ID Insight Wins Patent On ID Theft Prevention
NORTHFIELD, Minn. – ID Insight announced yesterday it awarded a patent for its innovative method of identifying differences in addresses to help banks and other financial institutions detect and prevent identify theft.
ID Insight has determined that the primary way to commit identity theft is to change the address from that of the victim to that of the thief. Once complete, the thief is free to open new accounts in the victim's name and take over existing accounts. When analyzing legitimate versus fraudulent address changes, there are significantly different patterns. The company said this is the point where identity theft can be detected in process – and stopped before any damage is done. ID Insight's patented "Address Differential Analysis" technology brings this concept to action, enabling financial institutions to cost-effectively combat this expensive, rapidly expanding crime.
If a "customer" says they're moving from a suburban residence to a vacant lot in a crime-ridden part of town and asks for a replacement credit card, for instance, ID Insight knows – in about one second – that a fraudster is likely behind the request.
ID Insight serves more than 600 banks and credit unions, including two of the top 10 institutions in the country.