Boulder software company develops bank card security solution

BOULDER — Enzoic, a Boulder-based provider of threat intelligence solutions, has released its Payment Card BIN Monitoring service designed to help banks and credit unions prevent card fraud through real-time exposure data. 

Enzoic is the trade name for PasswordPing Ltd. Its security solution harnesses a proprietary dark web intelligence to scan for credit and debit cards associated with financial institutions’ bank identification numbers, providing immediate notification of any breaches containing the digits.

Payment cards can be exposed as a result of data breaches, phishing scams, and malware attacks, and their fraud is a growing and costly problem, with the U.S. projected to reach $12.5 billion in related losses by 2025. 

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“The threat is compounded by the fact that card fraud solutions introduce significant user friction or result in false positives—for example, incorrectly flagging a consumer traveling internationally and blocking future purchases as fraudulent,” Enzoic said in a press statement. “In addition, fraud insurance is primarily designed for large scale breaches, meaning that financial institutions are often responsible for covering the smaller card compromises that occur more frequently. With a new person falling victim to identity theft in the U.S. every 14 seconds, this could quickly become an expensive undertaking.”

Enzoic’s system enables financial institutions to act at the first sign of compromise to prevent fraudulent purchases. Because the solution requires banks and credit unions to register only their BINs, customers’ account details remain protected while Enzoic scours the dark web for compromise.

“Financial institutions have been largely reactive to credit card fraud. Our new BIN Monitoring solution enables them to finally get ahead of this threat —and the financial headaches it causes,” Mike Wilson, founder and chief technology officer of Enzoic, said in a written statement. “As banks and credit unions are notified within a matter of seconds, they can act before threat actors have time to initiate a fraudulent transaction. This helps strengthen customer trust and loyalty, particularly as the enhanced security comes with zero additional user friction.”