Based on the calls we've been getting, you'll see a raft of stories like the one in the Wall Street Journal today, New Services Guard Against ID Theft, by reporters Kevin Delaney and David Bank. The article described new services from four companies that go beyond simple credit report monitoring, and track personal info in a raft of online databases. The goal of the services is to identify potential fraud earlier in the cycle, minimizing its impact.
The article was inconclusive over the value the individual services provided, but it generally was positive about the concept. This type of press coverage helps raise awareness among your security-minded consumers about potential solutions. Banks that can vet these services and provide reasonable assurances that by using them the consumer hasn't created yet another security vulnerability, will be rewarded with a nice stream of fee income.
Companies mentioned in the WSJ article:
- ID Watch from Intelius
- FraudProtect from Intersections
- MyPubicInfo
- DeleteNow from UniPrivacy
We'll cover this area in more detail in an upcoming Online Banking Report. For an overview of the market see OBR 83/84.
--JB