ID Analytics, the leader in on-demand identity intelligence, announced today that the U.S. Patent and Trademark Office approved the issuance of U.S. Patent Number 7,458,508 for the company's industry-leading system and method for identity-based fraud detection technology.
ID Analytics' patented technology detects all types of identity fraud, including identity theft, synthetic fraud (fake identities), family fraud, and account takeover.
ID Analytics' patented technical approach combines three unique capabilities to assess risk related to identity fraud across all consumer touch points. The capabilities include the ID Network(R)--the nation's only real-time, cross-industry compilation of identity information; Personal Topology(TM)--an individual's particular identity characteristics and their connectedness to each other; and ID Analytics' proprietary Advanced Analytics(SM).
This approach uses link analysis to identify anomalies in the relationships between people and their individual identity elements such as name, address and phone number. The patented Advanced Analytics technology scans billions of identity elements within the ID Network to find those anomalous relationships in real time and deliver an identity risk score that reflects the likelihood of fraud.
"This patent represents a first for ID Analytics and the industry. We are proud of the technology we developed and the customer adoption it has achieved in the marketplace," said Bruce Hansen, chief executive officer, ID Analytics, Inc. "Our market-leading identity fraud solutions have proven successful in significantly reducing fraud-related losses for leading financial institutions, wireless providers, and healthcare companies, as well as government agencies."
Tao Hong, Allen Jost, Xuhui Shao, and Jianjun Xie invented the technology behind the patent assigned to ID Analytics on December 2.
"ID Analytics' patent recognizes and protects our fundamental scientific and technical approach to the very difficult problem of preventing identity fraud," said Stephen Coggeshall, chief technology officer at ID Analytics. "It further corroborates our knowledge that our identity prevention technology is substantially differentiated from any other approach that seeks to provide the same benefit."