Financial
Financial institutions are well aware of the hard dollar cost in fraud losses caused by identity theft and how the public’s fear of identity theft has limited the adoption and use of online banking. Financial regulators have increased requirements for online banking authentication, on top of monitoring compliance with the Patriot Act, Bank Secrecy Act and OFAC. Now they face a fast growing crime - mortgage fraud, often perpetrated by identity thieves.
Our unique ICS provides:
- Identity confirmation for members;
- A common, worldwide known-fraud database to screen non-members;
- A record of each transaction and its related biometric data for future audit purposes.
Enrolling customers is simple – it consists of capturing fingerprint and iris scans and taking a digital photograph. This data is linked to your customer’s Social Security number and a new IDENTIFiD control number, then stored in IDENTIFiD’s secure and encrypted database. Once registered, an individual is protected and identifiable (in person or online) at all institutions and businesses using the IDENTIFiD service, worldwide.
When a customer requests access to an account or initiates a transaction, he or she submits to a split-second iris photo and/or an electronic fingerprint scan. This personal information cannot be falsified or duplicated by an imposter.
The biometric data is encrypted and sent to our system for identity confirmation. Within seconds, IDENTIFiD compares the biometrics submitted to those on file and returns a positive or negative response. Non-customers wishing to complete a transaction have their biometric scanned and checked against our “known fraud” database. Most identity thieves will take their business to less secure targets.
Our database contains only members’ biometric data and IDENTIFiD’s control numbers. Their account numbers and other personal data remain with each institution/business. This separation of identity data from the account information protects privacy and greatly diminishes the potential damage from data theft, should this ever occur.
The system is effective for verifying customers’ identities across the teller window, safe deposit box, loan desk (including mortgage transactions), wire desk and at-home online banking authentication. The reduction in fraud losses across the teller windows will, in most cases, more than pay for the cost of the system.
