Identity Resolution Daily

The International Association of Financial Crimes Investigators (IAFCI) annual conference begins next week in Charlotte, NC.  The association, a non-profit international organization, provides an environment within which information about financial fraud, fraud investigation and fraud prevention methods can be collected, exchanged and taught for the common good of the industry.  Infoglide Software Corporation is a proud sponsor of IAFCI and will be attending this year’s event.  We invite all of our friends  - and future customers - to come visit us at Booth 105. We would love to see you there.  The conference begins on Monday, August 29th and runs through Thursday, September 2nd at the Charlotte Convention Center.

IAFCI has members across the world in every major continent, broken down by about one third law enforcement, one third banking and one third retail and service members.  The membership dovetails nicely with Infoglide’s customer base.  With a presence in major retail organizations, top global banks and mission critical government agencies, it is evident that Infoglide’s Identity Resolution Engine (IRE) is a tool that financial crimes investigators are excited about.

If you’re in the business of detecting and investigating financial crimes, AML and fraud, you know what it’s like to perform endless searches into disparate data sources looking for that golden nugget of information.  It’s worse than trying to find a needle in a haystack.  In fact, the needle itself is usually spread across  several haystacks.  Fortunately, Infoglide’s  patented IRE software helps  financial crimes investigators quickly identify ‘persons of interest’ within those haystacks of data.  Here’s how:

1. Enterprise-wide Identity Resolution: allows single-request searching into multiple databases without the need to move or clean the data.  Accounting for variations in names, addresses and other attributes, it eliminates time and effort in triaging fraud cases, and allows analysts to focus on the high-return cases.
2. Social Link Discovery: looks at non-obvious relationships between individuals across databases.  By understanding, for example, that a loan applicant shares an address with the loans officer, and also shares a telephone number with a known fraudster, a company can gain immediate insight into the risks associated with that transaction.
3. Anonymous Resolution for data Privacy: allows organizations to productively search into restricted databases without violating international data privacy laws.  The analyst can understand if a match was ‘likely’ found in the restricted data, without ever seeing or retrieving the actual results.
4. Real Time Read Flag Analysis: is the proactive implementation of the technology that looks at incoming transaction and compares them to internal and third party databases to understand possible identity matches and non obvious relationships.  If one is found, the software triggers an instant alert.

So, if you or someone you know is heading to the conference, please stop by to meet us.  It’s possible those haystacks aren’t quite as intimidating as you thought.

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By Doug Wood - Infoglide SVP of Sales

“There’s an old saying in Tennessee — I know it’s in Texas, probably in Tennessee — that says, fool me once, shame on — shame on you. Fool me — you can’t get fooled again.” - President George W. Bush

Notwithstanding the former president’s butchering of the expression, the point remains valid.  Anyone – any organization – can be fooled once.  A fraudster, or group of fraudsters, can take aim at an organization and score tens of thousands or more in ill-begotten gains.  It happens every day as a result of business’ desire to provide good customers with fast, easy access to the goods and services they want.  If they exploit that privilege – shame on them.

If, however, you don’t have systems in place that catch them trying to fool you twice – then shame on you.

Fighting fraud has always been a challenge.  As a result, technology vendors and consultants have flooded the market with tools that aim to help organizations predict fraud through behavioral analytics.  If a customer performs transactions outside of established norms, that transaction is red-flagged through this type of technology.

The complementary fraud technology is identity resolution and entity link analysis.  By focusing more on the ‘who’ of fraud, an identity resolution engine helps organizations understand who’s who… and who knows whom… within their disparate data stores.  Is the “Doug Wood” in a company’s credit application file the same as the “G. Douglas Woods” in the case management system, for example?  You might want to know that.  He fooled you once, so shame on him. 

By proactively comparing all of the attributes associated with one entity to those in a variety of internal and third party ‘negative’ lists, identity resolution and entity link analysis technology ensures that the fraudster can’t fool you again. 

Infoglide’s Identity Resolution Engine (IRE) provides companies with four strong cores of functionality:

1. Cross Database Identity Resolution allows single-request searching into multiple databases without the need to move or clean the data.  It eliminates time and effort in triaging fraud cases, and allows analysts to focus on the high-return cases. 
2. Social Link Discovery looks at non-obvious relationships between individuals across databases.  By understanding, for example, that a loan applicant shares an address with the loans officer, and also shares a telephone number with a known fraudster, a company can gain immediate insight into the risks associated with that transaction.
3.  Anonymous Resolution for Data Privacy allows organizations to productively search into restricted databases without violating international data privacy laws.  The analyst can understand if a match was ‘likely’ found in the restricted data, without ever seeing or retrieving the actual results.
4. Real Time Red Flag Analysis is the proactive, fool-me-twice implementation of the technology that looks at incoming transaction and compares them to internal and third party databases to understand possible identity matches and non obvious relationships.  If one is found, the software triggers an instant alert.

As an organization, you’re going to get burned by fraudsters from time to time.  Ensuring that you don’t get fooled again, however, requires a robust examination of the incoming data against all relevant ‘negative’ data sources.  The fraudsters are stopped in their tracks and head for an easier target.   

And there’s no shame in that.  

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