|
To Help Combat New Trend of Business Identity Theft, LexisNexis® Offers Business Feature in RiskWise® InstantID®
Allows Banks to Screen Business and Consumer Account Applicants
DAYTON, OH, June 17, 2004 - A new worrisome trend is business identity theft, where fraudsters use company names and financial information to open bank accounts or charge expenses, as reported by the Federal Trade Commission in a recent New York Times article. To help combat this new form of identity fraud, LexisNexis® offers RiskWise® InstantID® to help financial institutions. LexisNexis, a leading provider of comprehensive and authoritative legal, news and business information is also a leader in identity verification and authentication products for corporations, governments and financial institutions.
Financial institutions can use the RiskWise and Instant ID products to screen consumer and business account applicants. They can also use the product as part of their USA Patriot Act, Section 326 compliance program.
"The business process can assess data for the business entity alone, or can simultaneously assess both the business information and a set of consumer information," said James Peck, Chief Operating Officer and Senior Vice President of LexisNexis. "This latter solution is particularly effective when opening a small business account which often includes both business and consumer information," said Peck.
Endorsed by the American Bankers Association (ABA), InstantID has a business verification feature to help verify that the business has information in public records as well as any information on authorized agents. The verification process works by cross-checking information provided by business applicants with more than 75 million records contained in independent data files. InstantID can also provide supplemental information about the business such as years in business, number of employees and principal officers. Using the business' name, address, phone numbers, and Federal ID number, InstantID returns information indicating:
- Validation and verification of data provided by the applicant
- Results from a check of Office Of Foreign Assets Control (OFAC) terrorists lists such as the Specially Designated Nationals (SDN) list.
- Federal ID number found via business name-address search
- SSN deceased file search on authorized agent
- Fraud red flag indicators with explanations of the discrepancies found
- Validation and verification of the businesses' authorized agent
Potential risk indicators are provided for both the business data and the consumer data, and corrected information is provided if the InstantID process determines that some of the input information may have been keyed incorrectly. InstantID works with a variety of account opening processes and is available via on-line, Web-based searches, batch-processing or through systems integration in existing platforms.
About LexisNexis
For 30 years, LexisNexis has been an information solution provider. Through its risk management flagship products, RiskWise®, PeopleWise® and Banko™, LexisNexis helps to locate people and assets, authenticate identity, enable commerce, conduct background screening, and support national security initiatives. Customers include almost every Federal Government agency, the top 100 law firms, and Fortune 500 companies in the fields of national security, financial services, collection and recovery, insurance, telecommunications, e-commerce and retail.
The information gained from InstantID is not to be considered a consumer report (as that term is defined in the Fair Credit Reporting Act 15 U.S.C. Section 1681, et seq.) and may not be used to determine a consumer’s eligibility for credit or insurance for personal, family, or household purposes; employment; a government license, or benefit, or other transaction initiated by a consumer.
LexisNexis and the Knowledge Burst logo are registered trademarks of Reed Elsevier Properties Inc., used under license. RiskWise is a registered trademark of RiskWise L.L.C. InstantID is a trademark of Business Transaction Express, Inc. All other products or services may be trademarks or registered trademarks of their respective companies.
|
