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Customer Identification Program: The Old Way and the More Se

http://www.idology.com/resources/customer-identification-program-cip/ | In 2003, the USA PATRIOT Act became enacted to prevent terrorist financial actions and money laundering. Banks are required to keep identity records to check customer names with terrorist lists. With IDology, we offer a Customer Identification Program that meets government regulations, prevents your business from fraud and more. For more information call 866-520-1234.

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Customer Identification Program: The Old Way and the More Se

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  1. Identity - Compliance - Fraud Customer Identification Program (CIP) The Old Way and the More Secure Way.

  2. Customer Identification Program (CIP) • Verifies the identity of individuals wishing to conduct financial transactions. • Became a requirement by the USA PATRIOT Act for financial institutions in 2003 to prevent financing of terrorist operations and money laundering. • Banks are required to keep records of identifying information and check customer names against terrorist lists.

  3. The Problem with Traditional CIP • Identity theft on the rise. • The upsurge in data breaches mean that legitimate customer identity information can be found and/or purchased by fraudsters. • What does that mean for traditional CIP? • Basic identity data matching is no longer enough. • Identity verification programs MUST revolve around a robust fraud prevention platform that takes a deeper look into the data and fraud flags or trends. • Vital to seamlessly let good customers in, without friction, and keep the fraudsters OUT.

  4. CustomerIdentification ProgramHow do you deal with stolen IDs? • Old CIP • Verify the identity matches with data records • PATRIOT Act (PA) Compliance • Not required as a customer protection measure • New CIP • Verify the identity matches with data records and meet PA Compliance • Surrounded by a fraud platform to stop fraud associated with legitimate, stolen IDs • Identity based fraud • Activity based fraud • Location based fraud • Device indicators

  5. The New CIP ProcessDrive Customer Acquisition, Deter Fraud and Decrease CostsAutomate the entire process from CIP, to clearing exceptions to eliminating manual review • CIP Process Automation • Minimize customer friction • Gain multiple opportunities to approve good customers • Factual, Non-Intrusive Question Presentation only when needed • Easy process to scan and verify a photo ID • Collaboration tools to stop fraud • Complete, on-demand solution you control • Integration and deployment are straight forward, one API • Extensive Client Solutions support Identity Based Fraud CIP Device Indicators Activity Based Fraud Location Based Fraud

  6. IDology’s CIP & Fraud Prevention Platform • Identity verification that helps you drive revenue, deter fraud and meet compliance. • Advantages you can expect: • Drives revenue through faster transaction approvals • Decreases costs through reduced manual review processes • Promotes customer privacy and protects your business from fraud • Provides flexible control for businesses to change rules and criteria settings • Helps you meet compliance regulations • Improves customer satisfaction by requiring minimal personal identifying information • For more information go to www.IDology.com

  7. IDology Customer Satisfaction Survey “I like that I don’t have to think about it much” -Online Training Customer 100 99% Rank products & features much better, better or the same as the competition. 99% 90 90% 88% 90% Rank their overall experience as very satisfied and satisfied. 80 “I like the customization available for each enterprise and how each verification delivers either a pass or fail result.” -Customer, Prepaid 70 60 “IDology is constantly working to develop new features and tools.” - Customer, Financial Services 50 88% Would recommend IDology services to other people. 40 “I am impressed by the ongoing commitment to innovation and real service mindset from the company.” - Customer, Banking 30 “Solid customer care. Knowledgeable and friendly.” - Customer, Financial Services 20 Experience Advocacy Products Neutral

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