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LexisNexis Extends Relationship With American Bankers Association; Receives Endorsement On Entire InstantID Family of Products
Products Employ Cutting-Edge Technology To Help Financial Institutions Verify New Account Applicants And Comply With The USA PATRIOT Act
BOCA RATON, FL, March 02, 2006 - LexisNexis U.S., a leading provider of information and services solutions, announced it has received an exclusive endorsement on all InstantID® products including InstantID, InstantID Q&A and InstantID CIP from the American Bankers Association (ABA), the largest banking trade association in the country. The InstantID family of products is a premier tool for verifying the identity of a person or business to help financial institutions manage new account applicants, comply with the USA PATRIOT Act, and avoid regulatory fines.
“We are thrilled to have this significant endorsement from the ABA,” said Thomas C. Brown, vice president of credit solutions for LexisNexis Risk Management. “The InstantID family of products help financial institutions improve both the top and bottom lines, while helping with compliance. And, the InstantID family of products can also help consumers through the ability to verify their identity, so that banks and merchants can have more confidence that they are selling goods and services to the correct consumer.”
Identity fraud continues to be a major societal challenge. According to industry analysts at CardWeb.com, fraud costs bank credit card issuers about $1 billion every year. On the consumer side, Americans reported more than $400 million in fraud losses last year, according to statistics compiled by the Federal Trade Commission.
We endorsed the InstantID family of products because it was developed to help financial institutions remain compliant with the USA PATRIOT Act and reduce the incidence of financial fraud, said John Wolff, executive director, Corporation for American Banking. “LexisNexis is a company that we trust, and we are pleased to award the InstantID solutions ABA’s stamp of approval for the banking industry.”
The financial services industry is under continued pressure with identity fraud, money laundering, terrorist financing, and heightened regulatory scrutiny, as the industry has seen several large financial institutions receive heavy fines for not complying with banking laws.
The InstantID family of products include:
InstantID, for identity verification which searches multiple databases – containing 4 billion consumer and 300 million business records – for information that can verify and validate a person’s or business’ identity.
InstantID CIP, includes the additional turnkey compliance features such as:
- Complete data archival for record retention requirements
- Access to the organization's policies and procedures
- Personalized disclosure notices
- Easy-to-use case management tools for account tracking
- Reference library of sample photo ID's for every state
- Robust searching and reporting capabilities
InstantID CIP can also assess new accounts opened on behalf of a business entity. This capability can assess data for the business entity alone or in conjunction with information from one or more individuals. InstantID CIP is particularly effective when opening a small business account, which often includes both business and individual information.
An ideal solution for multifactor authentication applications, InstantID Q&A allows instantaneous identity authentication at the customer contact point for financial institutions and commercial customers. InstantID Q&A is unique in that it generates authentication questions – like length of residence in a municipality, purchases of real estate property, or type of car owned. InstantID Q&A is easily integrated into any operational environment for account originations, account updates, ACH transactions, money transfers, instant credit applications, and high-risk transactions.
About the American Bankers Association
The American Bankers Association brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. Its membership – which includes community, regional and money center banks and bank holding companies, as well as savings associations, trust companies and savings banks – makes ABA the largest bank trade association in the country. ABA can be found on the Internet at www.aba.com.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leading provider of information and services solutions, including its flagship Web-based Lexis® and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. A member of Reed Elsevier Group plc [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), the company does business in 100 countries with 13,000 employees worldwide.
Through its risk management solutions including Accurint®, Banko® and RiskWise®, LexisNexis helps to analyze risk, locate people and assets, authenticate identity, 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.
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