The flexibility of Precise ID allows you to address multiple types of:
The following business fraud and identity solutions are accessed through Experian's eSolutions website:
Pacific Marine Credit Union (PMCU) saved more than 500 hours per month in fax labor after switching to Experian's risk-based authentication tools, which feature a challenge question approach.
Examine the various types of existing account fraud, including account takeover, impersonation, bust out, synthetic identity and undetected acquisition fraud.
Learn how a risk-based approach to verifying customer information enables consistent and objective decisions, faster approvals and maximizes the usage of staff time.
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Businesses are seeking cost-effective, flexible tools that will allow them to meet current and future guidelines, manage risk and ultimately authenticate as many true customers as possible — all while segmenting out only the real fraudsters and noncompliant identities.
Precise IDSM for Compliance is Experian's identity verification software that allows clients to make fast, flexible decisions when acquiring new customers while also managing fraud and compliance processes throughout the Customer Life Cycle. Clients can implement a comprehensive authentication process to meet regulatory compliance and fraud risk challenges, utilizing the market-leading strengths of the Precise IDSM platform and Experian's identity verification solutions.
When used as part of an overall compliance or identity checking program, the service provides critical consumer identity authentication results and compliance-oriented checks that can be incorporated into automated accept or referral decisioning. Clients can customize these results based on the presence and absence of both positive and high-risk conditions. They dictate the flexibility or rigidity of their authentication policy requirements, and Precise ID for Compliance decisions are then tailored to these specifications. Specifically, the service helps clients to:
Rather than relying on just one or a few data sources, the identity verification software utilizes Experian’s breadth of data sources to gain a more accurate picture of each applicant’s or customer’s identity.
Via a customizable and hosted rules engine, clients can create up to two unique rules-based decisioning policies to facilitate their own interpretations of multiple compliance requirements such as the USA PATRIOT Act, the FACTA Red Flags Rule, ESIGN or any other consumer authentication checks.
Authentication outcomes and decisions are easy to interpret and designed to provide a quick view of summarized results and ultimate compliance decisions. Specific validation and verification results are layered with applicable high-risk alerts and additional associated record information.
With Precise ID for Compliance, you have access to the following:
Precise ID for Compliance, Experian's identity verification software solution, offers the following benefits when implementing a variety of compliance and consumer authentication processes:
Clients can further enhance their authentication process via optional progression to Experian’s Knowledge IQ product. This pairing of Knowledge IQ with Precise ID for Compliance allows for comprehensive authentication, leveraging out-of-wallet or knowledge-based authentication questions for an additional level of identity verification.
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