Professional identity thieves continue to develop methods of increased sophistication, but at the same time, basic methods of identity theft continue unabated. As the tactics utilized for fraud advance, the types of accounts and services being stolen continue to expand. No longer are credit, debit, checking and saving accounts the only targets. The risk of ID fraud has spilled over to include theft of cell and landline phone service; television service; utility services; Internet payment service; medical insurance; rental housing; automobile, boat and other forms of financing and loans. The list goes on and on.
Simply put, every individual and business is vulnerable to fraud when it comes to personal or company information. With the use of MicroBilt’s ID verification solution, ID Verify, you’ll have the ability to accurately determine the level of fraud risk to your business.
To verify customer identity, the information provided by your customer will be compared to several data sources. ID Verify will also use these databases as a part of the ID verification and scoring algorithm. The Social Security Administration’s Death Master File is checked, SSN Validation is performed, the consumer’s address is validated, and the consumer is checked against the OFAC WatchList. This ID verification product also uses an easy to interpret score that ranges from 400 to 800. The closer the score is to 400, the more likely the risk of fraud.
How is the score calculated?
- Work Phone Number:
- Is the phone number valid,
- Is the number connected,
- Type of phone number (e.g. not a pager)
- Social Security number
- Was the SSN issued prior to input DOB,
- Is the SSN tied to someone who has been reported as deceased,
- Are there multiple names associated with the SSN
- Does the last name associated with the SSN match the last name of the applicant
Use ID Verify as part of your due diligence to help you confirm that your applicants, customers and employees have provided valid identity information. This empowers you to run your business securely and profitably. MicroBilt’s ID verification solutions provide you with the peace of mind needed to do business.