Real-time identity alerts reduce fraud losses

Experian announced Precise IDSM Personal Protection Alerts, a product that notifies individuals in real time that their personal information is being used in an authentication transaction.

With this product, consumers are notified when their personal information is being used in an authentication transaction, allowing them to assess whether or not they recognize and expect their identity to be in review by a business. The service enables consumers to respond to the notification, and in cases of potential fraud, to be directed to seamless and effective resolution assistance.

Precise ID Personal Protection Alerts enable direct-to-consumer service providers to engage consumers by notifying them when their identity has been verified across any of Experian’s identity authentication services.

Within seconds, the service alerts consumers via text, email or mobile app during a transaction involving their identity and gives them the opportunity to stop identity theft before it occurs.

Alerts contain detailed information that allows individuals to quickly recognize and assess the legitimate or fraudulent use of their identity. In cases of potential fraud, consumers are directed to reconciliation services and, if necessary, to the financial institution, retailer or other service provider that initiated the transaction.

“In the war against fraud, financial institutions, retailers and identity monitoring service providers must deploy innovative technologies that can accurately detect identity theft as close to a transaction as possible,” said Julie Conroy, research director for Aite Group. “Bringing consumers themselves into the fraud prevention process provides another layer of vigilance, which enables businesses not only to better protect their customers and prevent losses, but also to establish a stronger relationship with the consumer.”