“The average cost of a single stolen data record for any business is $154”

“The average cost of a single stolen data record for any business is $154”

Big data and text analytics firm Hello Soda has launched Fraud Web, a new software solution built to combat identity fraud committed through the untraceable internet.

The company says Fraud Web identifies the risk of consumer data being available for sale on the dark web and issues high, medium and low risk alerts so that organisations can gauge the likelihood of ID theft. Businesses can use this insight to notify customers if their data is for sale, or to block accounts that may be used fraudulently and prevent subsequent losses.

James Blake, CEO at Hello Soda, says “the average cost of a single stolen data record for any business is $154” and that businesses have a “duty to look after their customers and look out for fraud”.

As well as risk alerts on the exposure of consumer data, including contact details and card information, Fraud Web also provides email address and phone number validation to ensure that the customer details businesses have are active and up-to-date.

Additional features include screening of politically exposed persons (PEPs) and companies affected by financial sanctions. Hello Soda says these checks can help organisations carry out proper due diligence with new and existing clients and be compliant with anti-money laundering (AML) and know your customer (KYC) guidelines.

Hello Soda is headquartered in Manchester, UK, with offices in Austin, Texas and Bangkok. It was founded in 2013.

Last month, Absa Bank, a subsidiary of Barclays Africa, partnered with Hello Soda as it looks to tap into the millennial market. The bank says it wants to make sense of unstructured social data to better understand its consumer base.

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