Trans Union, LLC currently possesses a report called Total ID for this purpose. Total ID is a quick and accurate fraud detection service that reduces manual review time, fraud losses and costs in addition to improving efficiency of operations.
Total ID works by verifying identities by matching application data against numerous databases, which are nationwide and are updated currently. These databases return match or non-match results to the financial institution and can be used to easily design and implement verification strategies. Total ID can also effectively detect fraud by analyzing the application for inconsistencies that the applicant provides. An example is checking to see if the address and telephone number coincide or if the Social Security Number exists at all. Trans Union's HAWK product can be a part of the Total ID report as well. HAWK scans the Social Security Number to check for prior fraudulent activity. As yet another added benefit, Total ID can also provide financial institutions with the OFAC Adviser product. OFAC Adviser scans the individual against a government list of known terrorists and drug traffickers, which complies with the USA Patriot Act.
The Trans Union Total ID Report contains:
- Identification Results - provides input application information and different information found.
- Verification Summary - quantifies the matching results.
- Application Fraud Analysis - searches for discrepancies in the application information.
- Additional Products - increase fraud protection further with HAWK as well as a scan of the OFAC list.
SS&C's PortPro Mall Loan Center provides access to Trans Union Total ID as a stand-alone product or as an add on to other credit reports and products. The goal of PortPro Mall is to provide financial institutions with all of their valuable credit and application decision-making products in one convenient web site (www.portpro.com). Advantages of Trans Union Total ID are a reduction in the number of fraudulent applications accepted, increased accuracy in identity verifications, quick streamlined decisions and real-time solutions, and fewer verification questions asked of applicants.