Listen to the full conversation here: PrivacyGuard Podcast – Finovate
At this year’s FinovateFall, Christopher D’Aprile, Director of Business Development at PrivacyGuard, joined host Greg Palmer on the Finovate Podcast to expand on key insights from his keynote presentation about how financial institutions can strengthen identity protection as fraud becomes more sophisticated.
Rising Threats in a Digital World
Identity theft rates have historically hovered around 9–10%, but during the pandemic they spiked to 12–13%, fueled by the rapid adoption of digital banking and large-scale government payments. While deepfakes often capture headlines, Chris explained that the real AI-driven threat is more operational than theatrical. Fraudsters are now using data analysis and demographic profiling to identify vulnerable populations and optimize scam efficiency, running their operations much like legitimate businesses run marketing campaigns.
Where Banks Are Falling Short
Many financial institutions offer educational materials or limited support, but as Chris pointed out, identity restoration is far too complex for consumers to manage alone. Fraud victims face layers of credit, data, and legal recovery steps that require expert handling.
He urged banks and credit unions to move beyond awareness initiatives and partner with specialized providers like PrivacyGuard to deliver comprehensive, white-labeled protection. This approach not only protects customers more effectively but also helps institutions generate new revenue streams while offering a meaningful, trust-building service.
Looking Ahead
Chris also shared a look at emerging features that will define the next generation of identity protection, including:
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Scam protection and data scrubbing to reduce exposure risk
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Reimbursement for stolen funds to help victims recover faster
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Fraud reporting tools that empower consumers to take action, including submitting fake websites for takedown
“Consumers need the ability to fight back,” Chris said. “Fraudsters are using advanced tools; it is time we give customers the same advantage.”
Contact us to learn more about how PrivacyGuard partners with financial institutions to protect and empower customers.