IdentityTruth Announces Fraud Probability Score (FPS)™

Next-Generation Measurement Tool Puts Consumers One Step Ahead of Identity Thieves

IdentityTruth, the leading provider of a new breed of services to help consumers safeguard their privacy and identity, today announced its addition of a new service feature – the Fraud Probability Score™ – that gives consumers a more accurate measurement of their identity “health”.

IdentityTruth was the first to introduce the Identity Health Score™ in 2006, as an overall measure of an individual’s identity risk. The Identity Health Score gauges potential financial impact for the consumer based on personal events and not just general demographics.

The company has taken the Identity Health Score™ a step further by delivering an even greater benefit to consumers through the introduction of the Fraud Probability Score (FPS)™. Now for the first time, FPS provides an indication to the consumer of how serious a specific alert is, and how likely the reported event is a real fraud. The technology behind the new FPS provides a proactive and predictive approach to identity monitoring, further enabling consumers to stay one step ahead of identity thieves.

“Now more than ever, consumers need to be aware of identity theft and proactively prevent it,” said Steven Domenikos, CEO of IdentityTruth. “The new Fraud Probability Score is the first-of-its-kind fraud measurement tool that gives consumers access to information vital to reducing their identity theft risk.”

Identity theft is America’s fastest-growing crime. More than 79 million identities will be lost this year alone. Credit monitoring is not enough – only 15% of identity theft is credit related (85% of identity fraud happens outside the credit system) and 3 million social security numbers are stolen annually. IdentityTruth has successfully discovered suspicious ‘identity events’ for more than 25% of the consumers who subscribe to its service, and more than 12% have confirmed fraudulent events.

IdentityTruth’s unique Faster than Fraud™ technology combines data from many different sources–going beyond simple credit-based protection to deliver a more complete picture of an individual’s identity health.

The service continuously combines and analyzes any and all information that is discovered specific to an individual to detect suspicious activities, report possible fraud before it happens and provide concrete next-steps to resolve a problem that may arise.

About IdentityTruth

IdentityTruth is the leading provider of a new breed of service to help consumers safeguard their Privacy and Identity. IdentityTruth’s proprietary technology provides subscribers with advance notice of potential identity fraud so they can take better control to stop it before it becomes costly. IdentityTruth not only detects–but can actually predict–possible problems, and that is what makes IdentityTruth Faster than Fraud™. IdentityTruth is a privately-held, VC- funded company headquartered in Waltham, Massachusetts. Investors include Argonaut Ventures and Stata Venture Partners. For more information, go to www.IdentityTruth.com or call 781-684-1300.

Contacts

Kel & Partners
Meagan J. Ellis, 508-366-2099, ext. 128
meagan {at} kelandpartners(.)com