ID Analytics announced this week that it has updated the identity fraud software it offers banks, which is called ID Score.

The risk management company said the latest iteration of ID Score, 8.3, creates better consumer behavior and device profiles than past versions. The software, ID Analytics says, can tell the difference between legitimate consumers and criminals -- flagging potentially troublesome accounts.

"Companies are increasingly competing for customers and offering the convenience of online and mobile applications as a way to stand out," said Garient Evans, ID Analytics' director of Identity risk solutions, in a press release.

He adds that ID Score 8.3 can also help banks and ecommerce companies from losing potential customers. The software can cut short long, drawn-out application processes.