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Press ReleaseIdentity Management System Promises to End Identity Theft and MisuseNew System Gives Control Back to the IndividualBIRMINGHAM, Ala., May 11, 2005 -- Mantissa Corporation, a software company founded in 1981, is today announcing iDovos(TM), a system for managing identity and placing control of identity use in the hands of individuals. The system employs a patent-pending technology called Positive Identity Control(TM) to limit or prohibit use of identity for selected financial transactions and new credit applications. In effect, iDovos gives a user absolute control of when and how identity may be used. Individuals establish iDovos accounts and set limits on identity use through a web browser, PDA, or telephone. Credit/debit card companies and credit reporting agencies query the iDovos service to determine the limits imposed by account settings before processing transactions or delivering credit reports. When the owner prohibits identity use, transactions are prohibited. Identity use criteria may be added, removed, or changed at any time. Privacy advocates will be interested in the fact that no sensitive personal information is transmitted or stored in individual identity accounts. Widespread adoption of iDovos could virtually eliminate identity theft and transaction fraud.By way of example, a person using iDovos could disable all identity use for personal credit cards in order to prevent unauthorized charges. Using what is called an "egg-timer" capability of the system, identity use for a selected credit/debit account could be enabled for a six-hour shopping trip. Once the timer is started, use is permitted within the selected period of time. At the end of the prescribed period, the identity use (and the associated account and/or card) is automatically returned to a disabled state. This same approach can be used to create a time "window" in which to apply for credit such as a home equity loan. "Identity data is devalued due to the level of uncertainty created by the system," said Gary Dennis, CEO of Mantissa. "Criminals can never be sure if a stolen credit card or social security number has any value whatsoever. This devaluation is crucial; as long as identity data is valuable, theft and misuse of identity assets will continue." Credit cards may be disabled except when use is anticipated. Applications for new or additional credit can be denied by default and permitted when the individual is actively seeking additional credit. Fraud and consumer/financial institution exposure can be dramatically reduced through use of the system. Equally important, the emotional toll of identity theft and abuse can be avoided. iDovos is the first system to promise flexible, personal control of individual identity. It differs substantially from other technologies related to identity theft and credit protection. Current systems permit the individual to obtain periodic credit reports or be advised by email when new credit is obtained in their name. iDovos, in addition to being able to prevent identity misuse, is capable of delivering immediate email or text message notification for all transaction and other account activity. Identity use changes take effect instantly. iDovos protection is not limited to credit or debit transactions. Brokerage or similar accounts, passports and drivers licenses are examples of other identity assets that can be protected. Mantissa has offices in Birmingham, Alabama and Luton, UK. Affiliates are located in Japan, South Korea, Singapore, South Africa and Norway. Mantissa has begun the process of selecting business partners and educating banks, credit reporting agencies and other transaction processing companies on use and operation of the system. Contact: Gary M. Dennis Tel: 205/968-3942 Cell Phone: 205/218-3937 (Optimum) email: gary.dennis@mantissa.com Interview scheduling: frances.anderson@mantissa.com |
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