Identity theft. Can you recognize it?
Federal regulators require financial institutions to implement methods to identify and detect the warning signs of identity theft. In addition to the actual financial losses associated with identity theft, there are reputational risks for banks that are victims of identity theft.
Verafin incorporates FACTA red flag monitoring to enhance the detection of identity theft and to assist your institution in complying with FACTA regulations.
Verafin uncovers identity theft for you.
- Analysis of identity theft indicators including elder abuse, frequent and recent address changes, newly-issued cards, excessive debit card use, and the presence of FACTA red flags
- Risk-rated alerts generated using a combination of the built-in identity theft indicators
- Ability to assign FACTA red flags to a customer:
- Active duty
- Address discrepancy
- Credit freeze
- Fraud watch
- On-demand identity search against customer database and Death Master File (DMF)
- An investigation workflow leads you through alert investigation
- Alerts include evidence and statistics to optimize and focus your review and investigation
- Case management helps you organize and document your investigation
- Quickly create and electronically submit a Suspicious Activity Report (SAR)
- Generates a report for customers who changed addresses within a given time period