ID Insight's address-based identity fraud and Red Flags compliance solution is now available to Zoot Enterprises clients, the company says. ID Insight was selected to partner with Zoot in its efforts to help its customers comply with the impending Fair and Accurate Credit Transaction Act (FACTA) Red Flag guidelines, which become mandatory in November.
Zoot, which provides credit decisioning and loan origination solutions to U.S. financial services institutions, is offering Safe2Change from ID Insight to its clients through its vendor network to avert address-related fraud. The solution enables users to cut costs associated with manual reviews and inefficient manual verification, as well as comply with the address-focused Red Flag rules of the FACTA.
‘On average, 20 percent of approved applications contain address discrepancies. By implementing a comprehensive Red Flag solution, financial institutions can expect dramatic revenue recovery, while at the same time reducing fraud,’ says Chris Nelson, CEO and founder of Zoot Enterprises. ‘We're excited to be working with ID Insight and integrating its cutting-edge Safe2Change into the first phase of Zoot's Red Flag offering to our clients.’
Safe2Change from ID Insight uses its patent-pending Address Differential Analysis to determine the likelihood of fraud in an address change request or address discrepancy. Safe2Change accesses its proprietary blend of hundreds of billions of data elements – including demographic data, verification data, U.S. Postal Service data, historical fraud data, criminality scores and more – through its algorithms to produce and return the ADScore.
SOURCE: ID Insight