ID Insight Enhances Industry Leading FACT Act Compliance Solution
ID Insight Announces New Features to Enable Turnkey FACT Act Compliance for Growing User Base of More Than 500 Institutions
Northfield (December 16, 2008) — Identity-fraud risk-assessment company ID Insight today announced a new feature set to its Safe2Changesm and CompleteIDsm offerings to help customers not only comply with the new identity and address change screening requirements of the FACT Act, but also to capture and retain all the information needed to provide a clear audit trail to serve their examination needs.
As is stated in the Red Flag exam procedures released by federal regulators, financial institutions and creditors will need to be able to “perform sampling” of their Red Flag and address change screening policies for examiners. Particularly with address changes, this will be a new practice for many institutions and will likely bring on new costs. In a year when cost-cutting is mission critical, this is not an easy pill to swallow for financial institutions.
With its newly-enhanced solution set, ID Insight minimizes these disruptive costs felt by institutions and offers a turnkey approach for getting into compliance at a measurable cost savings. With web-based delivery, ID Insight’s innovative Safe2Change and CompleteID solutions are available without any upfront IT effort or integration. A complete history of activity and action is available to facilitate reporting and an on-demand audit-trail.
“As we launched our Safe2Changesm and CompleteIDsm solutions to banks and credit unions, our customers told us that they needed to not only have the information to support their decision making at the point of need, but they also needed a solution that would allow them to retain that information to support their audit activities.” said ID Insight product director Matt Schraan. “Being a compliance solution provider today is as much about creating efficient workflow processes as it is about bringing valuable data and analytics.”
A growing list of over five hundred community banks and credit unions are now using ID Insight’s industry leading solutions to screen address changes and address discrepancies for the likelihood of identity theft. “Historically, analytics-based screening and alert management solutions have only been available to the nation’s largest banks with dedicated resources and billion-dollar IT budgets,” says Schraan. “We have taken that barrier down, and are now making our best-of-breed solutions available to institutions of all sizes without having to make a large IT investment.”
For more information, call 877-749-8731, email sales@idinsight.com, or visit www.idinsight.com
About ID Insight
ID Insight, the innovator in Access-Point Intelligence, knows more about people and their access points -- physical addresses, phone numbers and other points where fraud occurs -- than any other identity-fraud risk-assessment company. Based in Northfield, Minn., the company combines its massive collection of data on people and access points with patent-pending analytics to help companies prevent fraud, reduce costs and capture more business. ID Insight provides next-generation verification, authentication, and fraud solutions to financial services companies, credit issuers, retailers, online merchants and wireless providers nationwide.
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Media Contacts:
- Brian Bellmont for ID Insight, (952) 233-0428,
