WALTHAM, Mass. (PRWEB) June 27, 2007
An identity is much more than credit and credit cards. IdentityTruth explores billions of data points from many different sources - well beyond credit cards alone - to notify consumers in advance of potential identity misuses, so they can take control. The recent TJX breach involving 45.7 million personal records illustrates the widespread epidemic of identity theft.
Armed with precise actionable information from IdentityTruth, consumers can proactively reduce the risk of their identities through better understanding of where their personal data may be used or misused. This knowledge affords individuals the opportunity to act sooner rather than later. Early detection is the best protection.
IdentityTruth combines in real-time detected suspicious activities, fraud schemes, credit requests, related data breaches, and the individual's specific profile to offer a more complete picture of a consumer's identity risk. It reports suspicious events in the past, predicts possible frauds that could impact the individual in the future, delivers on-going alerts about any changes to the individual's credit and identity profiles, and reports on any related regionalized data breach that could have impacted the individuals identity.
Under the free beta program, IdentityTruth does not require the subscribers to divulge any confidential information (social security #, drivers license #, account info, etc.) to use the service.
With well over two hundred million personal data records lost or exposed in the United States in the last two years; chances are anyone specific identity is already lost. Over the last 5 years 27.3 million people have been victims of Identity Theft. According to a 2006 FTC report titled "How a Victim's Information is Misused," there are many ways to steal an identity and many more ways to exploit it. During the last year, out of the total $5 billion in identity fraud born by the consumer, only 25% was based on credit card fraud and of that, only 12% was "new accounts fraud." For the remaining 88% of the cases, the traditional protective solutions would not be effective. While the protection of credit card information is crucial, IdentityTruth responds to the other areas where consumers face risk.
"Previously, my personnel information was compromised and I became a victim of ID theft," said Barbara Stanway, a Boston MA resident and an early customer. "The process to regain control of my identity was a nightmare and took months to fully resolve. With IdentityTruth, I was able to understand what happened and I am in control again"
Each victim of ID theft can be left with a struggle to restore their financial and legal well being as they are forced to deal with vendors, financial institutions, government and credit reporting agencies. State and national legislatures are currently drafting regulations for data security and a presidential task force was appointed to address this topic. While these protections are a step in preventing future data losses, the only immediate way to combat the identity risk is through vigilance and early detection.
"Unfortunately, TJX's recent disclosure of the data leakage of 45+ million consumer personal data over the past five years is a small glimmer into what's ahead," said Steven D. Domenikos, CEO of IdentityTruth "The number of personal records lost or exposed, affects virtually every consumer in the United States and the types of frauds related to identity theft are becoming increasingly more complex and much more costly for the consumer. Our new service based on the earliest possible notification provides the most effective way to combat identity theft and limit the consumer's risk"
Go to http://www.IdentityTruth.com to register for the beta service. A fee-based premium service will also be launched in summer 2007.
About IdentityTruth Inc.
IdentityTruth, is the leading provider of a new breed of service to help consumers safeguard their Privacy and Identity. Through innovative technology, individuals receive the earliest possible notification(TM) in advance of potential misuses of their identities so they can take better control. Early detection is the best protection. 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 http://www.identitytruth.com or call 781-684-1300.