Identity Risk Management: Know Your Customers, Employees and Vendors
Identity risk is the risk that organizations take when they do not truly know their customers, employees and vendors. Managing identity risk to mitigate fraud is critical to the bottom line. "U.S. organizations lose an estimated 5 percent of annual revenues to fraud," which translates to approximately $652 billion in losses in 2006. Furthermore, potential regulatory sanctions and a loss of trust in the marketplace can be even more damaging.
It's your job to protect your organization from internal and external threats. An enterprise-wide Identity Risk Management (IRM) framework can help organizations manage the threat of identity risk in its many forms. A comprehensive IRM solution encompasses all of the systems, tools, processes and policies that are designed to help an organization mitigate fraud due to inaccurate or incomplete information about an individual or business entity. Regardless of industry, our IRM tools assist organizations in recognizing:
- Identity misrepresentation, impersonation or theft
- Unauthorized physical or electronic access
- Collusion
ChoicePoint's IRM solutions can help strengthen your identity verification, regulatory compliance and enhanced due diligence programs, bringing additional layers of protection to your company's overall fraud prevention efforts.
ChoicePoint's Identity Risk Management solutions help streamline the fraud prevention efforts of multiple industries:
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Know Your Customer
ChoicePoint helps financial institutions know their customer with services that provide identity verification, authentication, due diligence and fraud prevention tools.
ChoicePoint Bridger Insight™ is a premier tool used by the majority of the top 25 banks. The Bridger Insight platform provides access to identity verification, regulatory compliance and enhanced due diligence services. More.
ChoicePoint's Business Information Services is widely used in commercial banking to provide extensive domestic and international due diligence information to help mange risk involved with lending transactions. More.
Authentication quizzes provide a layer of verification - leveraging data beyond easily accessible credit card/wallet-based data - and can be implemented into automated voice systems, your call center operations or on the Web. More.
The Mortgage Asset Research Institute (MARI) is the cornerstone of ChoicePoint's mortgage services. MARI is widely known throughout the mortgage industry for its anti-fraud services and the MIDEX® contributory mortgage fraud database. More.
MARI™ Loan Fraud Alert Service performs a comparison analysis of your loan-level data against industry-contributed data on a daily basis. It helps lenders and investors identify common fraud patterns during origination and prefunding - helping safeguard against preventable losses. More.
Know Your Employee
ChoicePoint provides pre-employment and background screening services* to a wide variety of industries. Last year, we facilitated more than eight million background screenings for businesses, including over half of the largest U.S.-based employers as well as many medium- to small-sized firms. We also offer drug testing, biometrics, assessments, enhanced due diligence and ongoing post-hire services.* More.
Know Your Vendor
Companies face significant financial and reputatoinal risks, and incur increasing overhead costs, due to a growing reliance on third parties such as vendors, suppliers and contractors. While the use of vendors is necessary, you can reduce your exposure to these risks by properly screening vendors to detect activities that are not in alignment with your core business values.
ChoicePoint Vendor Screen* validates and monitors the credentials of vendor businesses as well as the individuals they hire to work for or independently contract with them. More.
ChoicePoint/MARI provides the mortgage industry with the only MBA-endorsed vendor credentialing service - MIDEX®. More than 70 percent of top industry participants use MARI services to safeguard their assets and protect their reputations. More.
*Some of these solutions are provided by divisions of ChoicePoint in accordance with the Fair Credit Reporting Act (FCRA) for certain permissible purposes, whereas the other solutions listed above are provided by separate divisions of ChoicePoint for non-FCRA use only.
Know Your Customer
ChoicePoint helps mortgage lenders and brokers know their customers with solutions that help verify customer identity information and prevent fraud.
MARI™ Loan Fraud Alert Service performs a comparison analysis of your loan-level data against industry-contributed data on a daily basis. It helps lenders and investors identify common fraud patterns during origination and prefunding - helping safeguard against preventable losses. More.
