May 21, 2013 - Using FraudFighters to verify ID documents
Faced with the extraordinary challenge of trying to bring a financial services operation into compliance with Federal Regulations, many professionals tasked with managing this issue are struggling to find the answer.
The United States government has been cracking-down hard on money-laundering and anti-terrorist funding by enforcing existing laws, and tightening up requirements on financial institutions. U.S. regulators have netted almost $3 billion fromsome high-profile money-laundering-related settlements since 2009. Included in these punitive actions have been banking giants such as Standard Chartered, Barclays, ING, Lloyds, ABN-Amro, HSBC and Wachovia.
Did you know, then, that there may be a very simple solution, that is low-cost, easy to implement, and will not require that you engage your IT department, nor initiate any costly and time-consuming training programs?
FraudFighter™ ultra-violet devices, such as the model UV-16, allow your frontline people to conduct a fundamental level of document verification, real-time, during the transaction. These machines are very low-cost, and so remarkably easy to utilize, because they require no internet connections, no software installations, no integration with existing equipment, and very little training.
Read here to learn how one of the nation’s largest Savings & Loans companies (now absorbed by the largest banking institution in the world) saw a greater-than 800% return-on-Investment in their first year of nationwide use of the UV-16 machine.
Most of the savings realized during this trial project were the result of fraudulent mortgages and home equity lines of credit that were prevented by detecting the fraudulent ID cards presented by the criminals.
FraudFighter has also recently, in 2011, developed a companion tool to aid in ID authentication when using our products. The FraudFighter Driver License UV Features GuideBook provides your transaction-level employees with the resource they need to know and understand how to verify Driver Licenses using our UV detection devices.