News
RELEASE 2.0 OF IDENTITY RESOLUTION ENGINE PACKAGES FOUR CRITICAL FRAUD DETECTION FUNCTIONS
Fraud Detection Engine Integrates Identity and Relationship Resolution, Decisioning, and Business Rules Processing
Austin, TX – September 28, 2007 – Infoglide announced today that Version 2.0 of its Identity Resolution Engine™ (IRE) is now generally available. IRE 2.0 is an integrated solution that is configured to create fraud detection capabilities for government, retail, insurance, and banking. IRE 2.0 analyzes data to uncover potential fraud and applies the results of that analysis back into an organization's business systems to automatically detect fraud in areas such as insurance claims, retail returns, employment applications, and financial transactions.
In addition to the identity resolution (who's who) and relationship resolution (who knows whom) functions, IRE 2.0 includes configurable decisioning capabilities. Decisioning is the ability to take the results of identity and relationship resolution and apply domain specific rules to determine which actions should be taken or decisions should be made.
“The configurable decisioning capabilities of IRE 2.0 allow our customers to easily customize the way the solution works to make it applicable to their business and industry,” said Ram Anantha, director of product management for Infoglide. “And because IRE 2.0 is based on open standards, it integrates easily with our customers' existing business systems.”
IRE 2.0 also features business rules processing, which automatically applies the results of the decisioning capability to business systems and processes, such as delivering a “Deny Return” or “Call Manager” message to the sales terminal for a retail return.
These improvements to IRE will allow Infoglide's customers to better combat losses from fraudulent activities. According to an annual survey conducted by the University of Florida, the average retailer loses an estimated 1.5% to 2.0% of their annual revenue due to customer, vendor, and employee fraud, with 2006 total losses of $41.6 billion. Retail returns fraud alone is estimated to cost retailers $16 billion annually.
“The fraudulent refunds that went undiscovered because employees and customers know how to stay under the radar by slightly changing their identity or address cannot hide any longer,” said Jeff Stein, president of Executive LP Services. “Identity resolution technology like Infoglide Software's integrates with existing systems to analyze identity data during transactions and uncover suspicious relationships and actions in real time.”
Banks also face challenges from fraud and compliance regulations. Under current anti-money laundering initiatives, banks are required by law to know their customers better in order to prevent terrorist financing.
“Having an effective identity resolution solution in place that can resolve all the complexities of name variants and reduce false matches is vitally important,” said Barry Graubart, VP of product management at Alacra, a banking compliance solutions provider. “The loss of reputation for involvement in money laundering is ever present, and it's mandatory that banks take positive action to prevent it.”
About Infoglide
Infoglide (www.infoglidesoftware.com)
supplies identity resolution solutions to the banking, insurance,
retail, and government markets. The company's solutions enable organizations
to detect fraud and risk by analyzing data related to individuals
and/or entities within multiple data silos throughout the enterprise.
The company's Identity Resolution Engine (IRE) uncovers matching
identities and non-obvious relationships, applies domain specific
rules, and automatically integrates the resulting business intelligence
into an organization's systems and processes in real time. Applications
include retail returns fraud detection, banking 'Know Your Customer'
compliance, employment application screening, and insurance claims
fraud detection. Incorporated in 1996, Infoglide is a privately
held company headquartered in Austin, Texas.
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