Bankcars and Edentify team to deliver ID risk management technology

Source: Edentify

Edentify Inc. (BULLETIN BOARD: EDFY), a leading provider of identity management solutions, today announced a joint development and marketing partnership with Bankcars.

The partnership brings Edentify's IDScreen risk management technology together with Bankcars' Closed Account Reporting System to enable financial institutions to verify applicant identities in real time, and to reduce the possibility of Bankcars' clients accepting customers with synthetic identities.

The newly integrated product offering uses IDScreen's single-screen interface to verify applicants' identities for over 70 of Bankcars' bank customers. Each institution can now quickly and accurately enter personal information at each branch, validate the identity of an applicant, and gauge the level of risk associated with the identity. The risk assessment is carried further to include not only the risk that an identity may be fraudulent, but also to conduct the appropriate background verification to check for insufficient funds history and to maintain compliance with existing legislation, including the U.S. Patriot Act. Additionally, operations and customer service is improved through this process by reducing or eliminating human error, manual research, and piles of paperwork-decreasing the time it takes to verify an identity from about 15 minutes to about 10 seconds.

"This relationship creates additional avenues for us to market our solutions to Bankcars' existing and future customers," says Terrence DeFranco, CEO of Edentify. "Banks and financial institutions are the largest target for identity theft and manipulation among all organizations that handle identity information. Combining our IDScreen technology with Bankcars' Closed Account Reporting System creates a highly-effective, one-of-a-kind identity management solution for financial institutions that immediately reduces identity manipulation and fraud risk, tightens financial security, and will assist the institution in the compliance with government regulation."

Edentify's IDScreen solution, part of Edentify's recently released IDBenchmark 2.0, is an advanced identity pattern recognition system that stops fraudulent identity activity before it occurs. Implemented when new accounts are opened (checking, credit, savings, loans, etc.), IDScreen allows financial institutions to flag suspect identities before doing business with a new customer, increasing the safety and security of the financial institution, and its customers' assets.

Complementing this approach is Bankcars' Closed Account Reporting System, which gives financial institutions access to the National Check Network (NCN). NCN is a database of over 168 million checking accounts that is updated daily, and includes information on 'adverse action closed accounts', such as unpaid overdraft fees, stolen or forged checks, unpaid returned checks, and so on. Bankcars' Closed Account Reporting System also provides Office of Foreign Assets Control (OFAC) and Customer Identification Program (CIP) verification reports, which validates whether the information provided is genuine, as well as customer names, addresses, phone numbers, and Social Security numbers. In compliance with The Patriot Act and Check 21 regulations, Bankcars can provide digital images of customers' identification documents, including driver's licenses, Social Security cards, and green cards.

"By integrating our solutions with Edentify's IDScreen, our clients can now receive a total solution when it comes to financial security and identity risk management," says Cosby Benton, Managing Partner of Bankcars. "Together with Edentify, we can provide financial institutions with the one-stop solution for managing their customers' identity data and protecting their financial assets against the growing onslaught of identity fraud."

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