MADISON, Wis. (8/9/10)--Credit unions can tap into--and contribute to--a massive source of fraud identification and real-time identity fraud analysis through CUNA Strategic Services' (CSS) new relationship with ID Analytics. “The more companies that participate in the ID Network, the more valuable and accurate the information is,” said Wes Millar, CSS senior vice president. “This helps reduce the risk of fraud for credit unions, and credit unions can help others in return.” Founded in 2002, ID Analytics owns and operates the ID Network, a real-time, cross-industry source of identity information that combines consumer identity activity and pattern recognition to manage identity risk. With a daily flow of 45 million identity elements, the data include 2.6 million known frauds. Every day, financial institutions, credit card issuers, wireless providers, private label retailers and auto lenders use ID Analytics’ fraud solutions to detect and prevent fraud. The relationship is "an excellent opportunity to help protect more credit unions and their members with our powerful and proven fraud prevention network,' said Larry McIntosh, chief marketing officer for ID Analytics. “Credit unions now have access to the largest repository of known identity frauds in the country," he added. During the account-opening process, a credit union can--through the ID Network--submit information that is cross-referenced with information that may indicate fraud such as:
* Combinations of name and birth date associated with suspected or confirmed fraud; * Number of times a Social Security number has been submitted for scoring in the past three months; and * Number of times a fraud is reported at a specific address in the past six months.
This immediately reveals an individual’s risk level. Consumer data within the ID Network are confidential and never sold or distributed. For more information, contact Tom Lybeck at firstname.lastname@example.org
or Brigette Engel at email@example.com