Feb 21, 2013, 1:15pm

Prepaid Resources’ award-winning BenefitsDirect Direct Deposit Management solution now comes equipped with FraudGuard™, a suite of fraud security services to help protect and prevent against unauthorized direct deposit enrollment.

Recent press reports show an alarming increase in fraudulent activity within the prepaid environment—especially through cards that have been acquired through retail and online channels. Fraudsters are utilizing stolen identities to open deposit accounts, redirect payments, and access those redirected funds. FraudGuard protects against this type of fraudulent activity with a multi-tiered service approach:

• PreScreen™ integrates third party-verification solutions to pre-qualify enrolling accountholders with CIP and out-of-wallet questions
• EnrollmentBlock™ verifies each enrollment against an issuer-defined filtering criteria and historical data checks. Suspected fraudulent enrollments are automatically blocked and are not processed unless the issuer verifies the enrollment information and unblocks the enrollment
• AuditDoc™ integrated document retrieval service, permits the issuer to upload, store and view supporting enrollment acceptance documentation that verifies the authenticity of the enrollee

“Our highest priority is to lessen the critical risks inherent in the direct deposit process and BenefitsDirect reveals those enrollment patterns that can expose the hidden indicia of fraud.” — Barry Kessler, CEO, Prepaid Resources

“Multiple integration options support easy implementation for a myriad of accountholder enrollment experiences.” — Duane Jacobsen, COO, Prepaid Resources

BenefitsDirect ‘Direct Deposit Management’ solution is widely accepted amongst many leading prepaid card providers as the ‘de-facto’ tool to attract and retain active direct deposit accountholders. In 2012, Paybefore selected BenefitsDirect as “Best-in-Category” for Best Government-Funded Program.

About Prepaid Resources

Prepaid Resources is an established technology specialist for the prepaid debit and banking industry, known for its PORTABLES™ PaaS platform and related applications: a multi-user ecosystem that connects banks and prepaid card providers to processors, third-party applications and services. The company is headquartered in New York City.