Melissa All-in-One Identity Verification to be Highlighted at FinTech Junction 2019

Melissa Team | eIDV, EIV, FinTech, Global ID Verification, Identity Resolution, News & Events | , , , , , , , , , , , ,

Solution Combats Fraud and Enables Compliance without Impacting Customer Experience

Melissa, a leading provider of global contact data quality and identity verification (IDV) solutions, will demonstrate its all-in-one cloud IDV and enrichment solution at FinTech Junction 2019. Operating in tandem with existing banking and payments software platforms, Melissa’s IDV technology seamlessly verifies identity using a global dataset of billions of records. The solution offers the real-time data necessary to optimize compliance, supporting the full spectrum of banking regulations and data standards enacted to combat fraud.

Melissa unlocks the value of accurate customer data for global organizations including Bank of America, Creditsafe, MetaBank, Tranzfar, BAE Systems, GSK, car2go, Microsoft, the NHS, and the Foreign and Commonwealth Office. With data quality and verification built into enterprise operations, firms see new efficiencies, reduce costs, and guard against fraud in all financial operations. Real-time integration with banking platforms also empowers financial institutions to meet high customer expectations for convenience, speed, and simplicity in operations such as onboarding, customer service, payments, international money transfer, and Forex. Melissa’s IDV solution features:

  • Flexible, automated credit-checking and anti-fraud workflows
  • Entity resolution and compliance supporting Know Your Customer (KYC), Anti Money Laundering (AML), Politically Exposed Persons (PEP), Office of Foreign
  • Assets Control (OFAC) and Bank Secrecy Act (BSA)
  • Scoring and targeting of customers with detailed demographic and firmographic data appends
  • Protection from data decay with 2.1 billion clean, validated records, and enhancement of customer data with missing names, addresses, phone numbers, and emails

Booth visitors also have access to value-added opportunities, with free proof-of-concept and unlimited tech support for onsite purchases. Click here to confirm an onsite briefing or visit the booth during regular show hours, June 26-27, 2019, at Tel Aviv-Yafo’s Avenue Convention Center. To connect with members of Melissa’s global intelligence team outside of FinTech Junction, visit or call 1-800-MELISSA.

New Report Examines Dueling Priorities in Banking: Identity Verification and Customer Experience

Author | Customer Identities, Data Quality, Digital Identity Verification, eIDV, GDPR, Global Data Quality, Global ID Verification, Identity Resolution, News & Events, Press Release | , , , , , , , , , , , , ,

Aite Group Assessment Highlights Melissa’s Approach to Verify Identity at Onboarding, Complementing Industry Mandate for Easy, Frictionless Banking

Rancho Santa Margarita, CALIF – February 27, 2019 – Melissa, a leading provider of global contact data quality and identity verification solutions, today announced availability of “Identity Verification: Successful Strategies to Minimize False Positives and Risk,” a new report commissioned by Melissa and produced by Aite Group. The paper explores the challenge of verifying identity without intruding on the customer experience, and the operational impact of false positives. Further, it addresses the need for next-generation solutions to help with identity verification (IDV) and presents Melissa’s approach to tackling these problems.

To better understand application fraud trends for both demand deposit accounts (DDAs) and credit cards, Aite surveyed executives from financial institutions (FIs) about their practices, perceptions and strategies, as well as 32 financial crime executives about pain points and planned technology spend. Given the size and structure of the research samples, the data provide a directional indication of conditions in the market.

Over 13 billion data records have been stolen or lost since 2013. Eighty-seven percent of those financial crime executives surveyed believe data breaches or phishing attacks are responsible for the bulk of digital channel fraud. Application fraud due to identity theft and synthetic identity fraud also play a substantial role. According to Aite, the combined impact of these attack schemes will cause more than US$2.7 billion in US credit card and DDA fraud losses through 2020.

“At the same time that the data breach threat rises, so do pressures on businesses to reduce or even eliminate friction from the customer experience,” said Julie Conroy, research director, Aite Group. “Today’s anytime, anywhere, 24/7 mindset has fueled consumer expectations for simplified yet elegant interactions with the brands with which they conduct business. The importance of ongoing investment in new technology cannot be understated. Data is the new currency and creating intelligence from data at scale can give firms a competitive edge.”

To address the dual challenges of reducing customer friction and mitigating fraud risk, FIs can leverage Melissa’s ID Verification technology which uses a multilayered process to access authoritative in-country data sets from all over the world containing billions of records to instantly validate an identity. The proofing process also includes national ID and age verification, and flags suspicious individuals who appear on any of dozens of Office of Foreign Assets Control and European Union watchlists to minimize risk and enable smarter decisions on next steps.

“When data quality is not part of the onboarding solution, the match between incoming identities and the repository relies on exact matching – an ineffective, error-prone practice that can result in myriad issues around KYC, or know-your-customer, and other regulations,” said Bud Walker, vice president enterprise sales and strategy, Melissa. “Melissa’s IDV solution works side-by-side with existing banking software platforms to increase match accuracy and reduce false positives, while ensuring the incoming data is valid and confirms the customer’s identity – effectively enabling new synergies between identity verification and positive customer experience.

