ID Insight Wins Eureka! Innovation Award from Minneapolis/St. Paul Business Journal
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Company’s cloud-based encrypted search technology recognized in the banking and finance category
MINNEAPOLIS (June 23, 2017) —Anti-fraud technology leader ID Insight was named the Eureka! Innovation Award winner in the banking and finance category by the Minneapolis/St. Paul Business Journal. This award recognizes creativity, innovation and progress in business, education, the arts, healthcare and other industries. The company received the honor for its patented cloud-based search technology, the Search Engine Encryption Kit (SEEK), which combines an intuitive search experience with enterprise-grade security.
“We are thrilled to be recognized by Minnesota’s business community for our technology,” said Adam Elliott, founder and president of ID Insight. “Innovation is at the core of everything we do for our customers, and we’re so grateful to be acknowledged as one of the best in our industry.”
The SEEK search technology was born out of a client’s requirement for both security and work efficiency; ID Insight designed a solution that met both needs. The client, a large financial institution, needed a “Google-like” search experience for accessing encrypted data, and current technology had not yet been able to provide the kind of speed needed to access millions of encrypted records securely through the cloud.
The new technology is integrated into ID Insight’s fraud prevention SaaS platform, which helps a wide range of financial institutions reduce fraud losses and improve compliance processes. ID Insight solutions combine identity and verification data, access point reputation data, and predictive scoring to give banks and credit unions a detailed and instant risk assessment.
“Our CTO, Sudheer Prem, and VP of Product Development, Matt Schraan, saw a compelling market need that was not being addressed, imagined a solution and solved the challenge from a technical perspective,” said Elliott. “Together, they developed a solution that offers a blazing fast and feature-rich search experience, but without compromising the security of highly sensitive data.”
SEEK technology can also fill a critical need for industries beyond banking that require fast, secure, high-volume searching in the cloud. SEEK enables enterprises of all sizes and in all industries to combine both speed and security when searching sensitive data remotely, while creating numerous process efficiencies and reducing risk.
About ID Insight
Established in 2003, ID Insight helps companies prevent fraud, reduce costs and capture more business by combining its massive collection of data on identities and profile changes with predictive scoring algorithms. ID Insight provides highly configurable verification, authentication, market research and fraud prevention solutions to financial services companies, credit issuers, retailers, online merchants and telecommunications companies. Visit www.idinsight.com to learn more.