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Valley Bank and Trust of Brighton, Colorado Chooses Secure Identity Systems to Fight ID Fraud

In an effort to combat Identity Theft and to meet compliance regulations of Section 114 of the FACT Act, Valley Bank and Trust of Brighton, Colorado has chosen Secure Identity Systems to provide new account authentication and change of address verification to all account holders, as well as a customized Policies and Procedures Manual to identify changing risks, changes in methods of Identity Theft and methods to detect, prevent and mitigate Identity Theft. Secure Identity Systems will evaluate Valley Bank & Trust's current identity protection strategies and outline the measures the bank must implement to detect, prevent, and mitigate fraud.

Secure Identity Systems' New Account Authentication will help Valley Bank and Trust take authentication beyond the standard two forms of ID. When a customer attempts to open a new account, SIS's solution instantly consults over a thousand databases, including the Social Security Administration, credit bureaus, and local property databases for the most accurate and current information to authenticate the identity of the new account holder. SIS also provides USA Patriot Act compliance, checking customer ID information against OFAC and multiple other government watch lists.

Similarly, each time a customer requests to change the address on an existing consumer account, SIS's Change of Address Verification solution searches a database of more than 700 million records and identifies the level of risk associated with the address change in mere seconds. Banks using this solution are able to verify approximately 25 percent more potential threats, virtually eliminating the chance a fraudster can alter an address and highjack a consumer account.

“Financial institutions can play a very important role in the fight against identity fraud by implementing the new regulatory requirements,” says Bryan Ansley, CEO of Secure Identity Systems. “We will work with Valley Bank and Trust to ensure that all of the necessary steps are taken to lower their risks during new account and account change procedures. Secure Identity Systems is committed to offering comprehensive solutions for complete Red Flag compliance.”

ABOUT SECURE IDENTITY SYSTEMS

Secure Identity Systems is the leading provider of fully managed, total identity theft protection systems that safeguard financial institutions, businesses, individuals, and households. For more information, visit http://secureidentitytsystems.com

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