{"id":4736,"date":"2012-02-09T22:07:00","date_gmt":"2012-02-09T22:07:00","guid":{"rendered":"https:\/\/evssolutions.com\/bank-of-america-suffers-breach-due-to-poor-third-party-relationship\/"},"modified":"2012-02-09T22:07:00","modified_gmt":"2012-02-09T22:07:00","slug":"bank-of-america-suffers-breach-due-to-poor-third-party-relationship","status":"publish","type":"post","link":"https:\/\/evssolutions.com\/insights\/bank-of-america-suffers-breach-due-to-poor-third-party-relationship\/","title":{"rendered":"Bank of America Suffers Breach Due to Poor Third Party Relationship"},"content":{"rendered":"

This month, Bank of America<\/a>
\nsuffered from a breach leaving their customers angry and confused. They chose
\nthe route of informing their customers via written letters and would not
\ndisclose an estimate of how many accounts were affected by this breach.
\nSpokeswoman Betty Riess believes the breach may have been the effects of a
\nthird party partner. The company is now working on filling the gap in their security
\nmeasures<\/a> and mending relations with their customers.<\/p>\n

<\/p>\n

The use of third party fraud
\nprevention<\/a> companies are becoming a trend in the industry, not only because
\nof the pure volume of transactions but because they help aid in layered
\nsecurity<\/a> for the FFIEC regulations. These third parties allow companies to
\nconcentrate more on the relationships with their customers while they outsource
\nID
\nverification<\/a> and authentication. Sounds like a perfect match right? Well,
\nthat convenience does not come without a trade off.<\/p>\n

When choosing a third party vendor, there are two factors
\nthat can make the difference between a mutually beneficial partnership and a
\ntransactional nightmare. The first is the level of collaboration. Companies
\nmust express the importance of their customers security with the vendors to
\nget everyone working towards the same goal. The entire fraud prevention plan
\nmust be secure from start to finish, and the more collaboration the better. The
\nsecond is the use of real-time transactions. Third parties that store
\ninformation in databases have a much higher chance of a breach than vendors
\nusing real-time transaction. Fraud prevention companies such as EVS<\/a>
\nthat use real-time transactions never store customer information with greatly
\ndecreases the risk of a breach, better protecting from ID
\ntheft<\/a>.<\/p>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

This month, Bank of America suffered from a breach leaving their customers angry and confused. They chose the route of informing their customers via written letters and would not disclose an estimate of how many accounts were affected by this<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[34,39],"tags":[],"class_list":["post-4736","post","type-post","status-publish","format-standard","hentry","category-fraud-prevention","category-identity-fraud"],"acf":[],"_links":{"self":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/comments?post=4736"}],"version-history":[{"count":0,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/posts\/4736\/revisions"}],"wp:attachment":[{"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/media?parent=4736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/categories?post=4736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/evssolutions.com\/wp-json\/wp\/v2\/tags?post=4736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}