MARI Identity Verification Service leverages public record information to help you perform fraud investigations, validate customer information on 1003 forms and do quality assurance checks. Based on these checks, the IDV Service returns an overall risk score with easy-to-understand, color coded results that indicate whether an individual or company may be a high, moderate or low risk. More.
ChoicePoint Authentication Solutions offer customers a convenient way to determine if information supplied for loan applications or the closing process is valid. Authentication quizzes provide a layer of verification — leveraging data beyond easily accessible credit card/wallet-based data - and can be implemented into automated voice systems, your call center operations or on the Web. More.
Know Your Employee
ChoicePoint provides pre-employment and ongoing background screening services* through our screening and authentication services division. ChoicePoint offers a variety of scalable background screening solutions that allow customers to easily add products to their program, as needed, to fit the unique, changing demands of your business, including employment background screening, identity verification, work history, income verification and more.* More.
Know Your Vendor
ChoicePoint provides the only MBA-endorsed vendor screening solution for the mortgage industry.
The Mortgage Industry Data Exchange® (MIDEX®) is a risk management database service used by the mortgage and financial services industries. MIDEX contains public and proprietary information that is used to perform fraud due diligence and background checks on professionals including mortgage brokers, correspondent lenders, loan officers, appraisers and real estate agents as well as firms in the industry. More.
The Mortgage Fraud Alert System (MFAS) is a cooperative early alert service that is endorsed by the Mortgage Bankers Association. MFAS participants submit alerts regarding emerging patterns of alleged fraud in its early stages of development which, in turn, allows other participants to detect and take the necessary actions to minimize exposure to such schemes in their own portfolios. More.
*Some of these solutions are provided by divisions of ChoicePoint in accordance with the Fair Credit Reporting Act (FCRA) for certain permissible purposes, whereas the other solutions listed above are provided by separate divisions of ChoicePoint for non-FCRA use only.
While the types of fraud schemes that exist are diverse, they all have one thing in common: fraud is committed by individuals. Regardless of what industry you’re in, knowing your customers, employees and vendors can mitigate risk and help safeguard against preventable losses.
Know Your Customer
ChoicePoint helps financial institutions know their customer with services that provide identity verification, authentication, due diligence and fraud prevention tools.
ChoicePoint Bridger Insight™ is a premier tool used by over 4,000 organizations across various industries and the majority of the top 25 banks. The Bridger Insight platform provides access to identity verification, regulatory compliance and enhanced due diligence services. More.
ChoicePoint's Business Information Services provides extensive domestic and international due diligence information to help mange risk involved in business transactions. More.
Authentication quizzes provide a layer of verification - leveraging data beyond easily accessible credit card/wallet-based data - and can be implemented into automated voice systems, your call center operations or on the Web. More.
Know Your Employee
ChoicePoint provides pre-employment and background screening services* to a wide variety of industries. Last year, we facilitated more than eight million background screenings for businesses, including over half of the largest U.S.-based employers as well as many medium- to small-sized firms. We also offer drug testing, biometrics, assessments, enhanced due diligence and ongoing post-hire services.* More.
Know Your Vendor
Companies face significant financial and reputatoinal risks, and incur increasing overhead costs, due to a growing reliance on third parties such as vendors, suppliers and contractors. While the use of vendors is necessary, you can reduce your exposure to these risks by properly screening vendors to detect activities that are not in alignment with your core business values.
ChoicePoint Vendor Screen* validates and monitors the credentials of vendor businesses as well as the individuals they hire to work for or independently contract with them. More.
Download an IRM overview brochure.
*Some of these solutions are provided by divisions of ChoicePoint in accordance with the Fair Credit Reporting Act (FCRA) for certain permissible purposes, whereas the other solutions listed above are provided by separate divisions of ChoicePoint for non-FCRA use only.
Learn more about ChoicePoint Identity Risk Management solutions and help ensure you know exactly who you're dealing with.
Call (800) 530-4539 to speak with a ChoicePoint representative.
Download the IRM overview brochure.
Contact us for your FREE live product demo.
1 Association of Certified Fraud Examiners, 2006 ACFE Report to the Nation on Occupational Fraud and Abuse, 2006.
2 Ibid.
