ID Analytics Announces ID Score® 8.3 for Advanced Fraud Detection
July 24, 2013
Offers Real-Time Insight into Identity and Device Risk to Help Enterprises Improve Fraud Detection Rates, Reduce Operational Expenses and Improve Customer Experiences
SAN DIEGO, CA – ID Analytics, a leader in consumer risk management, today announced a new version of its flagship fraud detection solution, ID Score, which combines real-time insight into identity risk with the option of insight into device risk to help enterprises improve fraud detection for new account applications. The solution harnesses the power of the ID Network®, one of the nation’s largest networks of cross-industry consumer behavioral data. ID Score 8.3 is one of the first solutions to combine identity and device risk to deliver a unique and powerful view into application fraud. This improved visibility into consumer behavior enables companies to improve fraud detection rates, reduce operational expenses and enrich the customer experience.
Balancing Application Fraud Risk with Consumer Demand
Application fraud is a cross-industry problem spanning a variety of sectors including financial services, telecommunications, eCommerce and government that continues to cost leading organizations millions of dollars annually. Organizations are challenged to keep pace with criminals’ evolving fraud techniques as fraud continues to rise. At the same time, they need to meet the increasing demands of the consumer with convenient self-service technologies across multiple channels. As the number of legitimate and fraudulent applications submitted through these channels increases, companies face the challenge of protecting a business which is constantly exposed to risk. To mitigate this risk, organizations require a real-time understanding of application fraud risk across more channels with greater accuracy than ever before.
Unique Insight into Consumer and Device Risk
ID Score 8.3 improves the effectiveness of identity fraud detection through greater insight into consumer behavior and device profile risk, uncovering hidden associations between events, accounts and device usage. This unique insight drives improved fraud assessment that enables companies to quickly discern legitimate consumers from potentially risky individuals. The need for additional review can be limited to only the riskiest populations. ID Analytics has partnered with leading device authentication providers to generate cutting-edge risk assessments on billions of devices for hundreds-of-millions of credit active Americans.
“Companies are increasingly competing for customers and offering the convenience of online and mobile applications as a way to stand out,” said Garient Evans, director of Identity Risk Solutions at ID Analytics. “ID Score 8.3 eliminates the drawn-out application and identity verification processes that lead to abandoned applications. ID Score 8.3 helps companies reduce excessive reviews of low-risk applications and focus risk mitigation strategies on the highest risk applications associated with suspicious devices and suspicious identities.”
About ID Analytics, Inc.
ID Analytics is a leader in consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®— one of the nation’s largest networks of cross-industry consumer behavioral data—with advanced science, ID Analytics provides in-depth visibility into identity risk and creditworthiness. Every day, many of the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. ID Analytics is a wholly-owned subsidiary of LifeLock, Inc. Please visit us at www.idanalytics.com.
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ID Analytics, Inc.
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