ID Insight Announces Selection by CashEdge to Provide Identity Theft Service for New Account Opening
Securely Increases Online Customer Acquisition Rates, Minimizes Back-office Expense and Ensures FACTA Compliance
St. Paul, MN – October 24, 2006 —ID Insight Inc., the innovator of Address Differential AnalysisSM, announced today the selection of its patent pending Safe2Change solution by CashEdge Inc. The pioneer behind account opening and funding online, CashEdge will offer the enhanced risk management option as part of its OpenNow and FundNow integrated solution. In today’s online account opening environment, the presence of an address mismatch is the leading indicator of identity theft, and is responsible for significant back-office expense and a reduction in approvals. ID Insight’s Safe2Change solution is the first and only commercially available solution to effectively address this problem.
By focusing on the addresses, Safe2Change determines the risk of fraud and identity theft. By accessing the nation’s largest third party databases, proprietary databases and the ADScoreSM, financial institutions can instantly approve low risk address mismatch applications and focus the financial institution’s back-office investigation efforts on those that are highest risk. In so doing, financial institutions are able to immediately take the majority of the investigative expense out of their environment, approve more applications, identify fraud and provide greatly enhanced security to the online account opening process.
In addition to the fraud and identity theft benefits, this combined solution will provide compliance with the soon to be implemented FACTA Red Flag Guidelines*.
“The ID Insight solution meets a specific and timely need of our clients,” said Amir Sunderji, Vice President, Risk Management & Payment Services of CashEdge. “Leveraging the Safe2Change technology, CashEdge is able to provide real-time decisioning, while eliminating manual review and minimizing intrusive consumer interactions. The result is an enhanced version of our market-leading OpenNow and FundNow integrated solution, which will enable our customers to increase online account acquisition rates and maximize operational efficiencies, while proactively addressing impending FACTA Red Flag Guideline requirements.”
“We are excited to partner with the industry’s premier provider and channel for online account opening services,” said Adam Elliott, President of ID Insight. “CashEdge has opened up the online banking channel with their leading edge technology, and we see our partnership as a way to continue to provide more security to the channel and provide greater profitability and consumer protections to institutions of all sizes in a seamless manner.”
* On September 18th multiple Federal Agencies, including the FTC and Federal Reserve Board, concluded commentary on the impending FACTA Red Flag Guidelines compliance requirements. In summary, Section 315 will soon require that all financial institutions verify the legitimacy of an address mismatch.
About CashEdge
CashEdge® provides innovative, online financial applications to banks, credit unions and wealth management firms. CashEdge's solutions include end-to-end online account opening and funding, funds transfer, small business payments and invoicing, and data consolidation. These proven solutions are flexible, scalable and supported by extensive risk management capabilities.
CashEdge has been ranked by Inc. Magazine as one of the 500 fastest growing private companies in the United States for two years in a row. In 2007 it was also recognized by the 2007 Deloitte Technology Fast 500 and Fast 50 as one of the nation's 500 fastest growing private companies and one of the 50 fastest growing companies in the New York area, respectively. The company currently serves hundreds of leading financial institutions including four of the top five banks, 23 of the top 100 banks, and 20 of the top 100 credit unions. CashEdge has offices in New York, Silicon Valley and India. For more information, please visit www.cashedge.com.
Contact:
Jennifer Moritz
Zer0 to 5ive
917-748-4006
jmoritz@0to5.com
About ID Insight
Founded in 2002 by recognized leaders in the financial services industry, ID Insight has quickly established itself as a knowledge leader in identity fraud prevention. In building cutting edge solutions around the original concept of Address Differential Analysis, ID Insight has bridged a critical gap in identity fraud risk management. ID Insight currently provides specialized solutions to top banks, credit card issuers, retailers, and other financial services companies. For more information, please visit www.idinsight.com.