News Releases
ID Analytics and Primary Payment Systems Bring the ID Score To Retail Banking to Fight Identity Fraud
PPS' Strong Presence in the Retail Banking Sector and ID Analytics' Fraud Detection Capabilities Make For a Winning Combination
SAN DIEGO, CA, August 19, 2003–ID Analytics, Inc., a technology company providing businesses with solutions to detect and prevent identity theft and related fraud, today announced a partnership with Primary Payment Systems® (PPS®), which provides a suite of Early Warning® solutions used in the detection of high-risk deposits, payments and individuals. As part of the agreement, PPS will resell the ID Score™, ID Analytics' flagship pattern recognition technology solution, to its financial institution customers, including most of the largest retail banks in the United States.
The two organizations are also working together on developing joint solutions to address the rising incidence of check fraud. Despite a slow decline in check usage, it remains a growing problem for retail banks and bankcard issuers as losses become a larger percentage of deposits and payments. The strategic partnership underscores both companies' commitment to combating this trend by applying sophisticated analytical tools to stop check fraud, and its precursor identity theft, in real-time, at the point of application.
"PPS is an undisputed leader in fraud and risk management solutions for financial institutions. The company's role in safeguarding the National Shared Databases™, and its application to mitigating losses at the account opening desk, has helped PPS establish strong relationships with nearly all of the key retail banking players," said Bruce Hansen, chairman and CEO for ID Analytics. "By bringing together PPS' core competencies and our sophisticated fraud analytics, we believe this combination will go a long way towards detecting and preventing identity theft and related fraud."
Under the partnership, PPS will sell the ID Score to its established customer base of retail banks. This valuable tool will allow these banks to better pinpoint potentially fraudulent applications in real-time, and will help them reduce financial losses associated with identity theft before these accounts are opened.
"ID Analytics' expertise in fraud analytics is unparalleled. By establishing the ID Score in the retail banking community, we give our customers a 360-degree view of potential fraudsters," said Larry W. Spooner, president and COO of Primary Payment Systems. "Having this knowledge and information is a big step towards eliminating identity fraud all together."
The ID Score assesses the legitimacy of identity information provided by individuals. Much like a credit score, the ID Score is supported with reason codes that provide insight into why applicants received a particular score. These reason codes help pinpoint which identity data elements might be suspect and how to most efficiently verify the application manually. Retail banks leveraging the ID Score can reduce identity theft by more than 40 percent, incremental to any current fraud detection efforts. Furthermore, the ID Score also helps banks meet USA PATRIOT Act compliance requirements for performing customer authentication.
Finally, ID Analytics and PPS are also working together on technology development efforts designed to reduce check fraud and will continue to partner on such efforts by leveraging PPS's National Shared Databases and ID Analytics' analytical tools.
About PPS
Primary Payment Systems (PPS), a Concord Risk Management Company, provides services that combat check, identity and new account fraud. The PPS suite of Early Warning solutions notifies users of high-risk deposits and payments as well as suspicious identities. The foundation of these unique services is the National Shared Databases, which are used exclusively for fraud prevention and are maintained and safeguarded by PPS, a Trusted Custodian™. More information can be found at www.primarypayments.com.
About ID Analytics, Inc.
ID Analytics, the leader in Identity Risk Management, provides unprecedented real-time visibility into the risk of individuals, protecting both organizations and consumers. ID Analytics pioneered identity scoring technology and uses Advanced AnalyticsSM and the ID Network®, the nation's only real-time, cross-industry compilation of identity information, to assess risk and improve the customer experience across all consumer touchpoints. Top U.S. communication and financial service companies, as well as major retailers, government agencies and healthcare insurers, all trust ID Analytics to drive new revenue opportunities, eliminate financial losses, and protect their brand reputation with less customer friction.
ID Analytics is a registered trademark of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.