Red Flag Regulations

It’s no secret that identity theft is the fastest growing crime. To address the growing concerns and further protect consumers and businesses, the government amended the Fair and Accurate Transactions Act of 2003 (FACTA) with sections 114 and 315. Now banks and creditors are required to develop and deploy an Identity Theft Prevention Program to combat id theft on new and existing accounts.

The good news is our identity verification solutions are specifically designed to detect fraud, including identity theft. And because there are multiple applications for our solution, you can be confident your entire organization is keeping compliant.

Using Identity Verification to Comply with Red Flag

Identifies someone is who they say they are using knowledge-based authentication (KBA)
Alerts you to identity discrepancies such as address or phone number mismatches
Can be used to verify address change requests
Detect multiple attempts of fraud from someone using a real customer’s information
Additional way to double check suspicious looking documents to see if someone is who they claim to be
Verifies using non-credit based information to address “out-of-wallet” challenge questions
Limits the amount of sensitive consumer data shared to protect consumer privacy
Addresses the Red Flag requirements across multiple channels including online, in a call center or in-person
Comprehensive reporting features that protect consumer privacy and limit the amount of sensitive data provided