Atlanta, GA, May 13, 2008 – IDology, Inc., an innovative provider of identity and age verification solutions, today announced that its ExpectID®, a full suite of identity verification solutions, helps businesses comply with the upcoming Red Flag Regulations under Section 114 and 315 of the 2003 Fair and Accurate Transactions Act of 2003 (FACTA).
“Banks and creditors are struggling to determine how to comply before November 1st and we offer them an easy way to do so,’’ said John Dancu, President and CEO of IDology. “Our solutions are a natural fit because they are specifically designed to automatically detect and prevent identity theft especially in consumer not IDpresent situations.”
At a basic level, Red Flag requires financial institutions and creditors, including utility companies, auto dealers, telecommunications companies, healthcare companies, debt collectors, and more to develop and deploy an Identity Theft Prevention Program to combat ID theft on new and existing accounts. IDology’s ExpectID suite provides different levels of authenticating identities so that clients can better manage their risk when suspicious activity is present. ExpectID is based on what is commonly referred to as public records data versus credit data which increases the number of people IDology is able to verify.
“With more than 73 million Americans falling outside of the credit system, relying on credit-based solutions to verify identities limits your revenue potential,” said Dancu. “Credit-based data helps determine someone’s credit worthiness which means someone who has little to no credit file may not be verified even though they most likely are a legitimate customer.”
Besides being used to verify the identity of new customers, IDology’s services will verify the identity of existing customers on change of address requests. By automating this process, banks and creditors can reduce the amount of time employees will need to spend to be in compliance as well as reduce the risk by quickly determining if the request is legitimate. IDology’s solutions can be used in call centers or easily integrated into an online application in a matter of days.
More information on Red Flag Regulations can be found in IDology’s whitepaper Spotting ID Theft Red Flags – A Guide for FACTA Compliance which you can register for at http://www.idology.com/whitepapers.html. Additionally, the company is exhibiting at the 2008 Payments Conference Booth #920 from May 18 – 21 and will have representatives available to demonstrate how the ExpectID product suite works.
IDology, Inc provides real-time technology solutions that verify an individual’s identity and age for anyone conducting business on the Internet to help drive revenue, decrease costs and prevent fraud. What makes us different is that we do this in a way that builds more confidence with your customers – by protecting sensitive data and promoting consumer privacy.
Our ExpectID product suite validates the identity and age of individuals without requiring personal information such as a social security number or driver’s license. Using our solutions, businesses are provided with more than simple pass/fail rates and are informed about what discrepancies are present in the components of an ID. With our advanced rules-based technology engine, businesses are able to easily and quickly react to the situation at hand either by approving the transaction, enabling knowledge-based authentication questions, or changing criteria settings.
Founded in 2003, IDology is the only provider to offer an on-demand change management tool that allows client business-unit managers to control the entire proofing process, including within an integrated solution, without having to rely on internal IT resources or contact IDology’s customer service. For more information, visit www.idology.com or call 866-520-1234.