Precise IDSM for Account Opening
What is Precise IDSM for Account Opening?
Precise IDSM for Account Opening is Experian's identity fraud detection software that your business can use to confidently identify, detect and prevent new account fraud or account opening fraud. Make more informed application processing decisions with Precise IDSM for Account Opening, which integrates identity element validation / verification, Fair Credit Reporting Act (FCRA)–compliant authentication scoring and decisioning into a single process. Now you can streamline new account opening processes for increased efficiencies while minimizing fraud loss and meeting compliance requirements.
How Can Precise IDSM for Account Opening Help My Business Identify and Prevent New Account Fraud?
By using Precise IDSM for Account Opening, institutions can rely on an automated system to help them authenticate applicants from both a risk-mitigation and a compliance perspective. A critical feature is an FCRA-based aggregated score — leveraging consumer credit, noncredit, application and known verified fraud data — that measures the risk of identity fraud and first-party fraud.
- Gain a more accurate and holistic picture of each consumer/applicant
- Target identity theft and potential first-party fraud and nonpayment risk
- Quickly implement the product via Web-user interface
- Integrate seamlessly into internal or consumer-facing platforms via XML
- Assess risk of identity alteration or inconsistencies
- Receive summary-level match results related to identity elements such as name, address, phone, date of birth and Social Security number
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The flexibility of Precise ID allows you to address multiple types of:
- First-party fraud
- Third-party fraud
- Identity theft
- Synthetic identities
- Fraud rings
- First payment default
Experian Decision Analytics
The following business fraud and identity solutions are accessed through Experian's eSolutions website:
- Precise IDSM
- National Fraud DatabaseSM
- Knowledge IQSM
Credit Union Saves 500 Hours Per Month in Labor
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.
New and Existing Relationship Fraud Presentation
Examine the various types of existing account fraud, including account takeover fraud, impersonation, bust out, synthetic identity and undetected acquisition fraud.
Risk-Based Authentication Webinar
Learn how a risk-based approach to verifying customer information enables consistent and objective decisions, faster approvals and maximizes the usage of staff time.