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Data Breaches are Up 23% Year Over Year*: Here’s Your Proactive Data Breach Planning Tip Sheet

August 1, 2019

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With the ongoing news of compromised data and breaches occurring, data breach planning is essential. Financial institutions are aggressively working to prepare themselves for the increased risk of fraud and consumer concerns regarding credit security. What actions can financial institutions take right now to protect themselves and their customers?

5 Key Steps When Data is Breached

As a financial services consultancy, Bridgeforce pulled together 5 key steps that should be taken by financial institutions in view of the breach:

1) Perform in-depth analysis to establish baselines – Knowledge is power and understanding subtle changes in portfolio volumes can make a big impact.

2) Implement monitoring reports – Using baseline information, scan the acquisition channels for pattern and volume changes.

3) Maintain focus on customer experience – Equip agents with the right information and language to assuage customer fears from large data breaches.

4) Review current tools for effectiveness – Identify tools that have shown improved performance for authentication such as One Time Password.

5) Prepare for regulatory changes and increased credit bureau disputes – Ensure that current processes are well understood, documented and controlled.

As compromised customer data persists in vexing the financial services industry, be prepared and read more in this one-page document on Preparedness & Prevention and see the fraud management services you can access from Bridgeforce.

*Identity Theft Resource Center