- NordProtect gets upgraded financial fraud monitoring tools
- Fraud monitoring should comprise prevention, monitoring and insurance, Nord says
- Some international markets get limited cyber insurance only
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 form part of Nord’s three-pillar approach, which NordProtect Managing Director Tomas Sinicki described as “cybersecurity 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, searching for suspicious activity such as new accounts opened under a user’s name, changes to the credit score, or hard searches.
As well as coverage across financial services via these bureaus, NordProtect will also introduce short-term loan monitoring and financial account monitoring, which are new to the platform.
With 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’re used to open new accounts. It’ll also take charge of reviewing flagged transactions or account changes.
Tighter integration with TransUnion means users can access the bureau’s credit lock features from within the NordProtect ecosystem, too.
However, there’s one big catch with NordProtect and it’s that it’s currently only available as a service in the United States.
Some cyber insurance benefits, which come under the third pillar of Nord’s approach to fraud monitoring, are available via NordVPN to customers in the UK, the 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 damage depends heavily on the quality of monitoring,” Sinicki said. “We believe these new capabilities raise our monitoring from sufficient to outstanding.”
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