Software helps creditors address antifraud compliance.May 12, 2008 -
ID Analytics for Compliance(TM) is analytical solution designed to support sound Red Flag compliance practices. Also, it provides resolution for address discrepancies during new account origination and change of address requests for existing accounts as required by Fair and Accurate Credit Transactions Act. Software utilizes ID Network® to seamlessly resolve indications for individuals who ultimately have low risk of identity theft.
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Original Press release
ID Analytics, Inc
PO Box 502833
San Diego, CA, 92150-2833
USA
ID Analytics for Compliance(TM) Enables Creditors to Satisfy Red Flag and Address Discrepancy Compliance without Impacting the Consumer Experience
SAN DIEGO, May 7 / / - ID Analytics, Inc., the leader in on-demand identity intelligence, today announced the availability of ID Analytics for Compliance, a new analytical solution designed to support sound Red Flag compliance practices while avoiding unnecessary costs and consumer delays. ID Analytics for Compliance delivers the unique insight organizations need to comply with these new regulations by the November 2008 deadline.
"Today's consumers face a wider variety of identity fraud threats than ever before. Businesses must do their part to protect against identity theft while maintaining a high quality, seamless business experience for legitimate consumers," said Todd Higginson, director of product marketing, ID Analytics, Inc. "By resolving Red Flags without manual intervention, ID Analytics for Compliance minimizes the use of time-consuming review processes that drive customers away. Technologies that detect and do not resolve Red Flags will create problems, not solutions, for creditors."
The Red Flag rules, which went into effect in January 2008, were created to protect consumers and creditors from the detrimental impact of identity fraud. Creditors across all industries must develop and implement written programs that specify how indications of identity theft will be detected and resolved during normal business operations. Manual resolution of Red Flag indications will have the unintended consequence of creating cumbersome review procedures that escalate operational costs for the organizations in question.
"ID Analytics has taken an innovative approach to evaluating potentially fraudulent identities that is dramatically different from other providers," stated Dennis Dixon, president of Zoot Enterprises. "The combination of ID Analytics identity intelligence and Zoot's credit decisioning platform achieves a new level of automation when processing potentially fraudulent applications. It allows lenders to provide real-time responses to customers while actually reducing fraud and manual review expenses. We're excited to provide the financial services industry access to this solution through our vendor network."
In addition to resolving Red Flags, ID Analytics for Compliance provides resolution for address discrepancies during new account origination and change of address requests for existing accounts as required by the Fair and Accurate Credit Transactions Act (FACTA). Given that more than 40 million Americans change their address annually, and millions more have address discrepancies across credit bureaus, ID Analytics has delivered a unique, practical approach to regulatory compliance that relies on accurate, up-to-date information and a unique perspective of identity risk.
ID Analytics for Compliance leverages the ID Network(R), the nation's only real-time, cross-industry compilation of identity information, to seamlessly resolve Red Flag indications for individuals who ultimately have a low risk of falling victim to identity theft. The Advanced Analytics(SM) used by ID Analytics for Compliance are already in use by Fortune 500 communications companies and financial institutions having proved their ability to lower manual review rates by up to 50 percent. Fewer manual reviews translates into lower operational costs, an improved customer experience, and protection of consumer privacy.
ID Analytics for Compliance will be one of the many subjects discussed at the Identity 2008: See More Potential conference, May 12 through May 14, at the La Costa Resort & Spa in San Diego.
For more information on ID Analytics for Compliance, visit http://www.idanalytics.com/solutions/... or email marketinginfo@idanalytics.com.
About ID Analytics, Inc.
ID Analytics, the leader in on-demand identity intelligence, provides unprecedented real-time visibility into the risk of individuals, protecting both organizations and consumers. ID Analytics pioneered identity scoring technology. ID Analytics combines three unique capabilities to assess risk and improve the customer experience across all consumer touch points: the ID Network® - the nation's only real-time, cross-industry compilation of identity information; Personal Topology(TM) - an individual's particular identity characteristics and their connectedness to each other; and ID Analytics' proprietary Advanced Analytics(SM). Leading communications and financial services companies, as well as major retailers, government agencies and healthcare insurers, all trust ID Analytics to provide solutions that drive new revenue opportunities, reduce financial losses, and facilitate compliance with federal regulations. ID Analytics is based in San Diego, CA.
ID Analytics is a registered trademark of ID Analytics, Inc. All other trademarks and registered trademarks are the property of their respective holders.
Source: ID Analytics, Inc.
CONTACT: Lisa Luczyk of ID Analytics, Inc., +1-858-312-6284, lluczyk@idanalytics.com
Web site: http://www.idanalytics.com/
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