MINNEAPOLIS, March 11, 2022 /PRNewswire/ — Minneapolis-based ID Insight, a national leader in developing platform-based fraud-prevention solutions for business, has been awarded a continuation patent for its technology designed to give organizations a way to quickly access millions of encrypted records securely through the cloud.
Lightning-fast access to encrypted fraud data has become critical to financial institutions, and ID Insight’s proprietary Search Engine Encryption Kit (SEEKSM) technology is at the core of the company’s fraud platform, combining government-grade security with a blazing-quick search experience. The company received its original patent in 2016.
ID Insight initially developed the SEEK technology in 2012 as a response to a customer request. “One of our customers came to us and said they wanted to use our case management software but said that it needed to be Google-like in speed, and the sensitive data being accessed needed to be encrypted,” said Adam Elliott, ID Insight’s founder and president. “Encryption and speed are like oil and water. We realized quickly that it had not been done before, so we figured out how to do it.” It’s now available to the thousands of banks and credit unions, as well as credit issuers, retailers, and healthcare companies that ID Insight serves.
“This is a significant technology breakthrough that protects businesses and consumers from identity fraud and allows financial institutions to get to the data they need to fight fraud,” says Julie Conroy, the head of risk insights and advisory at Aite-Novarica Group. “To keep up with and ahead of the fraudsters, we need advanced technology like SEEK that combines security and efficiency, especially as the speed of fraud continues to increase.”
Most of ID Insight’s customers are already using the technology to ensure security of customer data. ID Insight is also talking to other technology customers about licensing the technology to them for similar needs.
To learn more, visit idinsight.com.
About ID Insight
ID Insight is on the front lines in the fight against identity fraud. Only ID Insight has a fraud intelligence platform combining patented analytics with massive consortium and identity datasets to stay ahead of emerging fraud schemes. Since 2003, thousands of banks and credit unions, as well as credit issuers, retailers, healthcare companies and other businesses have relied on ID Insight’s platform-based solutions to mitigate the damaging effects of account takeover and new-account fraud. Contact us, watch our video, or request a personalized demo to learn more.
Contact: Brian Bellmont, Bellmont Partners
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SOURCE ID Insight