New CSC Web-Based Service to Help Creditors Decrease Impact of Consumer Identity Theft
ComplyID Offers Fully Automated ’Red Flag’ Solution to Market
FALLS CHURCH, Va.- CSC (NYSE: CSC) today introduced a Web-based service that provides automatic detection and resolution of potential identity (ID) fraud attempts. The solution is designed to enhance protection, decrease losses and help clients satisfy the demands of new federal regulations that went into effect late last year.
ComplyID is a decision and workflow software solution that addresses sections 315 and 114 of the Fair and Accurate Credit Transaction Act of 2003 (FACTA) by identifying and resolving bureau alerts and ID discrepancies, and providing tracking and reporting for compliance measures. The ComplyID service can be integrated with credit grantors’ own ID theft prevention processes to speed detection and investigation of suspicious activity or Red Flags, as defined by FACTA, such as address variances.
“Unlike some of the other solutions, which offer data but no tracking or resolution, ComplyID provides us with an easy-to-use decisioning system that incorporates our own identity theft program and best practices with CSC’s decisioning engine,” said D’Layne Rhynsburger, senior vice president, Broadway National Bank, an early adopter and tester of the solution. “Our goal is to eliminate our manual queue and credit origination backlog, thereby speeding approvals to our customers.”
“All U.S. lenders that offer and maintain consumer credit accounts must implement Red Flag programs to address consumer identity theft,” said John Dickson, president of CSC Credit Services. “We’re dedicated to enhancing our clients’ ability both to easily and quickly comply with these new federal regulations and protect themselves and their customers from fraud.”
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