News Releases
ID Analytics Marks Anniversary of First ID Score for Preventing Financial Losses Linked to Identity Risk–40 Million ID Scores Issued in Last Year
SAN DIEGO, CA, April 28, 2004–ID Analytics, Inc., the Identity Risk Management technology company, today announced the first anniversary of ID Score for Applications, its flagship product for preventing financial losses associated with identity risk – the risk that an applicant or customer is not who they say they are. Since scoring its first live application for credit–for one of the nation's top five credit grantors–ID Analytics has processed more than 40 million consumer applications for credit, debit and new account openings.
To date, ID Score for Applications has been deployed by some of the largest credit card, wireless, online instant credit and retail card companies in the United States, helping these companies determine the likelihood that consumers are in fact who they claim to be. ID Score, and the rest of the products in the comprehensive Identity Risk Management suite, draw upon a unique, real-time data and analytics system called the ID Network®, which is fueled daily by a steady stream of identity elements from these multiple industries, and is learning constantly as millions of new applications are screened and risk-assessed.
"It's been less than a year since we introduced the ID Score, but the results we've seen underscore our clients' desire to know their customers and in turn reduce financial losses and undue operational expenses, and stem customer attrition" said Bruce Hansen, chairman and CEO of ID Analytics. "At this point we're scoring nearly 10 million applications a month, stopping hundreds of millions of dollars in financial losses while preventing business costs associated with false positives, payment abuse, and collections."
The basis for ID Analytics' Identity Risk Management Suite is advanced pattern recognition technology called Graph Theoretic Anomaly Detection (GTAD™), which is deployed against the ID Network, applying sophisticated analytics to dynamically detect unusual patterns based on identity information. This infrastructure enables ID Analytics' clients to help identify the identity risk in most customer events, from customer acquisition through to delinquency.
ID Analytics has been the recipient of numerous awards and honors in the last year as well, including winning the "Outstanding Emerging Growth" category at the San Diego American Electronics Association (AEA), being named one of "Ten Technology Companies to Watch" by Bank Technology News and being presented an InFUSION 04 award for Breakthrough Innovation In Innovation by the San Diego T-Sector. ID Analytics is also a finalist for a Webby Award–in the Finance category–as well as a finalist for the Red Herring Top 100 Private Companies.
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.