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News

Identity verification software for Patelco Credit Union

IDology : 07 May, 2009  (Application Story)
ExpectID from Idology is being used by large credit union to prevent fraud through identity verification during account application procedures
IDology, an innovative provider of identity and age verification solutions, has announced that Patelco Credit Union, one of the largest credit unions in the country, is using its ExpectID identity verification suite to streamline their online account origination process and fight fraud.


'Before using IDology we required our new members to fax in two forms of identity proof before allowing them to open an online account. IDology's solution allowed us to automate the authentication process for new accounts, credit cards, and consumer loans. As a result, we have reduced the hassle for consumers,' said Anthony Vitale, Patelco's Director of Development.

Patelco uses IDology's ExpectID IQ solution to present online member applicants with a brief set of multiple choice questions that are dynamically generated in real-time. This knowledge-based authentication (KBA) quiz is designed to verify someone is who they say they are and doesn't require Patelco to have an established relationship with the consumer to verify their identity. As part of the verification process, IDology also searches multiple watch lists so that Patelco can comply with the USA Patriot Act. The overall result has been improved efficiency in allowing more applicants to come through the system to grow Patelco's $4.3 Billion asset base.

Using IDology's on-demand change management tool, Patelco is able to customize and change several features of the system to improve the consumer experience without involving their internal IT team or even IDology's customer service. This allows Patelco to direct every aspect of the verification process depending on the level of risk involved and the member experience they want to provide.

'Online account origination was unchartered territory for us. Adaptability is important because the fraud landscape changes quickly,' said Vitale. 'IDology's system is flexible and gives us an easy way to manage risk while still allowing us to provide a friendly, personal experience for our members.'

Based on the success Patelco has had using the ExpectID system online, the credit union is planning on rolling out IDology's service to its 50 branch locations for use in high-risk transactions.

'It's not just our online channel we have to protect. Because crooks are getting more sophisticated, our call center and brand representatives also need help in stopping fraud. Using IDology's identity quiz before completing certain high-risk transactions like large wire transfers will increase the chances of our Reps not being tricked by a savvy ID thief,' Vitale explained.
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