- NordProtect Gets Improved Financial Fraud Monitoring Tools
- Fraud monitoring should include prevention, monitoring and insurance, says Nord
- Some international markets only get limited cyber insurance
Nord Security’s identity theft protection software, NordProtect, has been updated with new fraud monitoring features to help detect and prevent malicious actors.
The new fraud monitoring tools are part of Nord’s three-pillar approach, which NordProtect CEO Tomas Sinicki described as “cybersecurity tools for prevention, monitoring services and insurance benefits.”
With the update, NordProtect will be able to monitor potential identity theft and fraud at major credit bureaus Equifax, Experian and TransUnion, looking for suspicious activity such as new accounts opened under a user’s name, credit score changes or extensive searches.
In addition to financial services coverage through these offices, NordProtect will also introduce short-term loan monitoring and financial account monitoring, which are new to the platform.
By monitoring short-term loans, Nord will check for payday loans, cash advances, and other short-term loans that scammers could use in identity theft schemes. Financial account monitoring will use a customer’s contact information, address, and more to see if they are accustomed to opening new accounts. You will also be responsible for reviewing flagged transactions or account changes.
Tighter integration with TransUnion means users can also access the bureau’s credit blocking features from the NordProtect ecosystem.
However, there is one big problem with NordProtect and that is that it is currently only available as a service in the United States.
Some cyber insurance benefits, which fall under the third pillar of Nord’s approach to fraud monitoring, are available through NordVPN to customers in the United Kingdom, the Netherlands, France, Sweden, Germany, and Italy; However, NordVPN does not offer the comprehensiveness of NordProtect when it comes to detailed fraud monitoring.
“The ability to minimize potential harm depends largely on the quality of follow-up,” Sinicki said. “We believe these new capabilities elevate our monitoring from sufficient to outstanding.”
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