Financial Institution Identity Fraud Detection Solutions

Whether you’re a bank, credit union, lending institution, financial planner, or credit card company, you already realize the impact of identity fraud on your organization, whether in the form of fraud losses or reputation risk. Proper identity vetting is crucial to the application process as well as throughout the lifecycle of an account, and standards for doing so are being mandated by new legislation, including the Red Flags Rule Compliance

Edentify takes an analytical approach to preventing identity fraud to enhance other information-based approaches, such as knowledge-based authentication. Edentify’s IDScreen™ is a unique and robust augmentation to your existing credentialing process and provides an additional layer of protection for your organization. To establish the degree of risk associated with all active customers utilizing your services (and identify those who may be operating under false pretenses), Edentify generates a risk score, called an Identity Integrity Index™, to provide a predictable measure of risk for an individual identity. This proprietary analytical scoring engine is used to measure the level of suspicious activity associated with a given identity when compared to its past use across multiple sectors, including credit, utilities, public records, state and federal government agency data, and other publicly available databases.

A Proactive Approach to Fraudulent Activity

IDScreen™ can be implemented at the initiation of any type of account-establishing event with a customer, such as enrollment, application, account opening, or security screening. IDScreen™ differs from a detection application in that it prevents potentially fraudulent activity before it occurs, providing the opportunity for further investigation and positive identification prior to exposure to any financial or safety risk. This means you can focus your resources on those identities determined to be at risk by our system, rather than subjecting all potential customers to time-consuming and often intrusive screening procedures.

IDScreen™ allows you to investigate and verify a long list of attributes regarding an individual’s background and identification. By analyzing variable data sets and comparing them against that person’s information and national data relating to that information, Edentify is able to answer a number of critical questions for you:

Does the identifying information presented by the prospective employee exist?

Does this ID information have sufficient integrity to be used as the basis for making a hiring decision?

Have key attributes of the ID information been represented in a consistent manner from the point that information first appeared in the public domain until now?

Is there any evidence of tampering surrounding the digital versions of the ID information as represented in reference ID databases?

Does this person have an ID that has several different variations of critical ID attributes residing in the public domain? Are these variations acceptable based on historic patterns of usage, or are they an indication of potential ID deception?

Do the historic patterns of usage associated with the ID information derived from publicly available data sources (credit bureaus, utilities, public records, legal notices, etc.) indicate any chance of identity fraud (indicating that you shouldn’t hire them without further in-depth identity verification)?

Technology You Can’t Do Without

The cost savings afforded by properly prioritizing identity screening is critical to preventing losses from identity fraud, as the average credit fraud investigation process costs 3-5 times the cost of opening an account and 50-100 times the cost of front-end fraud screens like those incorporating Edentify's fraud protection technology—a technology you can’t afford to be without.

For more information, contact Edentify today or call 610-814-6830