The Big Picture of an Identity
The network concept allows ID Analytics to get a panoramic view of
identities, rather than rely on just one company or industry. From this
massive network that monitors 200 million identities and tens of millions of
suspect identities, and with the help of proprietary technology called Graph
Theory Anomaly Detection (GTAD), an ID score emerges.
In building its network, ID Analytics had to address a couple of major
issues. Before tackling the massive privacy challenges such a network
presents, the company went to privacy groups and ID theft clearinghouses for
feedback. The data in the network is used only for the prevention of fraud.
It is not sold or used for any other purpose. Personally identifiable data
is not delivered outside the network, just the ID scores.
Security was naturally an issue, and ID Analytics addressed that by hiring
security personnel with experience in the credit scoring industry and by
encrypting all of the data in the ID Network.
On top of its ID Network and GTAD technology, ID Analytics built a suite of
products for its customers. The flagship product is ID Score for
Applications, which returns an ID score for applicants for accounts with
wireless carriers, credit or debit cards, etc. ID 360 kicks in once the ID
score denotes a risk. It analytically determines how to best authenticate an
identity and takes processing steps that do not require human intervention,
even accessing third-party data sources.
ID Score for Early Life examines early transactions in an account in an
effort to stop fraudulent purchases. ID Score for Accounts monitors
non-monetary transactions for signs of potential fraud. ID Score for
Recovery assesses identity risk at the point of delinquency, so businesses
focus collection efforts on recoverable accounts, rather than accounts that
are likely fraudulent. ID Network Alerts send alerts about new fraud rings.
Now that ID Analytics has made a name among credit card and account issuers,
the company is looking to expand what it can do with its network and scoring
technology.
"We decided to start with the richest set of ID," Gal said. It was fairly
easy to get banks, wireless carriers, and credit issuers interested because
they have real, hard-dollar losses because of identity theft, he said. You
can also cover a wide range of identities with such industries because most
people in the United States interact with at least one of them.
"Once we have base competence and knowledge we look for other areas where we
can apply it," Gal said. "We think we can score any identity. At the base
level, we want to be the arbiter of identity."
The company is now putting that to the test. After devoting much energy to
breaking into the government sector, ID Analytics announced in May it hired
Tom Oscherwitz as its director of government relations and privacy.
Oscherwitz served as counsel to Sen. Dianne Feinstein (D-CA), and has been
involved in nearly every piece of ID theft legislation in the U.S. Senate.
In addition to expanding in Washington, ID Analytics is also growing
internationally. The company has started an identity theft study in the
U.K., similar to the one it conducted in the United States before ramping up
operations. Gal said ID Analytics has also begun to work in two other
countries he declined to name.
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