Credit unions can now tap into and contribute to real-time identity fraud analysis due to a new relationship CUNA Strategic Services has formed with ID Analytics.
Founded in 2002, ID Analytics owns and operates the ID Network®, the only real-time, cross-industry source of identity information that combines consumer identity activity and pattern recognition to manage identity risk.
With a daily flow of 45 million identity elements, it includes 2.6 million known frauds. Every day, leading financial institutions, credit card issuers, wireless providers, private label retailers, and auto lenders use ID Analytics’ fraud solutions to detect and prevent fraud.
“The more companies that participate in the ID Network®, the more valuable and accurate the information is,” says Wes Millar, senior vice president for CUNA Strategic Services. “This helps reduce the risk of fraud for credit unions, and credit unions can help others in return.”
Through the ID Network, a credit union can submit information during the account-opening process. The application is cross-referenced with information that may indicate fraud such as:
This immediately reveals an individual’s risk level during the process. Consumer data within the ID Network® is always confidential and is never sold or distributed.