Bethlehem, Pa., and Ashland, Ky.-July 13, 2006-Edentify Inc. (OTC BB: EDFY), a leading provider of identity management solutions, today announced that Home Federal Savings and Loan has selected Edentify's proprietary technology as its primary identity risk management solution to detect, prevent, and monitor fraud for the bank's new checking account opening desks at its 5 offices.
Edentify's risk management solution for Home Federal Savings and Loan consists of three products using Edentify's latest technology upgrade, IDBenchmarkT 2.0:
1. IDAssess, which performs a complete scan of Home Federal Savings and Loan's existing database of customers, and provides the risk score associated with each customer's identity.
2. IDScreen, which verifies and scores the identity of every new Home Federal Savings and Loan applicant before the bank accepts the applicant for business.
3. IDAlert, which continuously monitors the risk score of Home Federal Savings and Loan's existing customers, and alerts the bank if any changes occur.
"The deployment of our risk management solutions to Home Federal Savings and Loan further demonstrates how Edentify's technology is the preferred solution in detecting and preventing identity fraud at the institutional level," says Terrence DeFranco, CEO of Edentify. "Small, community banks like Home Federal Savings and Loan are just as vulnerable to fraud attacks as large financial institutions, and the need to protect them is just as important, using the best tools and technology. By utilizing these products, Home Federal Savings and Loan positions itself on the cutting edge in protecting itself and its customers from the ravaging effects of identity fraud."
Edentify's detection and prevention technologies deter potentially fraudulent activity before it occurs to let banks focus their resources on only those identities determined to be a risk for the organization. Through Edentify's monitoring technology, Home Federal Savings and Loan receives reliable notification when a customer's identity is manipulated or stolen, and can take immediate action to mitigate the damage perpetrated when the identity is compromised.
"Every 10 seconds a thief steals someone's identity," says Darryl Akers, CEO of Home Federal Savings and Loan. "By implementing Edentify's technology, we are in a much better position to minimize the loss associated with identity theft and related crimes. What's more, Edentify's solutions will help us protect our customers and assets from these thieves, bringing us one step closer to winning the fight against identity theft and fraud."
Edentify, Inc. 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 IndexT). Edentify will continue to market this technology to the financial services industry, as well as to large healthcare 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.