With the Search the following file types using Identity Finder option you have the option to let Identity Finder search only common file types, all filterable file types, or all files:
Search Only Common File Types (this is the default option): This option will perform the quickest search while also searching the files on your computer most likely to contain personal information. When this option is selected, Identity Finder will search though text files (including most Instant Messenger logs), Microsoft Office files, Adobe Acrobat PDF files, web page documents (such as HTML files), and other common formats. Even if your computer has the ability to search metadata stored within a file – such as when a photo was taken for a jpg file or the artist information in an mp3 file – that information will not be searched when this option is selected.
Search All Filterable File Types: This option searches through all files that your computer has the ability to search via an internal Identity Finder filter or via a Windows IFilter. When this option is selected, Identity Finder will search all common file types plus any other file type for which you have installed an IFilter. For example, if your camera software installed the ability for Windows to read information from a jpg file about when a photo was taken or a drawing program installed the ability for Windows to read the text from shapes and other visual elements, then that information will also be searched.
Search Custom File Types [Professional and Enterprise Editions]: This option allows you to select the files that Identity Finder will search. For more information, please see Manage Custom File Type List.
Search All Files [Professional and Enterprise Editions]: This option is the slowest option because Identity Finder will try and extract all the text from any type of file that does not have an internal Identity Finder filter or an IFilter. No matter what type of file or what the file is named, when this option is selected, Identity Finder will search inside of it.

To allow Identity Finder to search files for which you have installed an IFilter, you must select the All filterable file types, Custom file type list, or Search all files radio button. Note: If you would like to override the default filter that is used for searching files click the Override button. For example, you might want to add additional extensions to be considered text, such as *.bak. In this case you may override default search filters so that those file types are treated as text. See the Override Default Search Filters help topic for more information. Note: Identity Finder does not interpret audio or video, therefore a picture of a password or a song with lyrics about your password will not be found.
To view or change these settings, click the Settings button on the Tools and Options ribbon.