Banks suit up for combat

December 9, 2002

ABA, LexisNexis joint service matches identities to terrorist lists

Inman News Features

The American Bankers Association and LexisNexis have formed an alliance in a move that aims to help banks combat terrorism, reduce identity theft and comply with the U.S.A. Patriot Act with the new joint service IDPoint.

IDPoint performs multiple cross checks of name, address and telephone records from hundreds of sources to validate the identity of an individual in real time or verify hundreds of people in a batch mode.

When a financial institution submits a new customer's name, address, phone, date of birth and Social Security number, IDPoint will return the validation and verification of data provided by the applicant, results from a check of Office of Foreign Assets Control, terrorist lists, a check of Social Security deceased records and red flag indicators of possible frauds with explanations of the discrepancies found.

The U.S.A. Patriot Act, passed in October 2001, mandates that banks verify the identity of all new customers, maintain records of this information and determine if the customer is on any list of known or suspected terrorists or terrorist organizations.

IDPoint is now available in batch mode, and the real-time version of IDPoint will become widely available next month.

Members of ABA include community, regional and money center banks and bank holding companies, as well as savings associations, trust companies and savings banks.

The LexisNexis services combine searchable access to more than three billion documents from thousands of sources with systems and tools for managing and evaluating this content.

Copyright: Inman News Service

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