Precise IDSM - More Information
A Comprehensive Approach to Fraud Detection and Compliance
Experian's Precise IDSM is a powerful consumer identity authentication and verification tool that gives you the most complete and accurate view of a consumer's identity so you can make the right decisions, when it counts.
Learn More About Precise IDSM and its Consumer Identity Authentication and Verification Solutions by Selecting a Topic:
- Key Benefits
- Risk based approach considers credit and non-credit data, as well as, scores and analytics.
- Optional knowledge based authentication supports expanded investigations of suspect accounts.
- Custom rules flexibly support interpretations of your credit, fraud and compliance policies.
- FCRA and GLB compliance aids in meeting mandated government and industry compliance.
- Extendable tool set designed to seamlessly meets all of your fraud needs
- Proven analytics and scoring expertise help balance the risk and reward in your fraud strategy.
- Improve operational efficiencies
Precise IDSM ensures consistency across your organization with rules that support your credit, fraud and compliance policies. By tuning rules to your desired settings, you can weight data based on your level of tolerance resulting in:
- a reduction in false positive rates
- fewer manual account reviews
- a decrease in operational costs
- faster processing times
- increased approvals
- Multiple data sources
Unparalleled depth and breadth of data sources provide a more accurate picture of each applicant.
- National Fraud Database: over half a million known fraud records from Experian's fraud consortium
- Checkpoint: 220 million consumer credit and non credit records
- Fraud Shield Indicators: high risk conditions via Experian's FileOne consumer credit database
- 200+ million records from cross-industry shared application data
- 150 million auto registration records
- 83 million property ownership records
- Cell phone and non-published records
- IP address geolocation
- Common business challenges
- Customer experience — This is a critical differentiator in this highly competitive market and contracted pool of viable consumers
- Fraud risk — Multiple threats exist in the form of first-party and third-party fraud schemes penetrating various access channels and product offerings
- Development and staff resource constraints — This is a constant business driver but one of elevated importance on the heels of an economic downturn
- Regulatory compliance — Various requirements demand thorough yet unobtrusive identity verification and authentication procedures
- Flexible and evolutionary tools — Fraud risks and regulatory requirements change over time, and so must your identity authentication and fraud management tools to ensure maximum return on investment today and as future business needs arise
- Holistic risk assessment and comprehensive consumer authentication
In light of such complex and often-competing challenges, an experienced identity authentication and fraud prevention partner with demonstrated expertise can be an invaluable asset. Through our industry-leading Precise ID platform and product options, Experian Decision Analytics offers a wealth of proven identity authentication and fraud detection capabilities. These products and services are designed to help you consistently protect your business and your customers from various fraud threats while meeting internal and external compliance requirements.
Precise ID blends Experian’s vast consumer data assets with advanced analytics, interactive knowledge-based authentication questions, and hosted rules and risk-based decisioning technology that provide holistic identity risk scoring as well as the individual detailed consumer authentication results behind it. The flexibility of Precise ID allows you to address multiple types of first-party and third-party fraud, including identity theft, synthetic identities, fraud rings and first payment default. Proactively manage risk by receiving complete insight into an individual’s identity, enabling you to identify new credible customers, protect existing customers and meet regulatory obligations.
- Holistic consumer authentication goes beyond basic identity element validation
Fraud perpetrators remain a relentless threat, motivated by the tempting payoff and gravitating toward the paths of least resistance. Threatening schemes and attacks appear in an instant or progress slowly over time, requiring a tool set that captures and summarizes these behaviors in real time and over time. Precise ID leverages a real-time historical consortium application database of more than 250 million inquiry records that offers a unique view of currently supplied and previously utilized identity elements. Checks include usage frequency and the assessment of consistent or inconsistent identity element usage linked across multiple consumers.
- Streamline application processing and identity verification
The lower costs and strong consumer demand for real-time online application processing, along with other emerging mobile delivery channels, have contributed significantly to customer acquisition efficiency and also have caused greater exposure to fraud risk.
With greater reward comes greater risk, a situation of natural tension between optimizing security and maximizing sales. While the maximum number of profitable accounts must be booked quickly, every identity must be verified in an automated and consistent fashion. Verification is particularly important during a non-faceto-face transaction and in the absence of documentary evidence.
- A transparent process ensures a positive experience
Organizations are searching for creative and cost-effective ways to maximize the value of each relationship amid the economic downturn and resulting cost and competitive pressures.
Consequently, anything you can do to provide a more streamlined and positive customer experience gives you a competitive edge. If your continuing battle against fraud threats and regulatory compliance requirements frustrates your genuine customers, you may lose business.
Fighting fraud transparently ensures that your true customers remain loyal. Risk-based authentication allows you to strike the right balance among approval rates, fraud rates and compliance requirements to efficiently minimize and prioritize more arduous referrals, ensuring the best possible experience for every legitimate customer.
- Superior data breadth and quality
Precise ID is a single integration point that delivers actionable access to a comprehensive and diverse data suite:
- Consumer demographics — more than 220 million consumers and 140 million
households. Verify identity elements such as name, address, phone, Social Security
number and date of birth against multiple databases. Receive match-level results as
well as record-level details such as additional addresses and related consumers:
- Address verification
- Standardized ZIP+4TM address
- Date of birth verification
- Address type (example: seasonal, vacant)
- Address and phone high-risk (example: mail drop, institution)
- Change of address
- Phone verification — landline and wireless
- Previous and additional addresses
- Driver’s license validation and verification
- Office of Foreign Assets Control checks
- Social Security number validation (example: issue date and state, valid, deceased)
- Social Security number verification (example: linked to consumer name and address)
- Historic application records — Apply more than 140 rules against more than 250 million inquiry records to ensure identity elements are not only validated and verified, but also used consistently and in a low-risk manner over time.
- Fraud ShieldSM indicators — a series of high-risk warnings associated with a consumer’s credit profile identity elements and potential inconsistencies or high-risk credit attributes.
- Consumer demographics — more than 220 million consumers and 140 million households. Verify identity elements such as name, address, phone, Social Security number and date of birth against multiple databases. Receive match-level results as well as record-level details such as additional addresses and related consumers:
Learn More About Each of The Precise IDSM Products:
IDSM with FraudNet
Authenticate Consumers, Verify their Device
IDSM for Compliance
Identity Verification Software for Compliance
IDSM for Identity Screening
Identity Verification Services for Nonlending Situations
IDSM for Account Opening
Solutions for Preventing New Account Fraud
IDSM for Customer Management
Solutions for Preventing Current Account Fraud and Account Takeover
IQSM Through Precise ID
Knowledge Based Authentication
Options for Precise ID -
Experian's Fraud Detection Software
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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.