- NordProtect Gets Enhanced Financial Fraud Monitoring Tools
- Fraud monitoring should include prevention, monitoring and assurance, says Nord
- Some international markets only have limited cyber insurance
Nord Security’s identity theft protection software, NordProtect, has been upgraded with new fraud monitoring features to help detect and prevent bad 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 this upgrade, NordProtect will be able to monitor possible identity theft and fraud across 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 hard 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.
Through short-term loan monitoring, Nord will check for payday loans, cash advances and other short-term borrowing that fraudsters can use in identity theft schemes. Financial account monitoring will use a customer’s contact information, address and more to see if they are being used to open new accounts. It will also be responsible for reviewing reported transactions or account changes.
Closer integration with TransUnion means users can also access desktop credit lock features from within the NordProtect ecosystem.
However, there’s one big problem with NordProtect: it’s currently only available as a service in the United States.
Some cyber insurance benefits, which fall under the third pillar of the Nord approach to fraud monitoring, are available through NordVPN to customers in the UK, Netherlands, France, Sweden, Germany and Italy. However, NordVPN doesn’t offer the comprehensiveness of NordProtect when it comes to detailed fraud monitoring.
“The ability to minimize potential harm depends heavily on the quality of monitoring,” Sinicki said. “We believe these new capabilities take our surveillance from sufficient to exceptional.”
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