Bridgeforce special report outlines effective ways to combat fraud and
data breaches
Bridgeforce LLC offers the financial sector insights on preparing for
and handling data breaches and fraud when they occur. With financial institutions
and merchants running the risk of reputational and financial loss, comprehensive
strategic and operational alignment is critical to protecting data.
Chadds Ford, PA, March 3, 2015 – Bridgeforce reacts to alarming statistics from the Identity Theft
Research Center that 675 million data records were compromised in 2014.
A Bridgeforce special report outlines the impacts of fraud and provides
a primer on types of attacks, and specific considerations and tactics
that merchants and financial institutions must implement in order to develop
and maintain a comprehensive fraud program. When consumer data is compromised
the consumer, merchant and the bank all must increase their vigilance
and efforts.
The key, according to the Bridgeforce report, is to be prepared for breaches
by being proactive and covering all the bases. Critical elements to combat
fraud and data breaches are detailed in the report, including:
- Major causes of fraud--all technological--including point of sale malware
and tampering and payment processor data breaches
- Pecuniary impacts on financial institutions resulting from fraud losses
and significant increases in operational spending
- Importance of remediation procedures especially due to reputational damage
that breaches can cause merchants and banks
- Critical detective controls ensuring that strategic and operations teams
work in lockstep managing POS, compromise and technological strategies,
as well as detection, fraud claims and overall reporting.
“Fraud and data breaches are issues that all financial institutions--no
matter their size--need to be better prepared for,” said Brian Reiss,
President of Bridgeforce. “Financial institutions are realizing
that it’s not “if” it’s “when” and
are seeking comprehensive solutions to both detect and prevent fraud issues
before they impact their business and customers.”
Bridgeforce engagements have covered end-to-end fraud management including:
strategies and solutions, operational processes, regulatory compliance
and controls and training. The Bridgeforce Financial Fraud Team’s
focused capabilities includes leadership from Cris Bennighoff and David
Sanders who together have decades of experience in fraud and fraud recovery
operations including positions in Bank of America’s Global Fraud
Prevention and Capital One.
Contact:
Andy Feld
Marketing Director
610-228-4508
asfeld@bridgeforce.com