ID Analytics Announces ID Score® Account Takeover 2.0 for Improved Risk Mitigation
July 9, 2013
SAN DIEGO, CA – ID Analytics, a leader in consumer risk management, today announced an updated version of its ID Score Account Takeover (ATO) solution designed to help enterprises mitigate the risks associated with consumer initiated account management activities. ID Score ATO 2.0 enables organizations to better assess account takeover risk and is the only source of cross-industry consumer identity-based insights into the fraud risk associated with changes to an existing account. The solution harnesses the power of the ID Network® one of the nation’s largest networks of cross-industry consumer behavioral data. With ID Score ATO 2.0, companies can reduce one of the most damaging types of fraud, adhere to compliance standards, and maintain positive customer relationships.
Taking Account Takeover Protection to the Next Level
ID Score ATO 2.0 scrutinizes consumer-initiated account activity across all channels, product lines and industries, making it a unique and powerful solution. In addition to scoring the risk of events such as address, phone and email changes, the latest version of ID Score ATO can identify more event types including requests for new plastic, paper suppression, the addition of authorized users, PIN and password changes, and new check orders, among others.
ID Score ATO 2.0 looks for patterns and behaviors that indicate whether a consumer initiated account transaction is high or low risk. The solution enables enterprises to stop the riskiest transactions from progressing further by comparing account change requests against personally identifiable information (PII) and the nearly 1.7 billion records of U.S. consumer events found in the ID Network.
“Account takeover is a persistent issue that costs companies and the government millions each year. The problem will grow with the proliferation of publicly available personal information, increasing numbers of data breaches and an increasing number of online ‘black markets’ for private data,” said Julie Conroy, research director at Aite Group. “As fraudsters continue to find ways to manipulate customer’s account information and identities, organizations must look to new tools like ID Score ATO that incorporate identity-based data and information to complement their existing authentication and account compromise solutions.”
A Cross-Industry, Cross-Channel Problem
ATO is a cross-industry problem impacting financial services, telecommunications, eCommerce, government and other industries. A particularly painful issue for organizations, ATO leads to financial losses and damages the account holder’s faith in the enterprise to guarantee security and protect privacy. In many cases organizations learn about account takeover events from their customers before detecting the behavior themselves, further jeopardizing the customer relationship. Contributing to the challenge is the difficulty coordinating consumer account management activity across different lines of business and customer care channels. To better protect customer relationships, companies need an enterprise approach to mitigating ATO fraud across business lines and contact channels.
“The best ATO solutions reduce ‘friction’ for legitimate account management activities while focusing additional, expensive resources on only the highest risk events,” said Garient Evans, director of Identity Risk Solutions at ID Analytics. “Our enterprise customers face increasing scrutiny from both regulators and consumers to protect their assets, privacy, and data. ID Score ATO 2.0 is specifically tailored to help organizations defend their hard-won customer relationships and provides a one-of-a-kind offering to guard legitimate account holders from fraud.”
For more information on ID Score ATO 2.0, the account takeover threat and issues in the industry, download the ID Analytics white paper, “Best Practices in Account Takeover Defense,” by visiting ID Score Account Takeover.
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.
ID Analytics is a registered trademark of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.