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News

Identity resolution released for financial crime prevention

Norkom Technologies : 18 March, 2009  (New Product)
Financial industry companies gain another tool in the fight against fraud and other financial crimes with the release of Identity Resolution from Norkom
Norkom Technologies has announced the availability of Identity Resolution, the latest addition to the company's market-leading suite of solutions for financial crime prevention and regulatory compliance.

Powered by IBM InfoSphere Entity Analytic Solutions (EAS), Norkom Identity Resolution enables financial institutions to reduce risk of fraud losses and non-compliance by precisely identifying "Who is Who" among customers, employees, vendors, or partners. The solution employs powerful algorithms to evaluate all data comprising a given identity, including: variations of names, accounts, social security and tax identification numbers, birthdates, and addresses.

Identity Resolution assigns every individual or business a unique identifier, which can play a vital role in all phases of the customer life cycle including account opening due diligence, risk scoring and analysis, fraud control, transaction monitoring, enterprise investigations, and watch list management.

Norkom experts will demonstrate Identity Resolution at Booth 54 during the 14th Annual Anti-Money Laundering International Conference at the Westin Diplomat Resort and Spa in Hollywood, Florida from March 16-18.

The recent turmoil in financial markets has heightened the need for accurate customer identification. Financial services firms that can automatically discover and maintain the true identities of people and businesses both inside and outside their organizations have a competitive advantage in today's economy, according to Joe Friscia, General Manager and EVP of Norkom's business in the Americas.

"Clients first think of Know Your Customer (KYC) regulatory compliance when made aware of the benefits of Identity Resolution, and that's where it will be most widely used. However, this solution will also be tremendously powerful against money laundering and fraud, especially as financial crime attacks become more sophisticated," said Friscia.

"For example, any bank undergoing a merger or acquisition is certain to have disconnects in customer data. Brokerages that are converting to banks have to work with their customer data in ways that are unfamiliar to them. The insurance industry, with multiple lines of business, can be vulnerable to fraudulent claims. The power of Identity Resolution will let our clients analyze all their data, no matter where it originates, and fight back against potential criminal activity by getting a firm grip on everyone's identity, even when fraudsters are deliberately trying to hide their true identities."

Friscia went on to explain that most large-scale transactional analysis systems in use today work against customer names or accounts, not against resolved identities. This gap leaves banks vulnerable to criminals engaging in cash-transaction structuring, real-time transactional fraud through the use of ACH, credit cards and wires, and mortgage fraud. Identity Resolution eliminates the gap, reducing false positives and increasing true positives in the course of customer due diligence, account monitoring, and financial crime investigations.
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