- NordProtect gets upgraded tools for monitoring financial fraud
- Fraud monitoring should include prevention, monitoring and assurance, says Nord
- Some international markets only get limited cyber insurance
Nord Security’s identity theft protection software NordProtect has been upgraded 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 “cyber security tools for prevention, monitoring services and insurance benefits.”
With the upgrade, NordProtect will be able to monitor possible identity theft and fraud across the major credit bureaus Equifax, Experian and TransUnion, by looking for suspicious activity such as new accounts opened under a user’s name, credit score changes or hard searches.
In addition to coverage across financial services via these agencies, NordProtect will also introduce short-term loan monitoring and financial account monitoring, which are new to the platform.
With the monitoring of short-term loans, Nord will check for payday loans, cash advances and other short-term loans 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 in the habit of opening new accounts. It also takes responsibility for reviewing flagged transactions or account changes.
Tighter integration with TransUnion means users can also access the bureau’s credit lock features from within the NordProtect ecosystem.
There is one major catch with NordProtect, however, and that is that it is currently only available as a service in the US.
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 UK, Netherlands, France, Sweden, Germany and Italy, but NordVPN does not offer NordProtect’s scope when it comes to detailed fraud monitoring.
“The ability to minimize potential harm depends largely on the quality of surveillance,” Sinicki said. “We believe these new capabilities elevate our monitoring from adequate to excellent.”
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