SAN DIEGO, May 10, 2011 /PRNewswire/ -- ID Analytics, Inc., a leader in consumer risk management, today announced the availability of its Consumer Notification Service that benefits both businesses and consumers by alerting consumers in real-time when their identity is used, potentially without their permission. With ID Analytics' industry-first patent-pending Not Me™ Notification System, consumers and businesses now have the power to work together to stop identity fraud in its tracks.
The ID Analytics Consumer Notification Service empowers consumers to proactively stop fraud attempts, rather than remediate fraud damage after the fact. The service alerts consumers within seconds via text, email or iPhone app when their identity is being used. When consumers receive alerts for transactions they did not authorize, they have the opportunity to immediately say "That's not me." Businesses are then notified to stop the fraudulent transactions, eliminating damage to consumers' financial well being while at the same time allowing businesses to avoid potentially costly financial write-offs.
"Consumers now have an active voice in preventing fraud. ID Analytics' new Consumer Notification Service enhances consumer protection by giving power to the person that knows best if their identity is being misused—the consumer," said Bruce Hansen, chief executive officer and co-founder of ID Analytics. "Companies that integrate this service into their consumer offerings will have a strategic advantage by improving retention and loyalty, increasing revenues and improving the customer experience. This will help them save money by preventing fraud before it can occur."
This industry-first technology already connects more than two million consumers with thousands of businesses such as leading credit card issuers, financial institutions, online and offline retailers, wireless providers, auto lenders and mortgage companies. And, it monitors well over 150 million consumer transactions annually. Enterprises and consumers both benefit by working together to reduce fraud-related expenses and damage.
"The best way to blunt the cost of fraud is to do it in real time, not long after it has occurred," said Phil Blank, Senior Analyst at Javelin Strategy & Research. "The interests of consumers and financial institutions are aligned: they both want a clear and simple way to prevent fraud before it escalates into the costly detection and resolution phases."
ID Analytics Consumer Notification Service is available in a broad range of options through a network of partners. This includes delivery through data feeds or via a customized, private label website - the "quick start" version of the service. These private label options provide everything a partner needs to go to market, including the core Consumer Notification Service, e-commerce and subscription. MyIDAlerts.com is a website that enables visitors to experience the service and its benefits firsthand.
About ID Analytics, Inc.
ID Analytics is transforming consumer risk management with patented analytics, proven expertise, and real-time insight into consumer behavior. By combining proprietary data from the ID Network®—one of the nation's largest networks of cross-industry behavioral data—with advanced science, ID Analytics provides unprecedented visibility into identity risk and creditworthiness. Every day, the largest U.S. companies and critical government agencies rely on ID Analytics to make risk-based decisions that enhance revenue, reduce fraud, drive cost savings, and protect consumers. Please visit us on the web at www.idanalytics.com.
ID Analytics is a registered trademark of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.
SOURCE ID Analytics, Inc.