ID Insight Debuts Next Generation Address Verification
MINNEAPOLIS (December 17, 2014) — ID Insight today announced the newest release of Safe2Ship, a next-generation address verification solution that is specifically engineered to minimize the costs associated with returned mail, while also reducing fraud risk.
While Safe2Ship has several applications across industries, the most pressing concern today is the massive re-issuance of debit and credit cards taking place due to the migration to EMV. With issuers mailing hundreds of millions of new cards now and well into 2015, the potential returned mail costs are staggering. Considering the national move rate is 17 percent, and over half of U.S. residents do not report address changes to the U.S. Postal Service, it’s in an issuer’s best interest to ensure addresses on file are verified before shipping a new card.
“The sheer volume of reissues happening now requires a vast amount of operational resources,” said Adam Elliott, president of ID Insight. “The costs associated with returned mail alone can be more than $10 per card, and with 650 million cards being re-issued during the EMV transition, the price of unverified addresses is significant.”
During the EMV rollout, card issuers are also particularly vulnerable to account takeover fraud because crooks already know there will be an abundance of reissued cards in the mail as a result of EMV technology conversion.
“While issuers are spending big money on delivering EMV cards to reduce fraud, fraudsters are lying in wait for these cards to be delivered,” Elliott said. “Safe2Ship includes fraud prevention features tuned specifically to combat account takeover and will help issuers avoid losing millions in fraud losses during the EMV migration.”
Safe2Ship processes addresses to ensure each is a valid and legitimate delivery point, verifies the customer’s identifying information using ID Insight’s consolidated databases of billions of records, and identifies and appends the best address if the customer does not reside at the address provided. Safe2Ship also provides enhanced security by identifying suspicious delivery points and patterns that are indicative of fraud activity.
About ID Insight
Established in 2003, ID Insight combines its massive collection of data on people and access points with cutting-edge analytics and solutions to help companies prevent fraud, reduce costs and capture more business. ID Insight provides next-generation verification, authentication, market research and fraud prevention solutions to financial services companies, credit issuers, retailers, online merchants and telecommunications companies. Visit www.idinsight.com to learn more.
David Hlavac, Bellmont Partners