Why Buy?
Fraud Prevention
Businesses — and their insurers — shoulder the bulk
of the losses that result from fraud. And fraud comes in many forms: credit card
fraud, check cashing fraud and false credentialing, which can all lead to criminal hires.
Furthermore, the victims of fraud pay twice: once when the initial fraud occurs, and again as the cost of goods, services and even personal insurance increases.
It’s a Two-Part Equation
Identity theft is of value to a criminal if it leads to a tangible
financial reward. Preventing the fraudulent use of personal information makes identity theft
a high-risk activity with zero reward.
Why Use TrueID®?
TrueID can be integrated into many different types of transactions, including retail,
security, travel, financial, insurance and healthcare.
Key benefits include:
- Effectiveness – Many TrueID customers have experienced full cost recovery in just a few months, with an average fraud reduction rate of 80 percent.
- Efficiency – Automated capture and verification of consumer data can make transactions faster and more accurate. TrueID takes only a few seconds to conduct a point-of-service verification. For example, ChoicePoint can process more than 57,000 enrollments per minute.
- Ease of use – TrueID features a simple, intuitive interface that is easy to learn with minimal training.
- Flexibility – TrueID can be used in any face-to-face transaction that requires identity verification. It can be customized to fit your business’ specific needs and offers easy integration with existing systems.
- Identity resolution – Identity resolution can help prevent fraudsters from presenting multiple fake IDs.
- Biometrics – TrueID with biometrics is designed to ensure that legitimate multiple IDs can be linked to a single person; however, a single person can only be linked to one biometric fingerprint record, helping to guarantee accuracy.
With TrueID, transactions are saved so future transactions with the same individual are smoother and faster. This functionality provides your business with a secure audit trail of transactions. Fraud managers have real-time data access via a desktop interface to query and retrieve all transaction information with full color images of ID, payment instruments, applications or any document presented at the point of transaction.
How to Pick the Right Solution
Choosing the solution that will work best for you depends on several factors unique to your business:
- Number of customer transactions.
- Compliance requirements.
- Potential losses or regulatory penalties as a result of fraud.
- Impact analysis of current losses related to fraud.
- Risk tolerance.
TrueID on its own — or in combination with one or more ChoicePoint authentication solutions — can meet your requirements based on your unique requirements as well as the demographics of your customer base.
