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,

Paperless Banking: Leaving the Mailbox Door Wide Open for Fraud

In our last post, we discussed how paperless banking has unwittingly created a multi million-dollar return mail problem, particularly for smaller institutions that can ill afford wasteful spending. Today, we want to talk about how paperless banking may be giving …

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Date Posted: December 1, 2015 Author: Jack Sundstrom Category:   Featured, IDI Blog,

Paperless Banking: A Weak Link in Customer Relationships

The digital age has brought convenience and immediacy – not to mention lower costs – to the way banks communicate with customers. However, paperless banking has inadvertently created a weak link in the customer communication chain: stale addresses. Without a …

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Weathering the Fraud “Walleye Chop” with ID Insight at IAFCI

Minnesota’s own Bob Dylan once wrote: “you don’t need a weatherman to know which way the wind blows.” So it’s no surprise that the changing climate of fraud detection and prevention was a prime topic at this year’s International Association …

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Date Posted: September 14, 2015 Author: Adam Elliott Category:   Featured, IDI Blog,
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