Finally, ID fraud protection that works

Since learning about Debix in June, I've been trying to knock the protection, but so far cannot…If you can name a more secure ID protection service for less cost, I'd like to hear from you.

Debix tries to broaden the reach of its smart identity theft service

"Debix is one of the smartest services I've ever seen to combat identity theft."

More than half of identity theft victims reported in 2007 that their personal information had been used to start a new line of credit in their name, according to the nonprofit Identity Theft Resource Center (External Linke), which provides victim support and public education about identity theft. Jay Foley, the ITRC's executive director seems to be a personal fan of the service. "Bo has been talking to me since he came up with the technology," he said. "It exceeds my expectations. No one else has stepped up to the plate."

New ID Protection Service for $10/Year

Since day one, consumers and privacy experts told us they shouldn’t have to pay $100 a year to protect their identity,” said Bo Holland, Founder and CEO of Debix. “Four years and 400,000 customers later, our technology and scale has enabled us to make identity protection affordable for everyone.

Thwarting Identity Theft

There's no way to prevent identity theft. Or is there? Bo Holland, CEO of Debix, tells MarketWatch's Andrea Coombes that lenders should check in with consumers before extending credit. His company's product aims to automate that process.

New Javelin Research Pinpoints How Institutions Should Respond to Data Breaches

Providing a fraud protection solution makes a tremendous difference in customer approval of the breached organization's management and handling of the incident. Javelin data shows that 55% of breach victims that were offered a fraud protection solution were more satisfied with the institution's handling of the incident, compared to those consumers who were not offered anything.

ID Protection Startup Prepares Commercial Push
After completing identity theft study and numerous breach response engagements, Debix says it's good to go

Jay Foley, executive director of the Identity Theft Resource Center, doesn't normally endorse identity theft services or technologies. "But in this case, let me tell you -- Debix works," he said in an interview yesterday. "It exceeds all of my expectations. In the cases where we saw it being used, we saw zero fraud. None."

Foley said Debix hits identity thieves in the place where they can do the most damage -- opening accounts or making major transactions on the victim's behalf. In a study released earlier this month, the ITRC reported that 57 percent of all ID theft victims reported at least one attempt to open an account in their names.

Debix Recommends 44th President Commit to a Zero-Tolerance Approach for Identity Theft;
Public Hearing Focuses on Stopping Identity Theft, A Serious Problem for Every American

Debix is making these recommendations in testimony today before the "Commission on Cyber Security for the 44th Presidency" on how to stop identity theft:

"Tolerance is a real barrier to ending identity theft. We tolerate it by budgeting $50 billion in fraud losses every year. We excuse weak security practices that fail to protect consumers over eight million times every year," said Julie Fergerson, VP of Emerging Technologies for Debix, who is appearing before the Commission. "While identity theft is complex, the cure is simple - ask consumers for permission before using their identities. They know if they are applying for new credit, requesting medical care, or applying for a job. All we have to do is start asking permission and stop tolerating identity theft."

Experts struggle with cybersecurity agenda

The Commission on Cyber Security for the 44th Presidency, set up in November by the Center for Strategic and International Studies, held the second of five planned public meetings Monday to hear recommendations on issues of information security, identity theft and government leadership.

Julie Ferguson, vice president of emerging technology at Debix, called for a zero-tolerance policy for identity theft enforced by required verification of online transactions with consumers.

Nashville laptop theft may cost $1 million

Thieves have stolen two laptops containing unencrypted Social Security numbers of 337,000 Tennessee residents.

County election officials began notifying residents of the breach on Jan. 2, and the local government is offering victims one year of free identity theft protection from Debix Identity Protection Network™.

In ID Theft, Some Victims See Opportunity

GIDEON YU, the former chief financial officer of YouTube and current chief financial officer of Facebook, is one of the most notable new executives in Silicon Valley. This week, a young company called Debix, which places automated calls to its customers every time someone opens credit in their name, will announce that it has raised a round of financing from private investors like Mr. Yu and Launny Steffens, a former vice chairman of Merrill Lynch.

Venture capital firms see opportunity in the business of fighting identity theft

The company's chief executive, Bo Holland, said modern payment and credit networks did an incomplete job of facilitating commercial transactions. "What is missing," he said, "is a common switch to allow two parties with no prior relationship to confirm each other's identities."

Stolen Tape Also Had Information of 225,000 Taxpayers, Ohio Governor Says

The state is paying more than $700,000 to provide all state employees with identity-theft protection services and to hire an independent computer expert to review what data the tape contained.

The state entered into a "pay as you go" contract with Debix, the service provider, and will use more funds if necessary, officials said.

ID Security Company Finds Snags in Fraud Alert System

Julie Fergerson, vice president for emerging technologies at Debix, the company that produced the study, said that in 40 percent of the cases she examined, it appeared that fraud alerts had failed to put all the reporting agencies on notice to prevent new credit accounts, loans and other debts from being opened in a consumer’s name without a verifying phone call from the creditor.

The implication, Ms. Fergerson said, is that “you’ve got millions of people who think that they have fraud protection in place when actually they don’t.”

Ms. Fergerson said her company had shared the results of the study with the trade commission. Betsy Broder, the assistant director of the commission’s division of privacy and identity protection, would not comment on the agency’s response, but noted that the fraud alert system was still new.