Sonar Launches “Red Flag” Service to Help Banks and Fintechs Verify If Their Customer Data Has Been Leaked in Recent Breaches
New service offers financial institutions an easy way to protect their customers from malicious account takeovers
Sonar, the leading fraud data sharing consortium, is launching its new Red Flag service to help banks and fintechs quickly verify if their customers’ data has been compromised in a breach or used for fraudulent activities, such as opening accounts, applying for loans, and making fraudulent online purchases.
With the rise of hacks targeting financial institutions, customer PII and sensitive bank data have been exposed, enabling fraudsters to open new accounts with legitimate identities. Sonar’s Red Flag service helps financial institutions and fintech companies proactively check if an account is linked to a data breach. If the credentials are compromised, Sonar returns a red flag status of “true,” alerting the institution that the credentials are exposed on the dark web.