American National Standards Institute and Better Business Bureau Focus on Identity...

American National Standards Institute and Better Business Bureau Focus on Identity Exchange

IDSP Working Group Co-Chair Offers a Way to Stop New Account Fraud
in 2008
AUSTIN, Texas--(Business Wire)--Debix, the first identity protection network, today announced
recommendations from the Identity Theft Prevention and Identity
Management Standards Panel (IDSP) pertaining to the acceptance and
exchange of identity data. The IDSP is a cross-sector initiative that
works to create a single resource of standards and guidelines that
businesses and other organizations can use to prevent and respond to
identity theft and fraud. The initiative is jointly sponsored by the
American National Standards Institute (ANSI) and the Better Business
Bureau (BBB).

According to the report released by the IDSP today, "Identity
theft has become one of the nation's most prominent marketplace issues
in recent memory, and a large threat to commerce." Key analysts,
industry leaders, and members of the IDSP discussed the Panel's
findings and recommended next steps this afternoon. The IDSP report
and webinar is available at www.ansi.org/idsp.

Julie Fergerson, Interim Co-Chair of the Exchange of Identities
Working Group for the IDSP and VP of Emerging Technologies for Debix,
presented during the webinar. Fergerson offered businesses and
governments in the United States a way to stop new account fraud
nationwide in 2008.

"New account fraud as a result of identity theft is the worst
problem for consumers. One of the most important recommendations made
by the panel is that business and government drastically change the
way identities are exchanged, especially when opening a new credit
account," said Julie Fergerson. "Financial institutions and credit
grantors should not use easily-obtainable personal information (such
as Social Security numbers) as the sole authenticators. Businesses
should directly contact and obtain authorization from the person whose
identity information is being used."

"Currently, only consumers with active fraud alerts are contacted
directly. According to a Javelin report, one out of every five
consumers used fraud alerts within the past year. Javelin also
projects that the number of consumers subscribing to fraud alert
offerings will surpass those of regular credit monitoring services by
2009," said Fergerson. "Fraud alerts have become one of the fastest
growing forms of identity theft protection because they prevent
identity theft from happening. A Debix study of 240,000 consumers in
August 2007 highlights the success of fraud alerts. In that study,
Debix reported authorization of 8,290 credit requests and stopped 71
attempts of identity theft against the consumer. Fraud alerts work.
Now it is time to automate the process for everyone."

The Identity Theft Prevention and Identity Management Standards
Panel (IDSP) is a cross-sector initiative that works to create a
single resource of standards and guidelines that businesses and other
organizations can use to prevent and respond to identity theft and
fraud. Jointly sponsored by ANSI and the BBB, the IDSP's nine founding
partners are AT&T, ChoicePoint, Citi, Dell Inc., Intersections Inc.,
Microsoft, Staples, Inc., TransUnion and Visa Inc. Founded in
September 2006, the Panel leverages ANSI's unique expertise as
coordinator of the U.S. standards and conformity assessment system
with BBB's extensive experience in advancing trust in the marketplace,
and includes participation from all affected marketplace stakeholders.
More information is available at http://www.ansi.org/idsp.

About Debix Inc.

Debix Inc. (www.debix.com) operates the first identity protection
network dedicated to protecting consumers and the organizations that
serve them from identity theft. Debix executives play key leadership
roles in fighting identity theft, serving on the Identity Theft
Resource Center board (www.idtheftcenter.org), working with ANSI and
the Better Business Bureau on the Identity Theft Prevention Standards
Panel (www.ansi.org/idsp) and contributing content to the
LooksTooGoodToBeTrue.com website funded by the United States Postal
Inspection Service and the Federal Bureau of Investigation.
Additionally, Debix executive Julie Fergerson co-founded the Merchant
Risk Council (www.MerchantRiskCouncil.org), with American Express and
other major retailers in the fight against online e-commerce fraud.
The company is headquartered in Austin, Texas and privately funded.

Debix Inc.
Shawn Freeman, 888-332-4963, ext. 6108
shawn.freeman@debix.com

Copyright Business Wire 2008