Solutions Coming into the Conversation
I just got off the phone with one of our partners, and I shared our experiences that most of the banks, issuers are much more focused on the PLAN for Fact Act compliance, as opposed to the solutions. For the first time – I heard a different perspective. They told me that, generally speaking that this has also been their experience, but in the last few days, that has changed. They said that many of their largest customers are starting to do their research and finding out how big of an issue this really is. They said that normally, their clients manually review 1-5% of their accounts for fraud, and it is finally dawning on them, that if they don’t figure this out, they could suddenly see that number increase to 20-40%!! Ouch. Point is – it sounds like some of the major banks and issuers are beginning to get focused on the solution. ‘Bout time. My head hurts from banging it against the wall.
This Fact Act stuff is changing faster than the weather. By the way – the deep freeze up here in Minnesota has finally given us a bit of a reprieve.