Battling Today’s Global Threats

Posted by PBBI on February 04, 2010 in Technology

Do you really know your customers?

Will someone try to defraud your business? Use their account with you to circumvent laws? Threaten your customers? Left to your own devices, it may be difficult to ascertain the true intentions of everyone who wants to be your customer.

To support this initiative, government agencies across the world have created watch lists to help identify individuals who may represent security risks. At the same time, the same governments often require companies to collect, validate and match key information related to a customer’s identity to support the global fight against terrorism, fraud, money-laundering and identity theft.

While anti-money-laundering requirements may only affect financial institutions, the broader requirements impact most every business. Compliance with the USA Patriot Act, Red Flag Rules, Bank Secrecy Act, HIPAA and Sarbanes-Oxley, for example, all require a more accurate, more in-depth view of your customers.

Data quality is often the first line of defense. For executives in charge of compliance, poor data can result in the company facing public embarrassment, damage to brand equity, significant fines and even lawsuits.

Technologies such as Pitney Bowes Spectrum ™ help automate the customer screening process with robust matching and scoring mechanisms. Such solutions consolidate various agency and country lists – providing a single source for matching against both third-party and internal fraud databases.

In any case, whether your company treats this as a security concern or a compliance issue, your company’s data steward may be the one person best equipped to mitigate the threat.  What is your company doing to protect your company and customers from fraudulent individuals?

(No Ratings Yet)

 Loading ...

Tags: Bank Secrecy Act, compliance, data security, fraud, HIPAA, identity theft, money laundering, Red Flag Rules, Sarbanes-Oxley, terrorism, USA Patriot Act