Edentify Lands Significant Commercial Deal for Its Identity Management Solutions
Patent license agreement allows Affinion Group to integrate Edentify's identity management solutions in an innovative new ID theft and fraud solution
BETHLEHEM, Pa., Oct. 26 (www.AllPayNews.com) -- Edentify, Inc. (OTC Bulletin Board: EDFY - News), a leading provider of identity management and fraud detection solutions, today announced that Affinion Group, a leading global affinity marketer, has launched a sophisticated new tool, branded ID Secure, that integrates Edentify's cutting-edge Social Security number and synthetic ID monitoring technology. Now, by including this patented identity fraud assessment, detection, and prevention technology solution from Edentify in its services, Affinion can offer financial-service companies a product that can provide their customers an unprecedented way to proactively manage their identity information and avert potential instances of identity theft and fraud.
"This licensing agreement with Affinion is a great revenue-generating opportunity for Edentify," says Terrence DeFranco, CEO of Edentify. "We believe there could be significant revenues from this joint product offering that could markedly improve our cash flow position in fiscal year 2007, while allowing us to market our proprietary solutions to other areas within these financial institutions, including the areas of risk management, fraud detection, and new account application. In addition, by partnering with Affinion's ID Secure, Edentify is continuing to provide its identity management and fraud detection solutions to consumers to protect them against the fastest growing crime in America. In the past two years alone, there have been nearly 20 million victims of identity theft, totaling $56 billion in annual losses. We are proud to offer IDBenchmark(TM) as a tool to assist Affinion and its more than 4,500 marketing partners and customers to fight identity theft."
ID Secure combines Edentify's IDBenchmark(TM), which uses a proprietary process to assess and score the risk of fraud associated with specific manipulated identities, with comprehensive personal information monitoring, public records management control and ID scoring technology from MyPublicInfo, a leader in consumer identity protection. Users of Affinion's ID theft prevention services and solutions, including PrivacyGuard, PC Safety Plus, HotLine and others, will be empowered with Edentify's identity risk score. Affinion's services and solutions will allow users to proactively monitor the level of risk associated with their identities relative to how it is used across many different industries and public databases, and potentially stop their identities from being used as part of a crime.
"These revolutionary new technologies keep consumers one step ahead of the would-be ID thieves and is perhaps their best chance of avoiding identity- related criminal abuse," says Frank Abagnale, an Affinion Group spokesperson, former master forger and leading fraud prevention expert, whose life story inspired Steven Spielberg's movie "Catch Me If You Can." "Punishment for fraud and recovery of stolen funds is so rare, prevention is the only viable course of action. Combining these comprehensive technologies into ID Secure provides unsurpassed prevention."
Affinion and Edentify partnered earlier this year to create innovative new products, services, and strategies to deter the spiraling crime of ID theft.
Edentify, Inc. ("Edentify") was formed in August 2004 with the objective of becoming the leading organization in the field of developing and deploying data analysis technology solutions for preventing identity theft and fraud. It is currently a later development-stage company and expects shortly to begin a period of growth. Edentify will seek to fulfill its goals by analyzing the means by which identity crimes are perpetrated and through the development of new technologies and procedures to assist corporations, the government, and consumers in the fight against identity fraud and related crime. Edentify owns the intellectual property rights to two strategic approaches towards the detection and prevention of identity fraud. One is a patented information- based approach that analyzes identity data information for individuals in large databases, and is capable of detecting and scoring incidences of identity manipulation and potential theft (Identity Quotient Index(TM)). Edentify will continue to market this technology to the financial services industry, as well as to large health-care organizations and local, state, and federal government agencies. The second approach, which is still under development, is a biometric technology that will be marketed through and is named after our wholly owned subsidiary, InMotion Biometrics, Inc. ("IMB"). This novel set of algorithms combines face and voice recognition techniques for authenticating the identity of an individual. Additionally, the system is designed as a multi-modal platform capable of combining the reading of two or more biometric technologies simultaneously. Edentify is based in Bethlehem, Pa.
ABOUT AFFINION GROUP
Affinion Group (http://www.affiniongroup.com) is a leading affinity direct marketer of value-added membership, insurance and package enhancement programs and services to consumers. With more than 30 years of experience, Affinion Group currently offers its programs and services worldwide through more than 4,500 affinity partners. Its diversified base of affinity partners includes leading companies in a wide variety of industries, including financial services, retail, travel, telecommunications, utilities and Internet. Affinion Group also has a growing loyalty solutions operation that administers points-based loyalty programs. Based in Norwalk, Conn., Affinion Group has approximately 3,600 employees throughout the United States and in 14 countries across Europe.
Affinion Group has established itself as a premier security, credit monitoring and identity theft protection innovator. It launched HotLine, a leading ID theft, credit card, fraud protection and security service in 1969. PrivacyGuard, a comprehensive membership credit monitoring product which was created in 1992, remains the largest in the U.S. Other ID theft protection services in Affinion's thriving security business include PC SafetyPlus, an identity theft software service that protects members with a personal firewall to thwart hackers and other online ID threats. PC SafetyPlus software features automatic updates and service upgrades for protection against prevailing computer viruses, spyware and worms.
Forward-Looking Statement Disclaimer
This press release may contain forward-looking statements that are made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements of future goals and similar statements reflecting other than historical facts constitute forward-looking statements. These forward-looking statements involve a number of risks and uncertainties, which are more fully described in Edentify's filings with the Securities and Exchange Commission, including, but not limited to the potential need to acquire additional financing, our dependence upon key vendors, restrictions in alliance agreements that may deter acquisitions by competitors of our marketing partners, and high volatility in our common stock price. The actual results may differ materially from any forward-looking statements due to such risks and uncertainties. Edentify undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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Source: Edentify, Inc.