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Edentify upgrades ID fraud detection system

30 June 2006  |  2729 views  |  0 Source: Edentify

Edentify, Inc. (BULLETIN BOARD: EDFY) , a leading provider of identity management solutions, today announced the release of IDBenchmark 2.0, a major upgrade of the industry's leading ID fraud detection and prevention software.

This full version release includes several key advancements that give institutions greater ability to accurately determine the level of business risk associated with a person's identity.

Available in July, version 2.0 of IDBenchmark uses patented advanced pattern recognition and fraud detection technology to derive a composite risk score for intentional identity fraud and intentional manipulation. This new version performs identity screening 200 percent to 300 percent faster than earlier versions, includes an intuitive user interface, and provides in-depth reports of an identity's risk factors, including historical details about suspicious behavior.

IDBenchmark 2.0 uses multidimensional candidate ratings to evaluate an identity's information from several new perspectives. This process generates an overall risk assessment that provides banks and financial institutions with an unparalleled level of detail available with regard to the types of risks associated with each person's identity, and the environment in which a manipulation occurred. These expanded ratings include:

  • Suspect Usage Ratios & Synthetic ID Detection shows the number of suspect versus confirming records observed for each candidate. (A Synthetic ID is an identity for which there are neither confirming nor suspect records.)
  • ID History Profile provides activity dates about when an identity was established, updated, and its data source.
  • Automated Data Validation Analysis flags inconsistencies across input parameters and related data points.
  • ID Incidence Level totals the number of observed incidences for suspect and confirming identities, and allows customers to spot synthetic IDs.
  • Blended ID Risk Ranking provides a risk score based on an analysis of all these factors.

Other new features of Edentify's IDBenchmark 2.0 include:

  • A state-of-the-art XML Gateway and API (application programming interface) provides real-time 24/7 transaction processing.
  • An Enhanced Architecture provides framework for rapid, custom enhancements.
  • A Unified User Interface accesses all main software processes.
  • Performance Enhancements boosts performance three-fold compared to earlier versions, significantly reducing the time required to process ID assessments and allowing for faster delivery of real-time results.
  • Integration with Microsoft's SQL Server 2005 Data Management Facilities allows for complex data conversion and analysis without the need for additional tools or expertise.
  • Simplified Licensing in the development of data input/output functions in the software's core modules eliminates the need for additional vendor software, and results in an expected accumulated company savings of up to $400,000 over five years.

"With Edentify's IDBenchmark 2.0, risk managers now have the fastest, easiest to use, and most robust identity management and fraud detection system available today," says Terrence DeFranco, CEO of Edentify. "By utilizing our IDAssess, IDScreen, and IDAlert products using the new IDBenchmark technology, risk managers can make more informed decisions about whether to accept an applicant as a customer and, if so, more precisely gauge the level of risk they are assuming in doing so throughout the life-cycle of the account. By implementing this version of our technology, financial institutions are in a much better position to minimize the loss associated with identity theft and related crimes, and, in turn, reduce the potentially devastating effects that this crime has on its customers.

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