CNS is ID Analytics’ identity monitoring and alerting service. It protects millions of consumers through a majority of the nation’s leading retail identity monitoring services.
This paper explores a new and compelling concept in fraud prevention that works by connecting companies directly with a consumer at the actual moment the consumer’s personal information is being used in a commercial transaction. Consumers know if they are or are not applying for a credit card, buying a cell phone, a big box TV or satellite television service. They also know if they have updated or changed their account information, if they have ordered or re-ordered personal checks, or if they have authorized any number of other typical transactions. Establishing a direct, real-time communication channel between businesses and consumers ultimately benefits both parties. Businesses benefit by preventing fraudulent transactions and the associated losses. Consumers benefit by gaining accurate exposure to the use of their personal information in the marketplace and avoiding the costly and time consuming process of restoring their identity after a fraudulent event.
Integrating the consumer into the fraud prevention process is fundamentally different than typical fraud detection strategies in use over the past decade. Industry fraud detection efforts have historically focused on applying sophisticated analytics to third-party information collected about consumers. The goal has been to use insights from these data repositories to independently verify the consumer is the true owner of the identity. Essentially, businesses have tried to reconstruct consumers using independent data points. Businesses continue to make incremental improvements in building these consumer verification products.
ID Analytics’ Consumer Notification Service (CNS) takes a different approach, and because of that approach, can identify fraud that other methods simply do not uncover.
To read the White Paper click on the link: http://www.idanalytics.com/assets/whitepaper/IDAnalyticsConsumerNotificationWhitepaper.pdf