MINNEAPOLIS, Oct. 5, 2016 /PRNewswire/ -- 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. Visit www.idinsight.com to learn more.
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SOURCE ID Insight