LOCAL FIRM ADDS TO THE IDENTITY THEFT DISCUSSION
ID Insight Inc. takes part in conference held by Identity Theft Working Group
St. Paul, Minn., June 16, 2004 — St. Paul based ID Insight Inc. participated in an identity theft conference held by the Identity Theft Working Group of the Banking Industry Technology Secretariat (BITS) yesterday. The event, which took place at the Wells Fargo building in Minneapolis, featured speakers from various risk management firms serving the financial services industry and was attended by an impressive list of fraud specialists representing several of the top financial institutions in the country. Also in attendance were a number of fraud specialists from governmental agencies including the FBI, the Federal Trade Commission, and various other law enforcement agencies.
Established in 2001 to address the growing issue of identity related fraud, the Identity Theft Working Group is a division of BITS; which is a consortium of the financial services industry and various governmental agencies. This collaborative effort between industry and government has aimed to reduce cases of identity theft while staying attuned to current technologies and strategies available to the industry for combating this type of fraud. The group holds several meetings around the country each year.
ID Insight's Adam Elliott, a featured speaker at the June 15 meeting, spoke about the implications of address dynamics with regards to identity theft; and how a better understanding of this relationship could potentially reduce instances of identity theft significantly. He pointed out several key statistics illustrating the relevance of address in detecting fraud; including the fact that well over 90% of identity thefts involve an address change. According to Elliott, if the industry truly wants to harness the ever growing identity theft problem; they will need to examine address manipulations more closely.
Elliott is regarded as one of the foremost experts on analytics-based identity theft solutions; and his company, ID Insight, is quickly becoming regarded as an industry leader in terms of understanding the implications of address in identity theft. Recently ID Insight has developed a patent pending analytical engine that examines address manipulations and produces a risk score, indicating the likelihood of a fraud. The engine, called Address Differential Analysissm, has showed great promise in preliminary data studies and will be released to the market later this summer in the form of two products; NewApp Insightsm and TakeOver Insightsm.
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Media Contacts:
- Brian Bellmont for ID Insight, (952) 233-0428,
