XOR Data Exchange, an Austin-based startup which helps companies leverage data to mitigate fraud and credit risk, was awarded the eBay, Inc. Technology & Innovation Award this week by the Austin Chamber of Commerce in the small business division. This honor follows the launch of multiple technologies offering new approaches to addressing identity theft and fraud mitigation.
The Compromised Identity Exchange, which XOR introduced in May 2016, allows companies that have suffered a data breach to implement automatic fraud and identity theft protection for their customers without requiring a sign up, ongoing monitoring or payment from the individual affected.
“Our mission at XOR is to bring accountability back to companies that hold our most personal details,” noted Mike Cook, founder and CEO of XOR Data Exchange. “The corporate data breach epidemic has changed the landscape of data security and fraud; yet, we still require individuals to take responsibility for making sure their personal information stays safe.”
More recently, XOR introduced a Dark Web intelligence platform called Lumen, which is designed to extract personal details available for sale online and activate automatic protection from fraud through service providers that hold consumer accounts. This supplements ongoing fraud analysis and breached records received directly from organizations to identify which individuals carry the highest risk of identity theft and automatically protect them through partnerships with banks, credit card issuers and other service providers that hold their accounts.
“Our technologies present the resources for companies to act responsibly and protect their customers from fraud before their personal data can be misused,” added Cook. “We’re empowering them to take actions that benefit those impacted without having to worry about cost or reputational harm.”
XOR’s technologies boast a focus on protecting consumers before fraud occurs. Today, the required response to a data breach is limited to notifying consumers involved in the breach and offering credit monitoring to those impacted. This process is often effective in identifying existing fraudulent activity in an account, but does not prevent fraudsters from taking over existing accounts or applying for new accounts using stolen credentials.
