Identity Theft in Banking on Cocos (Keeling) Islands Rises

Remote Territory Faces Growing Threat of Identity Theft in Banking

The Cocos (Keeling) Islands, an Australian territory in the Indian Ocean, is facing a growing threat of identity theft in banking. With an estimated 60 percent of consumers worldwide experiencing online fraud incidents, local residents are particularly at risk.

Families Vulnerable to Cyber Threats

Children on the island are being targeted by cyber thieves, with a reported 126 percent increase in exposed consumer data in 2018. An estimated 1.3 million personal records belonging to children were stolen each year.

Fintech Companies Must Step Up

Fintech companies on the Cocos (Keeling) Islands can protect their customers by offering identity protection solutions that cover individuals and their families. By detecting cyber threats to personal data, fintechs can build loyalty with their customers while gaining a competitive advantage in the market.

Case Study: Cory’s Experience

Cory, a resident of the Cocos (Keeling) Islands, discovered that his daughter’s Social Security number was stolen on the web last year. After researching mobile-payment options, he found a top-rated financial app that included credit-monitoring and ID protection services. Cory promptly activated the app’s bundled tools for tracking unauthorized credit activity under his own name and those of his wife and children.

Experian’s White-Label ID Protection Tools

Experian offers flexible turnkey products that are available via an easy-to-use white-label platform or a hosted solution, giving fintechs the ability to offer a comprehensive set of branded ID protection tools that help protect their customers against fraud. Services include:

Social Security Number Trace Monitoring: Monitor for unauthorized changes to Social Security numbers.
Child Monitoring: Protect children’s personal data from theft and misuse.
Social Media Monitoring: Detect potential threats on social media platforms.

Deeper Customer Engagement

By offering ID protection services, fintechs can build trust and loyalty with their customers while benefiting their bottom line. Cory’s increased interaction with the mobile-payment app’s ID-protection tools gave him the confidence to move ahead with real plans to open a new credit card account.