ID Analytics Secures Identity-Based Fraud Detection Patent
May 25, 2010
Company Receives Third Patent from U.S. Patent and Trademark Office for New Detection System and Method Using Historical Identity Records
SAN DIEGO, CA –ID Analytics, Inc., the leader in on-demand identity intelligence, announced today that the U.S. Patent and Trademark Office granted the issuance of U.S. Patent Number 7,686,214 for the company’s system and method for fraud detection using multiple historical identity records. This patent recognizes ID Analytics’ innovative technical approach to assembling a consumer identity network and producing highly-predictive insight into a consumer’s behavior over time and across multiple industries.
“ID Analytics’ breakthrough fraud detection approach is highly effective in helping organizations combat the increasing sophistication of tactics used by fraudsters,” said Dr. Stephen Coggeshall, chief technology officer, ID Analytics, Inc. “This latest patent is another indicator of our experience, leadership and ability to raise the bar on the performance of fraud detection algorithms. By aggregating and analyzing identity elements across a diverse range of organizations and industries, we are able to deliver highly predictive insight into the risk of a consumer not available from any other source.”
The patent covers fraud detection processes that examine the linkages of identity information such as names, addresses, Social Security numbers, and phone numbers to glean greater insight into fraudulent behavior. ID Analytics’ patented technical approach is achieved through a combination of unique capabilities used to assess risk related to identity fraud. These capabilities include the ID Network® – the nation’s only real time, cross-industry compilation of identity information; Personal Topology™ –an individual’s particular identity characteristics and their connectedness to each other; and ID Analytics’ proprietary Advanced AnalyticsSM.
The ID Network includes more than a billion unique identity elements and receives an average daily flow of 45 million identity elements from its customers which include eight of the top ten credit card issuers, six of the top ten financial services companies and four of the top five wireless carriers.
Mike Cook, Dr. Stephen Coggeshall, Alan Tsang, Christer DiChiara, Dr. Tao Hong, Dr. Allen Jost and Dr. Xuhui Shao are the inventors of the patent issued to ID Analytics on March 30, 2010.
About ID Analytics, Inc.
ID Analytics, the leader in on-demand identity intelligence, provides unprecedented real time visibility into the risk of individuals, protecting both organizations and consumers. ID Analytics pioneered identity scoring technology. ID Analytics combines three unique capabilities to assess risk and improve the customer experience across all consumer touchpoints: the ID Network®–the nation’s only real time, cross-industry compilation of identity information; Personal Topology™– an individual’s particular identity characteristics and their connectedness to each other; and ID Analytics’ proprietary Advanced AnalyticsSM. Leading communications, financial services, retailing, and healthcare companies, as well as multiple government agencies, trust ID Analytics to provide solutions that drive new revenue opportunities, reduce financial losses, and facilitate compliance with federal regulations. ID Analytics is based in San Diego, CA. For more information, visit 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.