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Fraud Alert

 
Fraud Alert

CDS is pleased to offer our clients fraud detection services through Equifax, TransUnion and Experian repositories. Fraud detection services provide notification of reported fraudulent activity associated with borrower inquiry information.

For more information regarding each of the repository fraud products, please click the link below:

Equifax SAFESCAN
Experian FACS+
TransUnion HawkAlert

 

Equifax SAFESCAN

Overview

An online service that compares a customer's inquiry information against the Equifax national fraud system, SAFESCAN alerts customers when potentially fraudulent information elements are found. Totally separate system from ACROFILE, Equifax's consumer credit database, SAFESCAN does not refer to any particular individual, but examines the input relevant to the address, telephone number and/or Social Security Number and returns a warning when certain elements match.

SAFESCAN creates two internal warnings:

  • True Name Fraud

    Based on a decision tree that indicates a specific behavior pattern has developed, the "true name fraud" warning indicates an applicant may be using another person's identity. SAFESCAN reviews every report, looking for a distinct pattern, and gives a warning if all criteria appear on the same report.

    Because SAFESCAN reviews each report separately and independently for the criteria every time an inquiry is received from a customer, the "true name fraud" warning is not stored in the SAFESCAN database.


  • Profiled Address

    Profiled Address delivers the warning "Address Has Been Associated With More Than One Name or SSN." When SAFESCAN detects applications made at the identical address with the same Social Security Number but with different names, or the same address, same name but different SSNs, it returns this warning. Because SAFESCAN monitors inquiry activity throughout the Equifax system to catch discrepancies regardless of the customer's geographic location, it is irrelevant if these applications have been given to the same customer or to different customers.

    The profiled address warning does not appear when different family members are applying for credit from the same address, but instead is triggered when there are indications that all of the suspect applications have been made by the same individual.

Features

  • Maintains currency through continual fraud-related updates from Equifax customers and external sources
  • Offers seventeen warning messages to help customer identify errors and flag applications requiring additional verification of Social Security Number, telephone number and/or address information
  • Identifies addresses associated with two or more names or Social Security Numbers
  • Provides national coverage

Benefits

  • Alerts customer to potential application fraud
  • Allows customer to access current, national-level information regardless of where the application is generated
  • Increases accuracy of application information by highlighting possible errors
  • Improves profit by reducing fraud-related losses

Experian FACS+

Benefits

  • Uncover potential fraudulent credit applications
  • Identify inconsistencies between the credit application and Credit Profile report
  • Verify your customer's Social Security number as recorded with the Social Security Administration
  • Detect known or high-risk fraudulent address information
  • Verify business addresses
  • Detect possible "shotgun" fraud

Social Security Check
FACS+ offers a range of options to provide a full check on a customer's Social Security number. It automatically tells you when a Social Security number is:

  • Recorded as deceased
  • Year issued
  • Non-issued/out of range
  • Invalid

Address Alerts
FACS+ offers a full range of features associated with the inquiry and on-file consumer's addresses. It will warn you of:

  • Cautious addresses
  • High-risk addresses
  • Business addresses
  • Multiple business addresses

History inconsistencies
FACS+ flags are warning messages generated when potential fraud may exist. When comparing your inquiry to information contained in the Credit Profile report, FACS+ flags appear indicating conflicting/important information. Use these messages to further research your customer's application.

Shotgun Fraud
Frequency counter messages are specifically designed to help identify potential instances of "shotgun" fraud. Shotgun fraud typically occurs in concentrated time spans. To accurately distinguish this activity, FACS+ is designed to look only at short-term time frames of 90-120 days. Your decision to grant or deny credit should be based on the results of additional research, not on the counters themselves.

HAWK Alert

The products in TransUnion's fraud prevention and detection suite include:

DataTrail is a PC-based application that assists in your manual review process to verify application data. DataTrail gives you a single point of entry to search for an individual across several different databases including national consumer databases, national directory assistance databases, and TransUnion's credit reporting databases.

Fraud Detect is an identification verification system used to determine if someone has applied for credit using false or "stolen" information. Fraud Detect uses more than 600 algorithms to determine any inconsistencies as well as the validity of the personal information supplied. It helps you protect not only your business from losses but also your account holders from identity theft.

Fraud ID-tect helps to validate applicant-provided information by analyzing Social Security number, name, and address. Fraud ID-tect allows you to select the types of messages you wish to receive.

HAWK®*, as an add-on product to TransUnion Credit Reports*, FACT®*, PEER*, and other inquiry products, searches TransUnion's databases and generates messages about any discrepancies in address, Social Security number, or telephone number.

ID-Search helps verify an applicant's information quickly, requiring only name and Social Security number or name, address, and Social Security number.

Phone Append can be added to a number of TransUnion products to give you a 10-digit telephone number.

The TRACE family of products - TRACESM, TRACEplus*, and ReTRACE - offers you a way to access important information based on Social Security numbers. TRACE uses Social Security numbers to locate or confirm current and previous addresses. TRACEplus, which requires permissible purpose, returns a richer array of information. And ReTRACE can take name, address, and return Social Security number information and other data items to help you locate customers.

TRANSALERT® offers a complete application-fraud prevention system that alerts you about a significant number of recent inquiries on a credit file and differences between information on an inquiry and the contents of our credit file databases.

TOTAL IDSM is a quick, easy and accurate identity verification and application analysis service. It provides you with both fraud detection and a reduction in manual review time. With its unique dual approach, you reduce your fraud loss, reduce costs, and improve the efficiency of your operations.







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