eFunds and Fiserv to Sell Identity Fraud Prevention Program

Wednesday 8 December 2004 17:12 CET | News

Penley, a wholly owned subsidiary of eFunds Corporation and IntegraSys, a Frisco, Texas-based business unit of Fiserv, Inc. have reached an agreement through which IntegraSys will privately label and sell Penleys ID Verificationsolution. This agreement helps IntegraSys provide its credit union customers with an extensive, easy-to-use and cost-effective identity fraud prevention program as well as compliance with the USA PATRIOT Act Section 326, 314(a) and Office of Foreign Assets Control (OFAC) regulations.

The Federal Trade Commissions September 2003 Identity Theft Survey Report, prepared by Synovate, shows that in the last 5 years, more than 27 million Americans have been victims of identity theft, and the rate is increasing. Businesses and financial institutions lost some $48 billion from fraud and identity theft in the year prior to the survey. ID Verification is a tool to assist with the verification of the identity of individuals and businesses by cross-checking more than 23 billion aggregated records. In seconds, ID Verification assesses the consistency of identity information and provides detailed information for credit unions to make proactive and educated decisions about potential members. In addition, the solution screens OFAC and other government lists, offers a customizable customer identification program (CIP) and stores transactional data in an easily searchable format for internal analysis and examiner review. IntegraSys customers will also receive seamless access through the Penley solution to other applications within the ChexSystems product suite, which is offered by eFunds subsidiary Chex Systems, Inc. This suite provides advanced software and services to assist with identity verification, fraud prevention, risk management and revenue optimization. Credit union staffers will be able to access information on new account applications from within the same Web-based service without having to retype information in multiple systems, which increases efficiency and value, and provides faster member service. This agreement further expands the long-term relationship between Fiserv and eFunds.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce