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Secure Identity Systems Provides Red Flag Compliance to Security Savings Bank

BRENTWOOD, Tenn. Security Savings Bank, serving Salina, Wichita and the Kansas City metropolitan area, today announced that it has chosen Secure Identity Systems to provide Red Flag compliance products, including an Initial Risk Assessment, a customized Policies & Procedures Manual, New Account Authentication and Change of Address Verification.

Section 114 of the FACT Act requires all banks and financial institutions to formally address the risks of identity theft, and develop and implement identity theft protection procedures to mitigate those risks.

With the Initial Risk Assessment and Policies and Procedures Manual, Secure Identity Systems will evaluate Security Savings Bank's current identity protection strategies, as well as Bank Secrecy Act (BSA) requirements, information security, and identity theft risk factors. They also will outline the measures the bank must implement to detect, prevent, and mitigate fraud.

Secure Identity Systems' New Account Authentication will help Security Savings Bank take authentication beyond the standard two forms of ID. When a customer attempts to open a new account, SIS's solution instantly consults a series of 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 Security Savings Bank 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 only company in the United States to offer financial institutions a complete, end-to-end solution for Red Flag compliance and is the leading provider of fully managed, total identity theft protection systems that safeguard financial institutions, businesses, individuals, and households. For more information about Secure Identity Systems' array of ID fraud protection services, including New Account Authentication, Anti-phishing Detection and Take-down, and mConfirm Authentication, visit www.SecureIdentitySystems.com or contact Bryan Ansley at 615-377-7661 or e-mail: bansley@secureidentitysystems.com

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