Online financial transactions are increasing day by day. It is driven by factors like speed and convenience. These services have helped banks to scale up in terms of offering value – based services to clients. The market size of the industry in US is expected to grow by 1.5% in 2021. According to the Identity Theft Resource Center, on an average there are three data breaches a day. We may also find that increasing private investments in software and technology, which might boost up the sector and represent an opportunity for the industry. But, on the other hand, there are certain negative factors that affect the industry and one of them may be considered to be high competition.
On January 8, Equifax, a global data, analytics, and technology company announced an agreement to acquire Kount, a provider of Artificial Intelligence (AI) - driven fraud prevention and digital identity solutions. Global digital transformation has accelerated and customer interactions are being driven online in record numbers. This acquisition will expand Equifax’s share worldwide as a digital identity and fraud solutions, which helps businesses better engage with their customers while combating fraud. As digital migration accelerates, this strategic acquisition will help authenticate online fraud and also optimize the consumers’ experience.
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In the month of June, 16 FICO (Fair, Isaac and Company) an analytics company that is helping businesses make better decisions acquired QuadMetrics, a firm that uses predictive analytics to rate the security of an organization, to rank an organization’s level of cybersecurity risk. QuadMetrics would leverage predictive analytics to monitor signals from open source and proprietary data sources to provide an overall security score for an enterprise thus helping security professionals to address gaps and enable partners and insurers to understand a firm’s security risk. The FICO Enterprise Security Score will be an easy to understand score that shall help board-level risk assessment, third-party vendor management and cyber breach insurance underwriting. Along with it, the product will also provide a current threat profile characteristic and useful insights into potential security issues for various organizations.
Norton LifeLock has announced that they will provide new and expanded privacy offerings to help people keep their sensitive information more private and also to take control of the information shared online. With so much personal information readily available online today, the need of the hour is to proactively protect our online privacy and identity.
Intersections Inc., an identity risk management and privacy protection services for consumers provider announced an expanded partnership with Digital Matrix Systems Inc. owing to a newly developed consumer identity and privacy protection service – Identity Guard with Watson in February 17. With the emergence and increase of data breaches and Identity theft and almost 50% of the Americans being hacked as per Ponemon Institute, there was a need for prompt alerts with accurate risk assessments. By using Identity Guard with Watson is able to provide a healthy identity and privacy protection service with a near real – time alert of suspected fraudulent activities and tailored risk management. It would also combine financial account monitoring of traditional identity protection services with a broad monitoring of consumers’ self – reported behavioral, social and professional data. To deliver near real – time alerts, Identity Guard would analyze the data it monitors along with the user profile information.
On September 6, 2018, ADT Inc. a provider of security and automation solutions for homes and businesses launched an Identity protection solution worldwide namely Digital Security by ADT. Thus, it will offer peace of mind at home and on-the-go by helping protect a customer’s personal identity, digital data, home network and financial information. They announced that the Identity Protection will be exclusively available on ADT’s enhanced e-Commerce platform that would also provide convenience and clarity for customers to shop for their security needs when and how they want. The identity protection solution would provide monitoring and support services to help customers minimize their risk of identity theft and loss exposure. In addition to enabling customers track their credit report activity and score so that they can keep tabs on potentially fraudulent use of their credit, the service also includes services such as change of address notifications, public courts and criminal records monitoring, and 24/7 fraud incident resolution with up to one million dollars in identity theft expense reimbursement.
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In the month of July 2020, CyberScout LLC expanded its relationship with Erie Insurance for identity management and as identity theft resolution provider. CyberScout has been providing ERIE with data breach protection and identity restoration services for its commercial customers since 2013. ERIE customers who will take advantage of this enhanced identity theft recovery coverage solution will now benefit from identity management services, educational resources, and recovery process services including covering some expenses necessary to get life back on track.
The detailed research study provides qualitative and quantitative analysis of the global identity theft protection services market. The identity theft protection services market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America
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Global Identity Theft Protection Services Market
- By Theft Type
- Bank Fraud
- Phone and Utility
- Employment And Tax
- Credit Card Fraud
- Others
- By Application
- Consumer
- Enterprise
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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