Compliance Verification
Streamline identity management and reduce operational impact
Financial institutions face increased challenges meeting identity management regulations such as FACTA Red Flags, USA PATRIOT Act, OFAC, and various state regulations.
Regulations result in costly, manual verification processes. Current verification processes are static which results in costly and time consuming adaptation to new regulations. Lack of multiple data sources lead to gaps and manual reviews. Verification processes are inconsistent across portfolios and ineffective for some consumer segments. Customer acquisition and conversation efforts are hampered by inaccurate data
Multiple regulations can be met by verifying consumer information
Access accurate and timely multi-sourced data
TransUnion header files
Telephone directory and network data
Automate the verification process
Reduce manual reviews
Obtain superior hit and match rates €“ Up to 98.9% file hit rate based on customer data*
What Compliance Verification Can Offer:
- Automated analysis results in faster, more informed decisions
- Identifies inconsistencies with consumer information provided
- Includes a summary score to quickly determine the confidence level of the indicative information provided
- Supplies consumer fraud alert messages indicating possible victimization
- Detects use of potential fraud indicators associated with known fraud
- Identifies status of telephone number provided*
- Screens input name for OFAC security check
