Account Takeover: When the phone is baloney

Criminals have always figured out new ways to perpetrate account takeover (ATO) fraud, and a popular new method exploits a very common method of authentication: customer phone numbers. A new report released last week indicates that account takeover on mobile …

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Knowing Your Customer vs. Matching Credentials – A New Paradigm for ID Verification

Identity theft and new account fraud go hand-in-hand, and the problem continues to grow with an explosion of data breaches making personal information – including addresses – more widely available than ever before. Unfortunately, traditional ID verification (IDV) solutions that rely solely on …

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Date Posted: December 6, 2016 Author: Jack Sundstrom Category:   Featured, IDI Blog,

ID Verification: A New Paradigm

Historically, ID verification solutions have been deployed to verify a consumer’s identity. Whether it is a new loan application, credit card application, new checking account or other, the financial institution has relied on ID verification solutions to confirm that the …

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ID Verification: The Current and Flawed State

Much has evolved since the enactment of the Bank Secrecy Act, and the majority of financial institutions have a relatively simple process when it comes to ID verification. While this process is straightforward and meets compliance requirements, it is by …

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ID Verification: The History of “Knowing Your Customer”

Not long ago, verifying the true identity of customers meant that financial institutions ran an off-the-shelf ID verification (IDV) solution and simply confirmed that all the identity credentials presented had been seen before. If the information checked out, then it …

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Date Posted: May 5, 2016 Author: Jack Sundstrom Category:   Featured, IDI Blog,

The New Accounts Desk of the Future

Opening up a new checking or savings account at a bank or credit union has been and remains a common and fairly simple process. Typically, the consumer fills out an application and provides identification such as a driver’s license. Then …

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Date Posted: April 19, 2016 Author: Adam Elliott Category:   Featured, IDI Blog,

You Need More than a Shrink-wrapped Data Engine

ID Insight’s Adam Elliott provides his expert opinion in an InformationWeek article entitled “8 Reasons To Consider Insights-As-A-Service.” In his interview with Lisa Morgan, Elliott asserted, “There’s so much changing with security, regulation, and compliance you need more than a shrink-wrapped …

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Date Posted: March 29, 2016 Author: Jack Sundstrom Category:   Featured, IDI Blog,

The CFPB Rulings on Checking Account Access: Burden or Opportunity?

Banks and credit unions have no obligation to go out of business by taking on unnecessary risk with their deposit account opening policies. Rulings by the Consumer Financial Protection Bureau (CFPB) will definitely change the way most financial institutions use …

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Date Posted: February 5, 2016 Author: Jack Sundstrom Category:   Featured, IDI Blog,

Credit Application Address Discrepancies: Separating the wheat from the chaff

“Separating the wheat from the chaff” is an old expression that describes situations where you want to keep things of high quality and discard things of low quality. In this old-time idiom, the wheat is the good stuff and the …

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Paperless Banking: Even in the Digital World, Mailing Addresses Still Matter

In our last two posts, we described how the move to paperless banking has unintentionally caused a significant rise in outdated contact information on the customer information file (CIF) – specifically mailing addresses – and explored how financial institutions are …

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Date Posted: December 8, 2015 Author: Jack Sundstrom Category:   Featured, IDI Blog,
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