Automated FACTA Red Flags Identity Theft Software and Solutions Make Compliance Easy

Developing appropriate identity theft policies and procedures is a critical step in creating your Fair and Accurate Credit Transactions Act (FACT Act or FACTA) Red Flags program—however, this alone will not deliver FACT Act Red Flags compliance. For most institutions, it will be imperative to implement an automated software solution that will enable you to detect and respond to all of the identity theft Red Flags for both new and existing accounts.

Wiz Sentri™ Red Flags Identity Theft Software Solution

The Wiz Sentri: Red Flags software solution is a comprehensive set of tools that will enable you to detect and respond to all of the identity theft Red Flags for both your new and existing accounts. In addition to automating ID Verification and ID Authentication, the new Wiz Sentri: Red Flags software solution facilitates the investigation and documentation of all potential identity theft findings, enabling complete compliance with the new FACTA Red Flag regulations.

Details:
Wiz Sentri: Red Flags software is a comprehensive Customer Identification Program (CIP) verification and account/ employee profiling solution that provides the framework to detect, prevent, and mitigate identity theft in connection with new and existing accounts. Key features and functionality of the software include:

• Assessing the identity risk of your account applicants
• Verifying individual and business identities
• Screening applicants and account owners against government watch and other lists
• Risk rating customers at account opening
• Automating Customer Due Diligence (CDD)
• Authenticating customer identities
• Performing appropriate recordkeeping
• Account and employee profiling
• Ongoing activity monitoring
• Case management

To see how Wiz Sentri: Red Flags software will form the cornerstone of your FACT Act Red Flags identity theft compliance program,view the graphic below (click to enlarge)

AppOne® Solutions for Auto Lending

The Federal Trade Commission (FTC) established the FACT Act Red Flag Rules recently to help combat the nation’s fastest growing white collar crime&mdahs;identity theft. The automotive finance community has to be extremely vigilant when it comes to detecting credit fraud. The FACTA Red Flag rules are aimed at helping dealerships and lenders detect identity theft by requiring that both establish prevention programs.

AppOne is a technology and risk mitigation solution that connects independent dealers with lenders and applies compliant and proprietary practices to the loan application and funding process. Each loan package processed by AppOne and submitted for lender funding is evaluated prior to submission to the lender. AppOne’s identity theft prevention processes include:

• A proprietary alerting system that automates the process of fraud alerts and addresses discrepancies, and includes proprietary alert rules that look for patterns for possible fraud and identity theft.
• Reconciliation of all finance-related documents including identity documents with information provided on customer credit applications.
• A customer interview process to verify both the identity of the customer and the type of vehicle that the customer has purchased.

Read more about how the FACT Act Red Flags Rules impact auto lending and find out more about how AppOne can help dealerships and lenders comply with the new Identity Theft Red Flag Rules.

Paper Documents

Our FACTA Red Flags paper products help you comply with your identity theft program recording and reporting requirements.

We also have similar paper documents that are specifically created for indirect lenders.