LexisNexis has teamed with the American Bankers Association (ABA) to market its new identification service IDPoint, to help firms reduce identity theft and comply with the USA Patriot Act.
Section 326 of the USA Patriot Act requires financial firms to verify the identity of any person opening an account, maintain records of the information used and screen the applicant against issued lists of known or suspected terrorists.
The IDPoint system, which was developed by LexisNexis' RiskWise division, provides real-time validation of applicants by cross checking name, address, phone, date of birth and social security information.
Donald Ogilvie, ABA president and CEO, comments: "We trust that our alliance with LexisNexis not only will help bankers comply with the Patriot Act, but also will result in savings through improved anti-identity theft measures and fraud prevention."