ID Analytics, a leader in consumer risk management, announced today that the U.S. Patent and Trademark Office granted the issuance of U.S. Patent Number 7,793,835 for the company's system and method for identity-based fraud detection for transactions using a plurality of historical identity records.
ID Analytics had previously received a patent for its system and method of identifying fraudulent account applications through linkages to identity-related fields in a plurality of historical identity records. This patent recognizes ID Analytics' extension of current technology to all transaction types by building linkages of generalized transaction events. These new linkages allow ID Analytics to incorporate a broader set of transaction events such as payments, eCommerce transactions, address changes and change of name and phone number to assess risk.
The broader set of transaction and application data has increased the power of ID Analytics' solutions and the ID Network - the nation's only real time, cross-industry compilation of identity information - to glean insight into consumer identity behavior.
The ID Network captures consumers' unique identity elements - name, address, date of birth, telephone number, email address, IP address, etc. - and organizes the information in a way that enables highly granular and insightful analysis. Analyzing these elements collected from ID Analytics' top tier customers - leading financial services, retail, telecommunications, auto, and mortgage organizations - allows delivery of real time reliable, high-resolution visibility into how an identity behaves across industries over time.
"We leverage data from the ID Network® with our patented technology to make our products and solutions more predictive," said Dr. Stephen Coggeshall, chief technology officer, ID Analytics, Inc. "It is exciting to now have patented our use of transaction records from multiple institutions to detect fraud by linking them with identity records in a graphical pattern. With the application of sophisticated machine learning algorithms to this graphical pattern we can then determine if the graph is anomalous compared to a normal pattern."
Dr. Stephen Coggeshall, Joseph Blue, Mike Cook, Christer DiChiara, Allen Jost ant and Dr. Xuhui Shao are the inventors of the patent issued to ID Analytics on September 14, 2010.