DIGITAL ENVOY'S NEW IP INSPECTOR™ FRAUD ANALYST PRODUCT HELPS PREVENT ONLINE IDENTITY FRAUD
Unique Solution Provides First Line of Defense for Financial Industry
Atlanta, GA, June 21, 2004 - Digital Envoy, the leading
provider of IP Intelligence solutions, today introduced IP Inspector™ Fraud
Analyst, a real-time identity verification solution that acts as
a first line of defense and helps to prevent online identity fraud
- a major concern for financial services organizations conducting
business over the Internet.
According to Tower Group, identity fraud is the fastest growing crime in the United States, costing financial institutions more than $1 billion per year. With IP Inspector Fraud Analyst, whether validating new accounts, preventing account takeovers or adding a new layer of security to online transactions, financial services organizations now have a cost-effective method to automate the online authentication process by using customer data contained in IP addresses to prevent fraud at the point of application.
"Traditional authentication products have fallen short of expectations," said Bill Calpin, Digital Envoy's president and CEO. "Once an identity is stolen, it's almost impossible to detect fraud online. Fraud Analyst offers a revolutionary solution that breaks the anonymity barriers associated with the Internet by utilizing our IP Intelligence technology to uncover previously unavailable information about online users in order to prevent identity fraud on the spot."
A Unique Approach to Fighting Online Identity Fraud
Using an online customer's unique identifier - an IP address - Fraud Analyst non-invasively uncovers more than a dozen data elements including location, anonymous proxies, domain name and other identifiable attributes. It then analyzes this data - in real time - against customer-supplied information to detect potential online fraud. When an inconsistency is found the transaction is flagged and the reason displayed.
"Identity fraud is not a new concept for financial institutions, however online fraud poses a new set of challenges in the process of fraud management," said David Helsper, Digital Envoy's vice president of engineering. "Our new Fraud Analyst product provides an intuitive, customizable, rules-based platform that simplifies online fraud analysis and allows for quick decision making about suspect transactions."
Benefits of Fraud Analyst include:
- Significant reduction in losses associated with identity fraud
- Increased revenue from driving customers to a safer online channel
- Improved productivity from streamlining the investigative process
- Automatic creation of an online audit trail
- Strengthened customer confidence while maintaining user privacy
Through commonly used for applications such as online ad geo-targeting, online analytics and search optimization, Digital Envoy's IP Intelligence has emerged as a powerful tool in the fight against online fraud because of its ability to uncover information about online users withough invading their privacy.
"As the company has grown, many of our customers have found IP Intelligence to be an indispecsable tool for fighting online thieves," said Calpin. "Now we are taking our customers' feedback and leveraging our leadership in the IP Intelligence space to build products that meet the specific business needs of the industries we serve, which is how Fraud Analyst evolved."
IP Inspector Fraud Analyst is available now. For more information, click here.
Kaiser Marketing Group