IdentityTruth Highlighted as Only Company Offering Predictive Risk Model for Broad-Based Identity Monitoring and Notification Service

WALTHAM, Mass.--(BUSINESS WIRE)--IdentityTruth, a leading provider of privacy and identity protection services, today announced results of the Institute of Consumer Financial Education (ICFE) 2008 benchmark report titled, “Identity Theft Risk Management Survey and Report.” The ICFE report is a feature-by-feature analysis and comparison of twenty prominent identity risk management programs available in the market today.

Out of twenty programs reviewed, IdentityTruth is the only firm identified in the report as a broad-based identity monitoring and notification service using a predictive risk model, the type of service ICFE calls the “most effective means of preventing identity theft and minimizing damage to the victim.”

Essential elements of the broad-based identity monitoring and notification services had several components. The services were evaluated based on the depth and breadth of data points analyzed and correlated to determine identity fraud, speed of notification, individualization of risk assessment, means of predicting and stopping misuse of personally identifiable information, and identity restoration services.

“While there is no magic bullet to assure 100% prevention, the best means of avoiding identity theft is through a broad spectrum program. IdentityTruth exemplifies this method of responding to the threat of identity theft,” said Yan Ross, ICFE Project Director. “In the future, successful providers of identity risk management services will continue to move in this direction, augmenting the more limited activities that have focused solely on credit files and new account fraud.”

“Identity misuse happens in all areas of consumer life, often far outside the credit system,” said Steven Domenikos, CEO and Founder of IdentityTruth. “We are dedicated to providing the most comprehensive service possible, focused on all areas of potential risk. We are honored to be selected by ICFE as a service that encompasses the key factors necessary in protecting consumers today.”

IdentityTruth combines data from many different sources beyond credit to detect suspicious activities, fraud schemes, credit requests, related data breaches and the individual’s specific profile, to present a more complete picture of a consumer’s identity risk - from credit information to SSN tracking. IdentityTruth utilizes and correlates information far beyond what is available through traditional solutions that focus primarily on the credit system to detect potential identity fraud before it happens. IdentityTruth provides the “Earliest Possible Notification™,” enabling consumers to assess and recover from any identity-related problems before it’s too late.

Both IdentityTruth and the ICFE are members of the American National Standards Institute (ANSI) and the Better Business Bureau’s (BBB) Identity Theft Prevention and Identity Management Standards Panel (IDSP).

About Institute of Consumer Financial Education (ICFE)

The ICFE (www.icfe.info) was founded in 1982 by the late Loren Dunton (creator of the “certified financial planner” (CFP) designation) and is dedicated to helping consumers of all ages to improve their spending, increase savings accumulation and use credit more wisely. The ICFE has helped millions of people through its education programs and resources.

About IdentityTruth

IdentityTruth is the leading provider of a new breed of service to help consumers safeguard their Privacy and Identity. IdentityTruth’s innovative Faster than Fraud™ technology provides individuals with advance notice of potential identity fraud, enabling them to take control before it is too late. 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 www.IdentityTruth.com or call 781-684-1300.