institutions impacted by the FACT Act, created as a part of the Fair and Accurate Credit Transactions Act of 2003 to prevent and mitigate identity theft. Under the FACT Act, any organization which arranges for the extension renewal or continuation of credit are impacted by the law and must comply with guidelines to identify âred flagsâ, patterns, practices and specific forms of activity that indicate the possible existence of identity theft.
With a November 1st compliance deadline looming for organizations to implement a theft prevention program to become compliant, demand for the RiskAlert solution is considerable. The Web-based, easy to use solution provides two modules for consumer and business/institutional validation with no additional software required on the userâs workstation. What makes RiskAlert truly a unique
solution is the detail and summary information provided for each record output.
RiskAlert goes far beyond a simple pass/fail judgment. RiskAlertâs online reporting explains why the record failed, displays additional data and provides a workflow tool to move each record toward resolution.
âMany of our customerâs will benefit from RiskAlertâs flexibility, they can input their individual requests in real-time for the earliest possible notification or in batches for posting from their back office system. This really reduces the set-up time for companies who have to validate their new account holders under the new law.â said Daniel Sloan, President of AMS. Several key benefits of using
â¢ Reduced fraud and manual review expenses
â¢ Reduced exposure for compliance penalties
â¢ Improved accuracy of customer information
â¢ Increased efficiency for administrative staff
Both RiskAlert modules offer comprehensive database searching. Consumer validation provides a consistent process that crosschecks an individualâs identity against multiple databases such as credit bureaus, phone directories and the Social Security Administration. Business & Institutional validation uses a database of more than 25 million businesses including 18 million Tax Identification Numbers. Jana Waughn, CEO of RemitPro Inc, states âOur coverage is complete and we continually update to ensure accuracy is at a maximum for our customers. By using multiple database sources we provide a more complete picture of a consumerâs identity risk from credit information to SSN tracking.â
Credit unionâs, mortgage lenderâs, auto dealerâs, debit and credit card issuers , payday lenderâs, utility companies, municipalities, phone companies and any consumer or small business lender can benefit from using RiskAlert.
âExperts in Electronic Paymentsâ, AMS will sell the RiskAlert solution directly to its merchants, developers, and other entities as part of their agreement with RemitPro, Inc.