Verification for DNA® from Fiserv enables front-line personnel to assess new accounts in real-time, as they are opened, to prevent money laundering and loss from fraud while simplifying regulatory compliance.
Regulatory and practical considerations require your financial institution verify accountholder identities to protect against fraud and criminal activity. Verification for DNA from Fiserv protects against new account fraud by integrating robust accountholder identification into the account opening process.
Verification for DNA integrates industry leading, third-party identity verification and automated decision-making systems into the New Person, New Organization and New Account wizards in DNA. In addition to helping prevent identity fraud, this complies with PATRIOT Act Section 326, 314(a) and Office of Foreign Assets Control (OFAC) regulations.
The module automatically cross references more than 23 billion records from multiple independent data sources to verify the identity of an individual or business. It then cross references OFAC and other government watch lists to facilitate compliance with national security and law enforcement goals.
Using advanced search, matching and scoring methodologies along with unique algorithms to reduce false positives, Verification for DNA provides a simple, pass/fail identity response in seconds to help your financial institution reduce risk, improve customer/member service and retain profitable accountholders.
Verification enables screening of existing persons, members and organizations in addition to those opening new accounts. It also allows rules creation to address failed verifications, override false positives, enable selective verifications and record your actions for future analysis.