Technology Overview
What is the problem?
The Internet has become a highly effective tool for fraudsters and
criminals. Online transactions are particularly vulnerable in that identities are
not easily authenticated and communications are not secure. Such transactions have
some level of security, but there exist gaps in security that create ample opportunity
for online criminals to steal cash, identities and credit card numbers online.
Converging with this is the massive scaling of data
collection and data mining. The world's largest online communities are rapidly gathering
massive troves of data on ordinary people, building monstrous businesses based the
monetary value of personal data, data they do not pay for, exposing the privacy
of users. The pain of data privacy, security, and web-based authentication
has been described as "impossible" to solve, and companies are addressing it reactively,
which indeed can never solve the problem.
IDMetric has devised a proactive, easy to use, effective solution.
The need for new thinking
For companies such as banks and online retail, there
are few good, practical solutions to prevent phishing and keylogging of their customers'
information. Most rely on “out-of-pocket” questions from credit reports which force
users to remember not only their UserID and password, but also their car payment,
mortgage company, etc. These solutions are a “necessary evil” and progressive, customer--oriented
organizations hesitate to use them, as they denigrate the user experience.
Current commercial solutions are reactive and leave
major companies playing catch-up with criminals. The primary method to combat online
transaction and account access fraud today has become a giant game of Whack-A-Mole.
Our technology will greatly impact such companies, eliminating phishing and other
types of fraud in online businesses.
Vested interests of the status quo
Security software companies in the marketplace could
pursue the business opportunity of solving the privacy problem, however this would
require a major shift in current business models as they would lose the lion's share
of their recurring income from consumer data marketing, updates and subscriptions.
For consumers seeking privacy of their online data,
there are no real solutions. Most of the online industry's primary business model
relies on personal data acquired without user’s explicit permission, using “opt-in”
to everything by default, requiring users to specifically opt out for each use
of their data.
The problem is that
the users do not know what to opt-out, and in most cases they will not be able to
use a service unless they agree to “sell a little piece of themselves” and allow
the free use of their data. Therefore, individuals have all but given up on any
real security of their information.
It is only a matter of time before online data acquirers
are “called out” and that privacy concerns will hit a critical mass. IDMetric
will be there.
Technology Description
IDMetric offers state-of-the-art
security, privacy, and identity management technology to assure that online users
are always secure and their private information is always protected. The technology
validates that the identity of each participant (consumer and business) is unique
and can be trusted. In essence, it restores the trust relationship between
the business and consumer with the special technology that combines security with
identity authentication.
The technology provides positive
experience for online users that is seamless, easy to use and secure. It provides
unmatched protection for both consumers (data privacy and secure transactions assured)
and businesses (the business has a real authenticated and risk-assured customer).
The participating businesses can increase their revenue and lower operating
expenses by focusing their products and services to a special group of commerce-ready
consumers.
This new generation technology uses
multiple layers of security mechanisms to protect the system and does not rely on
encryption alone. User's personal data, not necessary for individual transaction,
is automatically protected from any unauthorized use. It even secures the
user's login credentials from phishing attacks and other forms of internet fraud.
It does not rely on difficult to remember “out-of-pocket” authentication questions
or user-scheduled malware detection applications. Our security technology
is so advanced, users can use this same technology to protect their online transactions
while roaming on public internet computers.
A compelling authentication and security solution for today's transaction companies
Our commercial security product
is the only solution we have found capable of authenticating production-level processing
with high accuracy and minimal user intrusiveness. Online transaction companies
who have high inherent business risks from online fraud can now minimize their user
fraud risk without compromising on performance or security. In fact, our security
focus reliably ensures that your customers 1) are who they say they are, and 2)
trust that you are who you say you are, so they will continue to do business with
you.
The IDMetric Team.
Restoring trust between online commerce and the everyday user
The IDMetric team includes
industry experts with decades of experience in solving real-world problems in the
security, search, and software space. They are passionate advocates of online privacy
and understand the threat that unfettered access to personal data has for the growth
of Internet commerce and the societal impact of privacy erosion.
Want more information?
Please email us!
info@idmetric.com