New Account Authentication (All Consumer Accounts)
The new Red Flag regulations require financial institutions to go a step farther than the traditional two forms of identification for account activation. Financial institutions must perform a more detailed verification process to match a new customer’s information against a series of third-party databases, including the Social Security Administration, credit bureaus and local property databases.
Secure Identity Systems' solution authenticates new accounts in real-time. Institutions can instantly search identities through a database with more 700 million records receiving over four million updates per month-- the result is the most accurate information in the industry. We also provide USA PATRIOT Act compliance, checking client identity information against OFAC and multiple other government watch lists.
Secure Identity Systems uses all available resources to ensure accounts are authentic:
Secure Identity System uses Positive Verification, matching information with a trusted third party source, and Logical Verification ensuring, in real time, the consistency between information across a broad scope of criteria including matching SSN numbers with approximate birth dates, previous home ownerships/rentals, etc. Secure Identity Systems also uses Negative Verification, correlating any associations with known incidents of fraud.
Our online system is easy to use and provides the most accurate analysis, all by filling in a few key text boxes:
Once all factors have been checked, the system sends an automatic rating response validating or flagging the individuals information.