News

Infonox unveils real-time fraud detection tool

September 21, 2005

SAN JOSE, Calif. - Infonox, provider of turn-key solutions for delivering financial and non-financial services to kiosks, ATMs and other delivery channels, introduced in a news release IDNoxT, its identity verification and validation solution. IDNox verifies critical customer information, including address, social security number, driver's license and OFAC validation with fast, real-time analysis that can be done in seconds at the customer touchpoint.

IDNox is an important arrival in a marketplace where the FTC quoted a figure of $547 million of reported consumer losses from fraud and identity theft last year. However, business losses are even higher (Gartner and TowerGroup estimated that total business losses from identity theft and fraud were $2.75 billion to $1 billion in 2004). Investigating financial crime is not cheap - the FBI estimates a cost of $20,000 per investigation of a financial crime. The trend shows that businesses need secure and efficient tools that work seamlessly at the customer touchpoint.

IDNox is entirely platform-independent. It uses APIs that enable users to integrate the solution through XML or HTML, and it operates over TCP/IP or as a stand-alone application. Currently IDNox is being used by tellers, cashiers and with self-service applications, such as advanced-function kiosks, ATMs and other Web-based services.

"We evaluated many products before selecting IDNox," said Kurt Sullivan, executive vice president of products for Global Cash Access. "For early detection of identity fraud, the IDNox platform provided a flexible, real-time solution to execute rules and carry out online validations rapidly. Using IDNox, we have improved the quality of service while reducing fraud risk."

IDNox uses plug-in algorithms that are adaptively configured to ask intelligent questions about the customer's personal ID information and/or credit information. After running a comprehensive validation, IDNox gives the user a behavioral score about the credit risk the customer represents.