18 Apr Unit of Fiserv in Milwaukee helps verify financial customers' identities
The Precision Computer Systems unit of Milwaukee-based Fiserv Inc. and InsightAmerica are working together to offer a product that verifies customers’ identities before a financial institution serves them.
InsightID provides access to billions of public records to authenticate a customer’s ID. PCS, a provider of banking technology, and InsightAmerica, a supplier of risk mitigation tools, formed the alliance to help prevent fraud losses from identity theft.
In addition to checking identity information, InsightID also aids with USA Patriot Act compliance by validating a customer’s identification against numerous government watch lists, including the Office of Foreign Assets Control.
“Fraud prevention continues to be a priority for bank technology strategies across the nation,” said PCS President Mark Blankespoor. “In addition to losses incurred due to fraudulent activity, regulatory penalties can also impact the bottom line.”
InsightID provides immediate feedback for a bank to verify a customer’s ID by cross-referencing given information (name, address and social-security number) against data from public information databases. The module can then detect inconsistencies that might indicate fraud.
Integrated into PCS’s Deposit Platform, InsightID will be made available to PCS’s client base of about 750 financial institutions later this year.