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Tool Fights ID Fraud in Mortgages

More identity verification and due diligence tools now integrated into Bridger Insight XG

Alpharetta, GA (Feb. 14) -- ChoicePoint (www.ChoicePoint.com) has introduced two new services to its Bridger Insight XG solution. The first, ProIDŽ Quiz, prompts service representatives to ask questions that help authenticate customers' and prospects' identities prior to doing business. The second, Verifier, makes premium identity data available for additional, in-depth due diligence, investigation and risk reduction.

"Identity fraud and theft have grown to the point where addresses, phone numbers and Social Security numbers alone aren't enough," said Colleen Howell, Bridger Insight vice president for ChoicePoint. "That's why our clients often ask for additional techniques to protect their existing customers and authenticate new ones. We develop services like these to meet their need for stronger protection."

According to the government, the volume of identity theft complaints rose by 19 percent between 2003 and 2005. 1 Fraud complaints rose by 32 percent. An annual survey by the Council of Better Business Bureaus reports that identity fraud cost victims $56.6 billion in 2005.

ProID Quiz lets users authenticate customers' and prospects' identities with greater certainty. Prior to servicing an account or conducting a transaction, a customer service representative can generate a "quiz" composed of random, multiple-choice questions. The questions are based on "out of wallet" information such as former roommates or one's previous home builder. This information is more difficult for identity thieves to acquire and can aid in curbing various forms of ID theft and ID fraud. ProID Quiz then scores a customer's answers as pass or fail. Organizations can configure the number of questions, pass or fail requirements, and other ProID Quiz features.

An enhanced identity verification tool, Verifier can help resolve more challenging issues, such as why a certain customer failed a standard identity verification. Verifier provides quick access to premium identity data, often from multiple sources, for investigating and resolving issues. Data types typically include aliases, Social Security numbers, dates of birth, driver's license information, addresses and telephone numbers and are made available to credentialed businesses for authorized uses. In batch query mode or in real-time with live credit bureau access, Verifier retrieves relevant data from some of the most extensive and current collections of public and proprietary records available.

ProID Quiz and Verifier are available for an additional fee and integrate fully with Bridger Insight XG, the newly redesigned USA PATRIOT Act and OFAC compliance software, which launched in early 2006. Both services access ChoicePoint's premier data resources, which includes billions of public records as well as proprietary information.

Bridger Insight XG can give you access to comprehensive watch list screening in real-time or batch mode; identity verification with scoring; ID fraud and ID theft mitigation tools; integrated compliance workflow; automated case management; reporting and auditing capabilities; politically exposed persons (PEP) screening; integrated FactivaŽ Media news searching; and more.

Dubbed by Celent as "one of the pioneers of compliance software", Bridger Insight solutions are used by more than 4,000 organizations in financial services, retail, and the public sectors, including a majority of the top 25 U.S. banks. The product suite also serves credit unions, insurance companies, brokerages, securities firms, money services businesses, mortgage brokers, auto dealers and other Fortune 1000 companies.

To learn more, visit www.BridgerInsight.com/XG or call 877-922-5757.

SOURCE: ChoicePoint
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