Committed to protecting their members, SAFE FCU researched and evaluated the range of solutions available. After an exhaustive search, the credit union selected LexisNexis Risk Management Solutions featuring InstantID. LexisNexis Risk Management Solutions include the most comprehensive and robust online risk management research tools in the industry, enabling financial institutions to monitor, identify, authenticate, and investigate clients and prospects quickly and easily. InstantID delivers real-time identity verification and risk scoring, providing institutions with the ability to make informed decisions. Using LexisNexis Risk Management Solutions, SAFE FCU significantly enhanced its anti-fraud practices. Today, the identity of individuals attempting to open an account or qualify for a loan are verified by comparing the information they provide against the information available through InstantID. If an employee mistypes information, the solution auto-corrects the entry, helping employees do their jobs faster and more accurately. The scoring features also enable SAFE FCU to more easily identify and route suspicious activity to the institution’s anti-fraud professionals for further scrutiny. In addition, SAFE FCU can open accounts for individuals who may previously have been turned down—individuals, for instance, whose bills may be exclusively in their spouses’ name. SAFE FCU has also been able to locate members who may have forgotten about their accounts or the heirs of members who may have passed away. Finally, the solution supports the credit union’s collections efforts, enabling the collections team to better serve SAFE FCU’s members by collecting debts owed to the institution.
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