ID Insight Launches Enhanced Solution for Identity Theft Protection; Announces Partnership with xTech
ST. PAUL, Minn.--(BUSINESS WIRE)--Nov. 1, 2005 -- ID Insight announced the release of its enhanced Address Differential Solution. The enhanced solution will provide even greater protection for financial services companies and their customers from identity theft and fraud loss. In addition, it will allow customers to comply with the newly enacted FACT Act.
ID Insight pioneered Address Differential AnalysisSM and is launching its enhanced solution with major credit card issuers, retail banks and retailers. "A change in address is present in virtually every true identity theft incident," said Adam Elliott, President of ID Insight.
In a recently completed study with major financial institutions, ID Insight determined that almost all identity theft incidents and 80% of new account fraud involved the situation where the only thing different on the application was the address. "By focusing on the address mismatches and determining the legitimacy of the address change through superior data and analytics, you are able to find that needle in the haystack," says Elliott.
ID Insight is utilizing information and decision support technology from xTech in its enhanced solution. "After extensive research and testing with leading providers, we determined that xTech had the most powerful information and capabilities for enhancing our solution," said Elliott. "xTech's resources and experience are a great complement to our existing solution."
xTech and its founders are no strangers to identity theft prevention and fraud solutions. The leaders at xTech founded Riskwise, which was acquired by Lexis Nexis in 2000, and have several decades of combined experience in fraud risk management. "We are very excited to provide some of the key elements to enable the ID Insight solution," said Mark Doman, Executive Vice President. "ID Insight's solution provides significant benefits to both financial institutions and consumers."
ID Insight's enhanced Address Differential Analysis will be used by numerous retail banks and a major credit card issuer starting in November of 2005.
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Media Contacts:
- Brian Bellmont for ID Insight, (952) 233-0428,
