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ID Analytics launches identity fraud risk assessment service

20 May 2009  |  1884 views  |  0 Source: ID Analytics

ID Analytics, the leader in on-demand identity intelligence, announced today the launch of MyIDScore.com, a free public service that gives consumers a quick and easy way to assess their risk of identity fraud.

Leading telecommunications, financial services, retail, and healthcare companies, as well as government agencies, already trust ID Analytics to help prevent consumer identity fraud. Now, for the first time, ID Analytics is extending its patented identity scoring technology directly to consumers so that they can take the necessary steps to manage their identity and have peace of mind.

MyIDScore.com, a proactive way for consumers to assess their risk of identity fraud, complements other identity theft prevention and detection offerings. MyIDScore.com provides consumers immediate insight into whether their personal identifying information is being used fraudulently to obtain assets, goods or services. A person's identifying information includes name, Social Security number, address, and phone number.

"I find it alarming that my personal information can be accessible to someone that wants to steal my identity," said Irene S., a concerned consumer. "By visiting MyIDScore.com, I can quickly get a reliable rating of my identity risk from a trusted source. Today, My ID Score is at low risk, which makes me feel safer and more in charge of my personal information."

According to the Federal Trade Commission's (FTC) latest survey on identity fraud, it typically takes consumers months to learn that a fraudster has obtained credit in their name. Nearly 25 percent of victims of new account fraud in the survey did not learn about misuse of their information until at least six months after it started. The median time of discovery was between one and two months. In this case, time does equal money. The FTC reports that the sooner misuse is detected, the less damage thieves can cause resulting in reduced out-of-pocket losses for victims.

"Consumers often feel helpless against identity theft. With MyIDScore.com, consumers- for the first time-have a means to actively monitor the risk to their identity," said Fred H. Cate, professor, Indiana University University and national privacy expert.

Consumers can log onto MyIDScore.com, follow the clear instructions and obtain their personal identity score as well as recommendations for what to do.

How It Works

My ID Score.com is a statistical score calculated by applying patented analytics technology to the ID Network®, the nation's only real-time, cross-industry compilation of identity information. Over the past seven years, ID Analytics has built this trusted network in cooperation with leading companies interested in fighting fraud. The ID Network contains more than 360 billion basic identity elements like name, Social Security number, phone number, date of birth, and address and includes two million reported frauds, and one billion consumer transactions.

"ID Analytics has been at the forefront of protecting both consumers and organizations from identity fraud since we created the industry-standard ID Score seven years ago," said Larry McIntosh, chief marketing officer of ID Analytics. "Just as you can monitor your creditworthiness with a credit score, you can now confidently assess your risk of identity fraud with MyIDScore.com. Simply stated, MyIDScore.com is the most accurate and proactive service available to consumers to assess their risk of being a victim of identity fraud."

Individuals with high-risk identity scores should take aggressive steps to investigate whether their identity information is at risk. These steps may include reviewing monthly bank account and credit card statements, requesting a free annual credit report, and requesting a fraud alert or security freeze on one's credit bureau file. Consumers can check their MyIDScore.com twice every 14 days.

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