According to the company, the new system will include access to an advanced change of address analysis service and an identity theft protection monitoring service.
The Federal Trade Commission says that identity theft is one of the fastest growing crimes in the US, claiming 27.5 million victims since 1997. From April 2002 to April 2003, the FTC reported that businesses and financial institutions lost $48bn on fraudulently purchased items.
eFunds said its new platform contains an ID Verification tool which works by comparing identity information supplied by account applicants against aggregated data records, including the firm’s flagship DebitBureau database. When address discrepancies arise the new change of address service analyzes the address change to assess the likelihood of fraud.
The service can also verify existing client address changes to ensure legitimacy and help streamline processes.
eFunds’ identity theft prevention service, IDefend, is designed to provide customers with access to a menu of services, including weekly credit monitoring, an annual credit report, a personalized protection plan, custom fraud alerts, a recovery assessment from a trained recovery advocate and up to $20,000 in lost wage and expense reimbursement.
In the event of a security breach, the system can also help financial institutions implement an incident response plan, which has recently been mandated by the Federal Reserve Board.
