Cutting-edge technology combines unprecedented search engine functionality and speed with heightened data security
Over the course of just a few hours in September, anti-fraud technology leader ID Insight was awarded a patent for its cloud-based encrypted search technology and honored for the technology as a finalist in Minnesota’s 2016 Tekne Awards. The patent and recognition are the culmination of years of innovation, collaboration and product development focus for ID Insight and positions the Minneapolis-based company for its next growth phase.
ID Insight’s search technology incorporates a Google-like search experience with government-grade security, a combination that has never before been available to companies. By combining a highly secure encryption package with the latest advancements in inverted indexing technologies, ID Insight now offers the same functionality as the world’s best-known search engines, while enabling companies to keep highly sensitive personal identifying data encrypted. ID Insight was awarded Patent No. 9,449,178 for Systems, Method and Computer Product for Fast and Secure Data Searching on Sept. 20. The company holds two additional patents.
According to ID Insight President Adam Elliott, this technology was developed in response to a customer’s need for an innovative solution that delivered both speed and security. A financial services company needed a “Google-like” search experience for accessing sensitive encrypted data. “Up until now, companies had to choose between speed and encryption when accessing sensitive data in the cloud,” Elliott says. “While there have been some attempts at enabling this capability, we were able to crack the nut on it through our patented approach of enabling new developments in inverted indexing technology.”
This technology is one of several recent cutting-edge product and platform innovations that have been developed in collaboration with current ID Insight customers and partners. “We are extremely proud that the Fortune 500 corporations we work with continue to demonstrate increased confidence in our relationship and our company’s ability to innovate and execute new ways to help them solve their largest business challenges,” Elliott says.
This technology is integrated into ID Insight’s fraud prevention SaaS platform. In August, the company announced enhancements to its platform to help a wide range of financial institutions reduce fraud losses and improve compliance processes. The expanded platform includes account profile information beyond address verification – such as phone, email and IP address verification – to help customers verify profile changes in an increasingly complex fraud environment. ID Insight customers use this technology every day for searching and reviewing high-risk activity and alerts all while securing the underlying sensitive personal data.
Hours before the patent was issued, the Minnesota High Tech Association named ID Insight a finalist in the 2016 Tekne Awards due to this break-through technology. This is ID Insight’s third nod as a finalist in the Tekne Awards, which celebrates leading-edge innovation and technological advancement in Minnesota; it was also named a finalist in 2009 and 2010. This year, ID Insight is a finalist for the Applied Analytics Award, which honors innovative applications for turning data-driven insights into improved business processes or outcomes. Winners will be announced on Nov. 16.
For more information, visit www.tekneawards.org.
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.
“Why are 25 people from all over the country moving to a vacant lot in Brooklyn?”
Adam Elliott not only asks questions like that, his company, ID Insight, was founded on designing algorithms that can help companies like banks ask such questions, in an automated fashion.
Elliott explains that the sheer volume of data breaches in recent years has stocked the shelves of the “dark web” and other sources of illegally obtained consumer data with a massive supply of raw material.
Read Full Article: Banking Exchange: Beware address hijacking.
New enhancements protect phone and digital communications channels
Anti-fraud technology leader ID Insight today announced the most comprehensive update yet to its fraud prevention platform, responding to the industry’s need for a more robust solution for verifying identity profile changes in an increasingly complex, multi-layered fraud environment.
ID Insight’s new solution will help a wide range of financial institutions reduce fraud losses and improve compliance processes while achieving a more than 10-to-1 return-on-investment ratio through more efficient customer profile-change verification processes. The company, which maintains the largest proprietary database of financial service customers’ address changes, is countering a shift in financial fraud that exploits non-monetary setup events – such as phone and email changes – as a precursor for account takeover.
“ID Insight started more than 13 years ago to fill a specific market need: fraud prevention related to address changes,” said Adam Elliott, founder and president of ID Insight. “As the illicit business of financial fraud continues to evolve, so have our solutions.”
The shifting fraud landscape and a specific customer need for better intelligence about phone number changes inspired ID Insight’s latest platform expansion. An ID Insight customer – and one of the country’s largest financial institutions – reported a sharp rise in account takeover cases where fraudsters first changed a customer’s phone number before requesting a large ACH transfer. When the bank called to approve the transfer, the identity thief answered the call, posed as the legitimate customer, and falsely verified the request. In response to this scheme, ID Insight leveraged its extensive profile-change database to tailor a solution that also included phone, email and IP address verification.
“Our customer’s urgent need reflects how account profile information beyond addresses are all emerging as setup events for account takeover,” Elliott said. “Without a solution for fraud identification for all pieces of customer information, financial institutions may be unwittingly sending account verification details and fraud alerts directly to criminals.”
With the rise of mobile banking, online account opening and mobile wallet technologies, mobile phones and computers are vital communications channels for both customers and financial institutions. Having controls in place to ensure that phone numbers, email and IP addresses in the customer profile actually belong to the legitimate customer is critical to reducing fraud risk.
Despite advancements in point-of-sale transaction security, financial institutions are more vulnerable to fraud than ever before. Data breaches have made consumer identity data available in bulk on the black market, exposing more and more customers to account takeover and leaving banks open to fraud losses. ID Insight’s expanded solution helps defend against these attacks by using data and analytics to separate fraudulent profile changes from legitimate customer activity, while significantly improving fraud detection rates.
The updated solution also allows customers to accept data via a flexible API, run the data through a configurable flow based on risk, business process and cost requirement, and return results that the client can act upon for fraud investigation and compliance. ID insight solutions are also easily accessible through many of the nation’s core banking platforms.