Deluxe Enhances Fraud Detection Offering for Financial Services
Selects ID Analytics for Compliance™ for detection and automated resolution of Red Flags
Shoreview, Minn.– Deluxe Corporation (NYSE:DLX) announced today that it is adding ID Analytics for Compliance to its existing suite of fraud protection services to help the company and its financial services customers comply with the Red Flags Rules issued by federal financial institution regulators. Deluxe will use ID Analytics for Compliance to help its clients improve fraud detection rates, automate compliance with the Red Flags Rules and reduce operational costs.
“The effectiveness of a financial institution’s Red Flags Rules compliance program is largely dependent upon the risk controls and accountability of its business partners. It’s why we’re always looking for the latest ways to detect, prevent and mitigate identity theft,” said Bernard McManus, director of new product innovation for Deluxe Corporation. “We’re excited about how ID Analytics will help minimize fraud risk and enhance Red Flags Rules compliance for Deluxe and our financial institution customers.”
ID Analytics for Compliance detects and automatically resolves identity fraud-related red flags during check ordering for direct deposit accounts. It enables financial institutions to better focus their limited resources on reviewing the riskiest transactions thereby reducing fraud and the associated operational costs. As a key component of Deluxe OrderScreenSM, ID Analytics for Compliance will provide compliance benefits for Deluxe’s financial institution customers, including an additional layer of protection for account holders against fraudulent requests for printed checks.
Deluxe OrderScreen streamlines orders for Magnetic Ink Character Recognition (MICR) products by analyzing order, address, channel, and identity attributes that help detect, prevent and mitigate identity theft. For high-risk transactions, the solution will invoke ID Analytics for Compliance to evaluate those transactions for identity risk using the ID Network®, the nation’s only real-time, cross-industry compilation of identity information.
“Today, effectively managing Red Flags Rules compliance programs goes beyond simply identifying flags and documenting the compliance process. Organizations are finding that compliance programs increase operational costs due to escalating manual reviews and introduce customer friction,” said Bruce Hansen, chief executive officer for ID Analytics. “Working together, Deluxe and ID Analytics are delivering a solution that accurately pinpoints high-risk transactions for resolution to ease the burden of compliance on both organizations and the customers they serve.”
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