FACT Act Red Flag Compliance Countdown: 01 Nov 2008
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Want the solution?
The best method for preventing fraud and achieving FACT Act Compliance is Safe2Change.
A Buyer’s Guide to Choosing an Automated Solution for Validating Address Changes or Discrepancies
When evaluating automated compliance solutions for FACT Act sections 114(B) and 315, financial institutions and credit issuers should ask the following questions:
- Does the solution produce a risk score that will help eliminate unnecessary investigations?
- Does the solution compare the attributes of the old address with the attributes of the new one, looking for signs that the move is out of pattern?
- Does the solution compare the addresses against hundreds of billions of data elements?
- Are the data elements continuously refreshed? How often?
- What proprietary data or algorithms are used that can’t be found in other solutions?
- Can address risk‐assessment occur in a second or less?
- Does the solution combine identity verification and predictive velocity information with the risk score?
- Can the solution be implemented without having to add new hardware or software?
- Can the solution work with existing infrastructure?
- Will the solution require training?
- How soon with the solution pay for itself? What is the payback model?
Safe2Change answers all these questions, and is your best solution to fraud control and automated FACT Act compliance. Click here to find out more.
