Callcredit Launches Ownership Fraud Alert

LEEDS, UNITED KINGDOM--(Marketwire - Oct. 19, 2011) - Callcredit Information Group has today launched a new feature to its flagship fraud prevention product, CallValidate called Ownership Fraud Alert (OFA).

OFA is one of the most exiting innovations in ID and payment fraud prevention in recent years. Delivered as an additional service through their flagship fraud prevention product, CallValidate, OFA has increased the number of CallValidate fraud warnings and will enable customers to pin point fraud at point of application or during of payment transactions and give them more control in their fraud management.

CallValidate combines traditional electronic verification of identity with the unique ability to verify card and bank accounts that are owned by that identity. It achieves this through cross referencing of the card number, bank account and sort code with Callcredit's SHARE database. OFA has been developed to help payment fraud detection and to prevent ID fraud by pin pointing applications and transactions where the identity presented with the card or bank account does not own it. OFA fraud warnings will identify the name and/or postcode of the person who is registered to the card with pin point accuracy.

OFA has been designed to return manageable referral rates with low false positive rates enabling businesses to deploy optimal fraud prevention strategies for ID and Payment Fraud. This extra insight closes the loop on fraud and the combined wide range of configurable verification and fraud checks provides unrivalled power in detecting and preventing fraud.

Callcredit has developed a range of products designed to help aid fraud protection such as CallValidate. Ownership Fraud Alert is just one of over 70 sophisticated fraud warnings within CallValidate with each being configurable to an individual businesses strategy, which ensures that legitimate, good and honest customers are not caused unnecessary inconvenience.

John Cannon, Head of Product Strategy, Financial Crime, Callcredit Information Group, said, "We are consistently finding new ways to improve our products and services and the development of OFA will have significant benefit to the full range of Callcredit customers. Financial institutions will be able to use it to verify individuals at the point of application whereas those within the retail and gaming sectors, for example, will be able to use it to authenticate online transactions and reduce the risk of chargebacks."

John added, "In a fast changing world where would be fraudsters are becoming ever more sophisticated in the ways in which they try to mastermind fraud it is imperative that those who might be targeted, stay one step ahead of the fraudster. By utilising fast and efficient validation tools which provide the maximum protection, through specific multi identification elements in real time, businesses across a wide range of sectors can ensure that they are not exposed and become soft targets for the fraudsters."

About Callcredit Information Group - www.callcredit.co.uk

Callcredit Information Group's leading approach to deploying consumer information brings together experts across the fields of credit referencing, marketing services, interactive solutions and consultative analytics to provide clients with a range of innovative and effective products to discover new customers and to engage with current customers to optimise and increase profitability.

Products include award-winning fraud verification tools and database solutions to positively verify consumers, global operations to help expand businesses into new markets, digital solutions to improve the overall journey consumers make during interaction with a brand, customer handling to ensure consumer satisfaction at all levels and consumer marketing data and segmentation to improve understanding and targeting of customers and prospects.

Callcredit also offers products for their clients to assess a customer's credit risk and affordability and their experts in collections and recoveries provide tailored debt recovery and tracing tools. Their market analysis and network planning function helps organisations develop profitable retail networks, and their tools in multi bureau, analytics and metrics work to provide fully assessed bureau data.

About CallValidate:

CallValidate can be used for:

  • Detecting and preventing fraud
  • Compliance with Anti-Money Laundering Regulations
  • Validating identity during customer applications
  • Validating payment transactions