New from the credit checking agency Equifax is its ‘Address Check’ for lenders to identify addresses with a suspicious level of account activity. The product will flag addresses with an unusually high number of financial accounts or that are known fraudulent mail forwarding addresses so that lenders can investigate in case of fraud and money laundering.
Equifax says this check is the first at a household rather than a postcode level, for lenders to better understand their existing and potential customers to comply with banking ‘know your customer’ requirements.
The product runs analysis of various Equifax databases against a lender’s book of customers and prospects. Lenders can then view the Address Check flags via a bespoke dashboard providing an overview of their potential exposure. Cases are categorised by risk level and the system will identify why an address has been flagged as higher risk. The dashboard allows lenders to view all the information, for use across their application and customer management functions.
John Marsden, Head of Identity and Fraud at Equifax, said: “If one single home address is connected to an exceptionally high level of accounts it will often mean higher levels of diligence is required. While some properties may be heavily populated, the data often means that the property has a higher tendency to be used for fraud or money laundering and indeed, we need to consider whether the occupants of the home are overextending themselves by taking on too much debt. The reasons for excessive activity at an address could of course be genuine, but lenders need to be able to properly investigate and determine the right course of action.
“A key focus for both the financial industry and its regulators is the fight against financial crime. The Fourth Money Laundering Directive comes in in June 2017 and our new solution is another way we can help our clients demonstrate they have the appropriate checks in place to guard against and monitor suspicious activity.”
Meanwhile a new online service can alert you if your sensitive personal information is leaked online. OwlDetect scans the ‘Dark Web’,- the anonymous collection of encrypted websites most commonly used for illegal trading, for such personal data as email addresses, debit or credit cards and bank details. It’s available as a subscription service.
Prof Richard Benham, Chairman of The National Cyber Management Centre and a member of OwlDetect’s advisory team said: “Today the risk of having your personal information compromised is greater than ever. From messaging apps to online shopping and dating websites, we trust a huge number of companies with our details, and there are endless opportunities for those details to fall into the wrong hands. However, while it’s not technically difficult to access the so-called ‘Dark Web’, it is almost impossible to track down your personal information as it’s beyond the reach of regular search engines. That’s why the service wlDetect offers is so important – it puts the power back into your hands.
“The service scans over 50,000 sites and forums, using both online programs and trained experts, and can check a wide range of data such as passport numbers and driving license details rather than just your email address, which is something almost no other service can offer. With more than 37,000 websites hacked every day, it’s an issue everyone should understand and be aware of, but not be frightened by. Cybercrime is as real today as any physical crime. But just like locking your doors or fitting a burglar alarm, there are steps – such as OwlDetect – that you can take to reduce the risk.” Visit www.owldetect.com.
