ID Verify Wizard

Red Flags Solution

Compliance Dice

Red Flags Solution

IDVerifyWiz has developed a Risk Management Platform that provides an online based authentication system for the business and government. The IDvw Platform fits all the required needs to verify ID’s for the Red Flags Compliance program.

IDvw identity verification solutions are specifically designed to detect frauds that include identity theft. The IDvw platform allows you to integrate compliance best practices with Real Time ID verification.

IDvw uses a simple system with results that allows our customers to know quickly what checks out and what doesn’t.

IDvw Screening and Red Flag solutions offer a cost effective way to deal with the breach of your existing business security.

Complying with the Red Flags Rule

Click here for the guidelines for the FTC (Federal Trade Commission)

The Red Flags Rule requires financial institutions and creditors, such as banks, credit unions, auto dealers, mortgage brokers, utility companies and telecommunications companies and other transaction account-based companies to develop a written program that identifies and detects the relevant “Red Flags” or warning signs of identity theft. The Identity Theft Prevention Program must also describe appropriate responses that would prevent and mitigate the crime and detail a plan to update the program. Your “Red Flags” program must be managed by senior company employees and include the appropriate staff training.

The reason for the new regulation is simply that identity crime is escalating out of control. FBI statistics show USA companies spend $67 billion annually combating cybercrime; and consumers lose over $50 billion to identity theft and recovery expenses every year, according to the Federal Trade Commission. Regulators know that financial institutions can play a critical role in the fight against identity crime by implementing the new Red Flags requirements.

The Red Flag regulations require all applicable institutions to implement identity theft protection programs to include: reasonable policies and procedures for preventing identity theft, the ability to track red flag activities and to notify victims.

Compliance with the comprehensive regulation can be addressed by implementing the seven measures detailed in the following Red Flags Checklist. These measures include Initial Risk Assessment, Policies and Procedures Manual, Staff Training on Program Implementation, New Account Authentication, Validation of Change of Address Requests, Anti-Phishing Program and Identity Theft Protection