LexisNexis Enhances Its Fraud Prevention Resources

Oct 25, 2005

LexisNexis U.S., a provider of legal, news, business information, and risk management services, has announced the release of LexisNexis Business InstantID. Now available on the Accurint service, one of its people and business search applications, Business InstantID helps validate and verify the identity of a business and authorized representatives of that business. Endorsed by the American Bankers Association (ABA), Business InstantID is designed to help users determine the linkage between a business and the authorized representative(s) and evaluate any inconsistencies that may be indicative of fraudulent activity.

LexisNexis Business InstantID works by searching multiple databases to verify and validate the authenticity of the application information provided by a new business customer. Using the business' name, address, phone numbers, and federal ID number, Business InstantID returns a variety of information to the user to help expose the possibility of fraud. Business InstantID helps companies comply with the USA PATRIOT Act, offering enhanced capability to due diligence procedures. The technology enables users to confirm a relationship between the individual and a specific business.

Business InstantID returns information that includes: Validation and verification of data provided by the applicant; Results from a check of Office of Foreign Assets Control (OFAC) lists; Social Security Number deceased file search on authorized agent; Fraud red flag indicators with explanations of the discrepancies found; and Validation and verification of the businesses authorized agent.

(www.lexisnexis.com; www.reedelsevier.com)