Business and Consumer Identity Scores
Identity scoring was originally developed for use by financial services firms, to measure the fraud risk for new customers opening accounts. Typical external credit and fraud checks often fail to detect erroneous background information.
Identity scoring is also being tested as a means for financial institutions to comply with criminal investigations and antiterrorism measures such as the Bank Secrecy Act (BSA) and the USA PATRIOT Act. Usage of fraud verification tools and third-party authentication systems to verify identities and “red flag” suspicious activity is greatly enhanced by identity scoring.
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