TruEmpower’s enhanced BreachIQ capabilities use a proprietary AI algorithm for personalized identity risk assessment. The technology analyzes an individual’s comprehensive data breach history, generates a personalized dynamic risk score, and recommends clear and concise actions to protect against identity crime.
Personalized identity risk assessments are of particular importance as TransUnion’s proprietary Breach Risk Score (BRS) revealed the severity of data breaches climbed to 4.6 in Q1 2024, up from 3.5 in Q1 2023. The BRS is compiled by assigning a risk score for each data breach — driven by an AI algorithm analyzing more than 1,300 breach elements and their risks.
TransUnion’s algorithmic analysis showed the increased data breach risks were primarily due to the high level of
“Our consumer research shows upwards of three in four Americans consistently express concerns over having their identities stolen. Yet, when surveyed, most admit not taking any action at all,” said
Sounding the alarm on data breaches while providing real-time solutions for consumers
The need for personalized data breach analysis comes amid an alarming rise in data breaches. In the first quarter of 2024, the
TruEmpower’s enhanced BreachIQ identity threat intelligence technology was demoed at FinovateSpring where it was a finalist for an award regarding its innovative nature. Building upon TransUnion’s tradition of credit reporting and education — a key to monitoring identity security — it helps demystify what to do after a data breach. BreachIQ displays a dynamic score based on a large pool of data about a consumer’s individual identity vulnerabilities, data exposure from breaches and the fraud mitigation steps they self-report inside the tool. The dynamic score then adjusts, showing improvements as consumers take preventative actions.
The result is a significant change in consumer behavior. While most consumers impacted by data breaches report feeling confused or overwhelmed about what to do (and subsequently take no action), data shows most breach victims who engage with TruEmpower’s enhanced BreachIQ take action to improve their identity threat scores.
“Identity safety is a top financial goal of consumers. They want to understand and counter the identity threats they face. Yet, doing so requires much more personalization than they’ve been able to access. They now have clear insights and guidance at their fingertips,” concluded
Please click here for more information about TransUnion’s TruEmpower identity threat intelligence tools and what consumers can do to mitigate these risks.
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Source:
2024 GlobeNewswire, Inc., source