Identity verification solutions provider GIACT Systems has announced the launch of an automated identity monitoring service called gIDENTIFY Persistent Monitoring, the company announced in a press release on Monday (Oct. 28).
The new solution automates the monitoring of specific personally identifiable information (PII) and triangulates customer PII against multiple sources.
“Having up-to-date records on your customer population is one of the best ways to mitigate fraud and streamline compliance,” said David Barnhardt, chief experience officer of GIACT. “With gIDENTIFY Persistent Monitoring, identity no longer needs to be reactive – gIDENTIFY Persistent Monitoring allows companies to proactively stay up-to-date on their customer’s identity. Should a change occur in the customer’s profile, the business receives a real-time alert that allows them to seamlessly pull a report, assess risk and proactively respond accordingly.”
The solution aims to help businesses revamp their identity management process, temper account seizes, make KYC compliance easier and lower false negatives.
“There’s been a resurgence in high-impact forms of fraud, including new account fraud and account takeovers – fraudsters are taking advantage of outmoded verification methods and are using malware to gain access and to take over customer accounts,” said Kyle Marchini, senior analyst, fraud management at Javelin Strategy & Research. “Financial institutions, lenders and others need identity verification tools that will give them an up-to-date, well-rounded picture of their customer.”
The solution automatically and continuously monitors a user’s last name, address and phone number, and offers fraud alerts on a user’s credit report.
In a July report, GIACT said that a report revealed $3.4 billion was lost due to new account fraud (NAF) last year. According to the report, The Evolution of New Account Fraud, produced by Javelin Strategy & Research, NAF tactics have shifted with the growing popularity of online accounts and payments. In addition, NAF continues to use more sophisticated identity fraud tactics, including synthetic identities and complete impersonations. NAF hit its second-highest level ever, affecting 3.2 million consumers in 2018.