Debix Expands National Identity Protection Network

Backed by exclusive, patent-pending technology, the Debix Identity Protection Network brings together consumers, financial institutions and local law enforcement to protect a person’s identity by stopping identity thieves in the act and pursuing them while the trail is hot.

With Debix, consumers are empowered to authorize new credit accounts in their name – prior to the account being opened – through a phone call and use of their unique PIN. If the request is an attempt to commit fraud, the consumer selects “do not authorize,” and is instantly transferred to an Incident Response Specialist who works with the financial institution and engages local law enforcement to pursue the identity thief. Debix is the only service that is with the consumer during an attack and can prove it works. In fact, a recent Debix study found that in the last six months, from October 2007 to March 2008, Debix subscribers responded to over 68,000 Instant Authorization™ calls and stopped 852 reported fraudulent accounts from being opened.

“Debix’s mission is simple: Protect consumers by being there for them when it matters most, and stopping identity theft cold,” said Bo Holland, Founder and CEO of Debix. “Our expanded national Identity Protection Network is advancing this mission by taking aggressive action to eradicate identity theft. Unlike other services on the market, Debix is not just about reacting to the problem with temporary fixes and patches; we’re about providing a solution to prevent it.”

Holland continued, “Solving the problem of identity theft for the long term is exactly why we’re working so closely with local law enforcement, government officials, banks and other partners nationwide. The single-minded objective of the Debix Identity Protection Network is to provide the highest level of identity protection to consumers, while prosecuting the perpetrators of this insidious crime. Debix has zero tolerance for identity theft, and we are fully committed to eliminating this crime.”

“I am particularly impressed with the expanded Debix Network because it is designed first to stop the crime of identity theft when it is actually happening, and then help pursue the thieves while the case is still hot,” said Jerry Dixon, former Executive Director of the National Cyber Security Division of the Department of Homeland Security. “One of the biggest problems in eradicating, or at least reducing, the identity theft problem, is the difficulty in prosecuting those who brazenly commit these crimes. I applaud Debix for joining together with law enforcement and other stakeholders to offer a truly proactive and effective solution for protecting consumers and catching identity thieves.”

Identity theft has catapulted to the top as one of the fastest growing crimes in the United States, claiming a new victim every 79 seconds and costing the economy more than $56 billion each year. Among the various forms of identity theft, new account fraud is the most costly to the consumer, averaging more than $7,000 per incident for a combined total of nearly $18 billion each year. While 32 million consumers take preventative measures by setting fraud alerts, it is estimated that nearly 40 percent of these alerts are set inaccurately.

“Once an identity has been stolen, the victim runs the risk of overwhelming monetary damage, on average $7,621, and difficulty re-establishing credit that could last years,” commented Jay Foley, executive director, Identity Theft Resource Center. “What’s worse, is that even after the thief is apprehended or stops using the stolen information, victims are then faced with other hurdles - higher interest rates, increased fees, pushback from banks and creditors. The Identity Theft Resource Center is encouraged by Debix’s commitment to providing a real prevention solution and is happy to have them as a partner in fighting identity theft.”

Led by the nation’s most experienced identity protection experts, Debix is continuously working on the development of innovative new technology and services to protect consumers from the devastating effects of stolen identity. The company has partnered with several national organizations including the Identity Theft Resource Center, Merchant Risk Council, Better Business Bureau and the American National Standards Institute, to develop programs and solutions to improve identity theft protection services. To date, more than 35 state and local governments are partnering with Debix to provide protection service to their citizens.