been discovered or announced.

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