|IDology's ID Verification Solutions Help Banks and Creditors Better Prepare for ID Theft Red Flag Examinations|
Atlanta, GA, Jan 27, 2009 – IDology, Inc., an on-demand provider of identity and age verification solutions, today announced that it has upgraded its ExpectID suite of verification solutions to better serve financial institutions and creditors attempting to meet the Red Flag Regulations. Now as banks and creditors prepare for their first Red Flag rules exam, IDology has made it easier to detect which areas of a customer’s id proofing and verification process are compliant and which are not. IDology has also provided a simple way for customers to update their program’s processes and append documentation to their written ID Theft Prevention Plan.
“There is still uncertainty about meeting compliance as financial institutions get closer to their first Red Flag exam,’’ said John Dancu, President and CEO of IDology. “We’ve made it easier for our customers to know with certainty that their automated id detection and fraud alerts technology is in compliance as well as easily and succinctly demonstrate this to their examiner.”
Businesses other than financial institutions impacted by Red Flag are still determining how to meet the delayed May 1st deadline for compliance. IDology’s ExpectID suite provides different levels of identity authentication so that clients can better manage risk when suspicious activity is present. These solutions are designed to meet several compliance regulations such as Red Flag which requires banks 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.
“Protecting your business and consumers from id theft is a constant battle,” said Dancu. “Fraudsters and identity thieves are continually changing the playing field which makes it even more important for banks and creditors to vigilantly monitor and assess their current practices as well as be ready to make changes quickly when necessary.”
IDology’s ExpectID product suite is an on-demand Software as a Service solution that provides real-time change management features so that clients can adapt easily and quickly to the unique and rapidly changing needs of their business. Using these 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. IDology’s solutions can be used in call centers or easily integrated into an online application in a matter of days.
IDology, Inc provides real-time technology solutions that verify an individual’s identity and age for anyone conducting business in consumer-not-present environments 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. 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.
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