FACTA

New Red Flag rules, part of the Fair and Accurate Credit Transactions Act (FACTA) require financial institutions to step up efforts to combat identity theft-related fraud. Banks and Creditors are required to develop and implement a written Identity Theft Prevention Program to detect, prevent, and mitigate identity theft in connection with opening new accounts or handling existing accounts. Compliance required since November 2008, is becoming a major challenge for financial organizations.

Intellinx provides an innovative and unique solution for addressing the new requirements in a cost-effective way.

  • The system captures activity data of customer accounts and internal end-users directly from the network with no need to rely on the content of existing log files and no need for a long ETL project
  • A powerful analytic engine analyzes and profiles account and end-user activity data and generates real-time alerts on suspicious events enabling the bank or creditor to become proactive on identity theft
  • The system provides powerful investigative tools for post-event analysis including cross-channel search of account, customer and user activity with visual replay of user screens
  • A Case Management facility allows investigators to manage and document the investigation process effectively

As Identity Theft may be the result of insiders and outsiders conspiring in concert, activity data must be captured and analyzed on both internal end-users and customer accounts. Information can be collected from various sources and correlated in real-time. Following are several examples:

  • Customer access through Internet Banking
  • ATM and credit card transactions performed by the customer
  • Customer calls to the Call-center (captured through Call-center representative online access to the customer account)
  • Back Office transactions
  • Deposited checks and other transactions performed by the customer in a bank branch (captured through bank teller online access to the customer account)
  • SWIFT messages transmitted between the bank and other banks which relate to the customer account
  • Batch processes in which the customer account is updated