LexisNexis U.S., a leading provider of legal, news, business information and risk management services, today announced the release of LexisNexis Business InstantID.
Now available on the Accurint service, one of its people and business search applications, Business InstantID helps validate and verify the identity of a business and authorized representatives of that business. Endorsed by the American Bankers Association (ABA), Business InstantID helps users quickly determine the linkage between a business and the authorized representative(s) and evaluate any inconsistencies that may be indicative of fraudulent activity.
LexisNexis Business InstantID works by searching multiple databases to verify and validate the authenticity of the application information provided by a new business customer. Using the business' name, address, phone numbers and federal ID number, Business InstantID returns a variety of information to the user to help expose the possibility of fraud. Business InstantID helps companies comply with the USA PATRIOT Act, offering enhanced capability to due diligence procedures. What's more, the technology is different from other products in that it enables users to confirm a relationship between the individual and a specific business.
"LexisNexis Business InstantID is yet another example the powerful fraud prevention technologies that LexisNexis brings to the industry," said Thomas C. Brown, vice president, financial services, for LexisNexis risk management services. "Our complete line of technologies offers the most comprehensive coverage of both businesses and consumers leading to the best verification rates and the most comprehensive set of solutions in the industry."
John Wolff, executive director of Corporation for American Banking, an ABA subsidiary, said, "Affecting millions of consumers and businesses alike, fraud continues to be one of the fastest growing concerns today. Taking advantage of the LexisNexis data repositories, Business InstantID leverages reliable business data, verifiable consumer data for registered agents and powerful linking technology that confirms relationships and links between businesses and individuals."
Available on the Accurint service beginning today, the product provides a Business Verification Index (BVI), which is a risk verification score for businesses.
Business InstantID returns information that includes:
- Validation and verification of data provided by the applicant
- Results from a check of Office of Foreign Assets Control (OFAC) lists
- Social Security Number deceased file search on authorized agent
- Fraud red flag indicators with explanations of the discrepancies found
- Validation and verification of the businesses authorized agent.