Identity - Compliance - Fraud Customer Identification Program (CIP) The Old Way and the More Secure Way.
6/30/2014
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Customer Identification Program (CIP) • Verifies the identity of individuals wishing to conduct financial transactions. • Became a requirement by the USA PATRIOT Act for financial institutions in 2003 to prevent financing of terrorist operations and money laundering. • Banks are required to keep records of identifying information and check customer names against terrorist lists.
The Problem with Traditional CIP • Identity theft on the rise. • The upsurge in data breaches mean that legitimate customer identity information can be found and/or purchased by fraudsters. • What does that mean for traditional CIP? • Basic identity data matching is no longer enough. • Identity verification programs MUST revolve around a robust fraud prevention platform that takes a deeper look into the data and fraud flags or trends. • Vital to seamlessly let good customers in, without friction, and keep the fraudsters OUT.
Customer Identification Program How do you deal with stolen IDs? • Old CIP • Verify the identity matches with data records • PATRIOT Act (PA) Compliance • Not required as a customer protection measure
• New CIP • Verify the identity matches with data records and meet PA Compliance • Surrounded by a fraud platform to stop fraud associated with legitimate, stolen IDs • • • •
Identity based fraud Activity based fraud Location based fraud Device indicators
The New CIP Process Drive Customer Acquisition, Deter Fraud and Decrease Costs Automate the entire process from CIP, to clearing exceptions to eliminating manual review
• CIP Process Automation CIP
Identity Based Fraud
Device Indicators
Activity Based Fraud Location Based Fraud
• Minimize customer friction • Gain multiple opportunities to approve good customers • Factual, Non-Intrusive Question Presentation only when needed • Easy process to scan and verify a photo ID • Collaboration tools to stop fraud
• Complete, on-demand solution you control
• Integration and deployment are straight forward, one API • Extensive Client Solutions support
IDology’s CIP & Fraud Prevention Platform • Identity verification that helps you drive revenue, deter fraud and meet compliance. • Advantages you can expect: • Drives revenue through faster transaction approvals • Decreases costs through reduced manual review processes • Promotes customer privacy and protects your business from fraud • Provides flexible control for businesses to change rules and criteria settings • Helps you meet compliance regulations • Improves customer satisfaction by requiring minimal personal identifying information
• For more information go to www.IDology.com
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“I like the customization available for each enterprise and how each verification delivers either a pass or fail result.” -Customer, Prepaid
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