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Table of Contents

Lead Story

The shifting landscape of merchant acquiring

Patti Murphy

News

Industry Update

Merchants, courts debate credit card surcharging

Merchant groups press on for lower Durbin cap

Amazon unveils exclusive e-commerce program

Features

How tax fraud impacts your merchants

Andrew Altschuler

Views

The showroom effect

Dale S. Laszig
DSL Direct LLC

What to disclose to underwriters

Ken Musante
Eureka Payments LLC

Education

Street SmartsSM:
The merchant cash advance

John Tucker
1st Capital Loans LLC

Getting legal with millennials in payments

Adam Atlas
Attorney at Law

A great leader may not be your friend

Steven Feldshuh
Merchants

Facilitating collaboration to safeguard sensitive data

James Daube
Global Legal Law Firm

From EMV to CNP: A look into U.S. authentication

Christoph Tutsch
Onpex GmbH

Company Profile

Go4Payments

New Products

Internet failover for high-volume merchants

OptConnect duo
OptConnect

Comprehensive, proactive ID theft protection

BFR SecurID
Business Financial Resources LLC

Inspiration

Brush up your phone manners

Departments

Letter from the editors

Readers Speak

Resource Guide

Datebook

Skyscraper Ad

The Green Sheet Online Edition

April 25, 2016  •  Issue 16:04:02

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New Products

Comprehensive, proactive ID theft protection

Product: BFR SecurID

Business Financial Resources LLC, established in 1992 and based in Old Bridge, N.J., launched BFR SecurID, a suite of security services devised to protect against all forms of identity theft. SecurID combines preventive maintenance with expert resolution services and can be offered as part of an employee benefit package, requiring no contract or personal information from participating members, BFR noted.

Business Financial Resources LLC

The program is the newest addition to the company's portfolio of programs, which include fraud protection, chargeback insurance and energy-savings initiatives offered through the company's roster of reseller channel partners.

"Much like health insurance, legal representation, life insurance and other benefits offered to employees, ID protection is extremely valuable," said BFR SecurID Consultant Gene Lieb. "There's a good chance identity theft will affect all of us at some point in our lives. For just pennies a day, our program offers an alternative to typical reactionary solutions. It's actually proactive ‒ providing a comprehensive approach to all types of ID theft."

Theft, concern grows

More than 2 million U.S. citizens have been victims of medical identity theft, according to a 2015 article in Forbes. While consumers may bear little financial liability for compromised payment card accounts, the average cost per consumer for medical identity theft can amount to thousands of dollars, according to company sources.

"Cybercriminals are targeting more than just our buying power," Lieb said. "They're after our reputations, access to medical care/drugs and all that our good names stand for."

In addition to medical identity theft, many other forms of identity theft are on the rise, including tax identity, child identity and employment identity theft, according to BFR sources. These crimes can be costly and take years to resolve. This evolving threat landscape reinforces the need to proactively protect against all forms of cybercrime, not only credit cards and online shopping, the company stated.

Proactive education, guidance

SecurID combines education and protective strategies with personalized monitoring and resolution services. Unlike other solutions that focus on the costly aftermath of identity theft, SecurID is an integral part of an employee's benefit package. Employees call in to SecurID as part of their orientation process, meeting with advocates without revealing any sensitive personal information. Advocates will subsequently educate them on a range of strategies and best practices designed to protect against all forms of identity theft, the company stated.

Remediation can be costly to individuals and companies, interrupting lives and careers as employees try to re-establish compromised lines of credit and financial relationships, Lieb noted. Something as simple as requesting a copy of a police report can take up to three weeks; that paperwork is a minimum requirement before many financial institutions and credit bureaus will open a ticket. SecurID advocates work on behalf of impacted individuals to ameliorate such issues and fast track the remediation process, Lieb said.

Employee, company benefits

SecurID is focused on helping businesses and individuals protect identity at all stages of life. The competitively priced program covers an employee's entire family or household, including children up to age 26.

In addition to personalized guidance from trained representatives on security best practices and swift remediation when incidents occur, additional resources include identity theft protection, proactive monitoring, disaster recovery, identity theft resolution and a dedicated resolution center designed to address an array of issues and situations.

BFR SecurID, a division of BFR, is recruiting agents and resellers to sell competitively priced identity protection services to business owners and merchants as an employee benefit and retention tool. Channel partners who promote the SecurID comprehensive suite of identity protection services can earn ongoing residuals, the company said.

Website: www.securid.global Contact: gene@bf1992.com

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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