Fraud detection uses identity records

A system using numerous historical identity records for detecting fraud has received an official U.S. patent, ID Analytics announced.

This system assembles a consumer identity network and creates a highly predictive insight as to how a person will behave over a period of time, ID Analytics said. The program also examines how identity information such as Social Security numbers, addresses, names, and phone numbers lead to fraudulent behavior.

Stephen Coggeshall, ID Analytics chief technology officer, said that "ID Analytics’ breakthrough fraud detection approach is highly effective in helping organizations combat the increasing sophistication of tactics used by fraudsters. By aggregating and analyzing identity elements across a diverse range of organizations and industries, we are able to deliver highly predictive insight into the risk of a consumer not available from any other source."

Numerous Americans are victims of identity fraud every year. There were over 11 million people victimized in 2009, losing close to $54 billion. One of the largest cases involved Albert Gonzalez, who stole more than 170 million credit and debit card numbers. He was sentenced to 20 years in prison in 2010.

Popularity: 1% [?]