Regardless of the specific checks and overall processes incorporated into your Red Flags Identity Theft Prevention Program, the use of an automated decisioning strategy or strategies will allow you to:
- Deliver consistent responses based on objective authentication results, while eliminating subjectivity often found in more manual review processes.
- Save time and money associated with a manual review process currently attributed to Red Flag Rule referrals.
- Provide examiners a detailed process flow including decision elements.
- Create champion / challenger flows to test, compare and alter new strategies over time.
- Revise, over time, the specific elements used in your decisioning to appropriately weight each from a fraud detection and/or compliance perspective.
Experian's consumer authentication products provide hosted decisioning strategies that alleviate the burden on our clients associated with maintenance and development of those processes. Whether you facilitate your own strategies or use a service provider's hosted strategies, it is important to ensure you are maximizing their ability to balance pass rates, fraud detection and compliance requirements.
