IDENTITY CHEK
- 8.1 million US adults, or 3.58% of the US adult population, were
victims of identity fraud in the past year.
- The incidence of theft via mail order or telephone order
purchases or transactions leapt from 3% of transactions in 2007 to
40% in 2008.
- Fraudulent online purchases experienced the greatest increase,
rising from 21% in 2007 to 28% in 2008.
- New account fraud cost the financial services industry $14.7
billion, and cost victims $1,066 per case.
- Existing account fraud cost the financial services industry
$30.6 billion, and cost victims $745 per case.
Source: 2008 Identity Fraud Survey Report by Javelin
Strategy & Research
For more than 20 years, the IDENTITY CHEK service
has helped financial service organizations mitigate fraud losses and
adhere to regulatory compliance requirements when screening both new
account applicants and existing customers.
Designed for risk management professionals, the batch
IDENTITY CHEK service allows clients to tailor the
service to identify unique fraud patterns. This helps facilitate the
detection of fraud rings, identity manipulation and other elusive
forms of identity fraud. It also helps to identify and retain good
customers who might otherwise be turned away.
The IDENTITY CHEK service is available as a
real-time or batch offering. The service is capable of being deployed
enterprise-wide across divisions including retail banking, consumer
lending, mortgage, credit card and more. Key provisions within Section
326 of the USA PATRIOT Act are also addressed with the combination of
identity verification, compliance list screening and record retention
of five years.
The Competitive Difference
Early Warning maintains a common platform and safeguards the National Shared Database to allow financial services organizations to contribute and share information for the purposes of detecting, preventing and deterring fraud. Unlike other fraud prevention services, Early Warning serves in a Trusted Custodian role. In this capacity, the database is governed by a set of strict Operating Rules, created and adopted by financial institutions, which clearly define acceptable criteria for contributed fraud and account abuse data. Early Warning also supports consumers' rights to dispute and correct inaccurate or incomplete information furnished to Early Warning in accordance with the Fair Credit Reporting Act (FCRA).
For more information on the IDENTITY CHEK service,
please Contact Us.
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