News Releases
ID Analytics Announces New Identity Risk Management Suite for Stopping Identity Fraud at All Points of the Customer Lifecycle
ID Analytics Offers Comprehensive Solutions to Help Businesses Stop Identity Fraud Cold
SAN DIEGO, CA, February 23, 2004–ID Analytics, Inc., the Identity Risk Management technology company, today announced a range of advanced technology products comprising its new Identity Risk Management Suite. Designed for companies that are exposed to identity-related fraud risks, these new offerings provide a cost-effective way to detect and prevent all types of identity fraud, from the opening to the early life of a new account, through to transaction and collection activity on existing accounts. Enabled by ID Analytics' ID Network®, the nation's first and only real-time dynamic fraud prevention network, the comprehensive suite helps companies in the ID Network proactively manage identity risk throughout the customer lifecycle.
Clients of ID Analytics, which are automatically members of the ID Network, actively collaborate through their participation to ensure that the network has unique cross-company, cross-industry visibility into the most up-to-date fraud detection indicators on the market. The ID Network, which already includes hundreds of millions of such indicators, continually learns and adapts in real-time as new information hits the network. Already, hundreds of thousands of additional fraud indicators are being added to the network each day.
The fastest-growing area of financial, regulatory and reputational risk for consumer companies today is identity risk–whether their applicants and customers actually are who they say they are. Criminals committing identity fraud have become increasingly sophisticated, using commercially available data to create synthetic identities and to steal identities. ID Analytics' intelligent ID Network, coupled with its comprehensive Identity Risk Management Suite, makes it possible for companies to better manage identity risk, using resources efficiently, minimizing the manual time involved, saving costs, safeguarding customers and stopping even more fraud.
"Primary goals for companies extending accounts to consumers are minimizing fraudulent accounts, maximizing approved applications, and taking care of legitimate customers" said Bruce Hansen, chairman and CEO for ID Analytics. "Our clients work very hard to authenticate identities on suspicious and inconsistent applications, before and even after applications have been approved. With this new suite, we're adding to their arsenal of identity fraud prevention tools with the very latest technology and most up-to-date information available in the market."
Central to ID Analytics Identity Risk Management Suite is its flagship product offering, ID Score for Applications. In use today by more than half the credit card industry plus some of the nations' largest wireless, online instant credit and retail card companies, ID Score for Applications has helped detect thousands of frauds, saving millions of dollars in financial losses.
The basis for ID Score is ID Analytics' advanced pattern recognition technology called Graph Theoretic Anomaly Detection® (GTAD™), which applies sophisticated analytics to dynamically detect unusual patterns based on identity information. GTAD is built on the ID Network, which comprises hundreds of millions of consumer applications for credit, debit, new accounts and other public and non-public data, and is growing every day.
Until now, ID Analytics has targeted its solutions to detect fraud at the point of application, stopping it before it starts. With the introduction of the Identity Risk Management Suite, ID Analytics now helps its clients detect fraud and manage risk at every point of the customer lifecycle.
The Identity Risk Management Suite includes the following:
ID 360
Unlike anything available on the market today, ID 360 automates the process of authenticating suspicious identifies by attempting to confirm conflicting or suspicious data elements. Once ID Score–or internal policy checks–identify a risky identity, ID 360 analytically determines how to best authenticate the identity. ID 360 then automatically executes processing steps that do not require human intervention, including accessing third party data sources and supporting compliance with the latest USA Patriot Act requirements. With ID 360, companies can make more accurate authentication decisions while automating a high percentage of those decisions.
ID Score for Early Life
While ID Score for Applications and ID 360 assess identity risk prior to the opening of a new account, ID Score for Early Life examines early transactions on newly opened accounts to stop fraudulent purchases before they become a liability. Using data and both customer-specific and industry-specific attributes, ID Score for Early Life generates a probabilistic risk score based on characteristics of the first purchase or account set-up attributes. This approach is particularly effective in instant credit environments where the first transaction on the account often occurs simultaneously with application approval.
ID Score for Accounts
Pinpointing hard-to-detect identity fraud later in the customer lifecycle, ID Score for Accounts monitors non-monetary transactions for signs of potentially fraudulent activity. The product leverages GTAD and the ID Network to score transactions such as address changes and requests for convenience checks for the probability of fraud and/or highly suspicious behavior. Rather than just assessing a non-monetary transaction as an event, ID Score for Accounts integrates identity-centric variable assessment to measure the coincidence and relationships of the identity with the particular event pattern.
ID Score for Recovery
Because identity risk can impact collections and recovery, ID Analytics offers ID Score for Recovery, which uses GTAD to assess identity risk at the point of delinquency. ID Score for Recovery enables businesses to invest collections resources in recoverable accounts, rather than wasting resources on accounts that are likely fraudulent. When an identity fraud is not discovered until long after initial delinquency, the drain on a business' collections resources can be significant. Collections operations are staffed and funded with the intention of recovering outstanding balances and debts, but an undiscovered fraud has no probability of recovery. ID Score for Recovery helps prevent further losses, and help redirect resources where they belong, to collections on legitimate accounts.
In September, ID Analytics will host Identity 2004, The Identity Risk Management Conference at La Costa Resort & Spa in Carlsbad, CA. At this 3rd annual event, companies from around the world will showcase the solutions and best practices that comprise Identity Risk Management.
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.