OFAC and KYC Loom Large for Financial Institutions

Melissa Team | Digital Identity Verification, eIDV, FinTech, Global ID Verification, Personator, Personator World | , , , , , , , , , , , , , , , ,

 In the alphabet soup of government agencies, OFAC looms large for financial institutions.

Sometimes considered one of “the most powerful yet unknown” government agencies, the Office of Foreign Assets Control—a part of the Treasury Department—enforces economic and trade sanctions in support of U.S. national security and foreign policy.

Simply put, many bad actors attempt to realize their plans via financial means, including fraud, theft, banned commercial trading, or the funding of terrorism. Banks that fail to adequately screen their customers can face huge penalties.

In addition to national security, many countries including the U.S. have established Know Your Customer (KYC) and Anti Money Laundering (AML) requirements to head off fraudulent transactions. A key way for banks to do this is to clearly identify their legitimate banking clients and business relationships so the bad operators become more obvious and identifiable.

Paying the OFAC Penalty

Not doing so adequately can be costly.

In 2014, OFAC imposed penalties amounting to $963 million (as part of a $8.9 billion total settlement) against the French banking group BNP Paribas for actively obscuring the identities of OFAC-targeted parties and their financial transactions within the U.S.

BNP Paribas was guilty of more than just violating an obscure U.S. banking policy. The court found that some of the monies transferred illegally were used to fund terrorist bombings. In the world we live in today, it has never been more important for financial institutions to “know your customer,” a process with immense moral as well as financial consequences.

Helpfully, OFAC has published extensive lists of sanctioned countries, regimes, terrorists, narcotics traffickers, and others who pose threats to our national security and economy—and threats as well to the risk exposure of banks.

OFAC’s Specially Designated Nationals And Blocked Persons list, SDN for short, provides a searchable online database of such persons. Alternately, you can access an immense list, either in PDF or Text format, of every designated SDN in the world, screened by country.

I said initially that the OFAC list is helpful, but in a real world I don’t think it really is. Most egregiously, it’s not automated. The search process is name-by-name requiring you to fill in numerous fields.

Moreover, any list goes stale quickly. OFAC updates its SDN list regularly, but sometimes days go by with no changes.

A more advanced OFAC tool is its Sanctions List Search tool, which employs “fuzzy logic” for name searches. This is intended to parse people with aliases, or match spelling and transcription variations against sanctioned individuals.

A score of 100 means a perfect match, but in reality there’s no such thing as perfection. Where does a bank set its red-flag alerts? At 50? At 25? Again, bankers need a finer, more granular tool.

Other OFAC sanctions lists include one of foreigners who have aided other sanctioned entities in the past, and a list to identify shady operators within the Russian economy. No doubt the recent indictments against Russian political email hackers will be part of an updated list here, if they haven’t been added already.

While the various OFAC lists are helpful and as current as humanly possible, many of them overlap, some decay more frequently, and others are updated less regularly than others.

Bankers should spend their time providing banking services, not continually updating watchlists. Especially when a bank crosses country borders, the number of lists and items to account for can grow extremely rapidly.

The Melissa Solution

Just as the digital world has enabled bad players and victimized banks worldwide, technology is fighting back with sophisticated Know Your Customer tools.

Melissa’s identity verification service allows corporations to the authenticity and credentials of new or existing customers and transactions.

The first step of our service validates and corrects the individual contact pieces. We can correct and standardize incoming address, names, phone numbers, and emails so that we are comparing apples to apples.

The next level is the matching of contact pieces, like confirming the name, address, and national ID are consistent and valid. This allows our clients to gain a degree of confidence against fraud and mistakes.

Additionally, watchlists (including OFAC) are deeply integrated and continually updated to allow you to check against authoratitive sources of known fraudulent as well as suspicious individuals and corporations. Currently, Melissa has over 20 U.S. and international sanctions and watchlists available and it is growing constantly. You can view the up-to-date list here.

The bottom line is this:

Financial services institutions are increasingly under the OFAC gun for making sure they deal only with customers and institutions that comply with U.S. national security regulations. Melissa’s fintech technology helps you stay on top of your AML and KYC initiatives by identifying legitimate customers and flagging suspicious data, all in real time.

Melissa Brings Affordable KYC to Banking with Electronic ID Verification Platform

Author | eIDV, Global ID Verification, News & Events | , , , , , , , ,

Flexible Identity Resolution and Anti-Fraud Capabilities Demo at #Money2020, Powering Mobile Onboarding, Watchlist Screening, and Global ID Verification

Melissa, a leading provider of global contact data quality and identity verification solutions, today announced its affordable Electronic ID Verification (eIDV) platform empowers banks of all sizes to reduce risk and modernize Know Your Customer (KYC) operations, an important shift in identity resolution and verification. Melissa’s comprehensive tools are easily and quickly integrated, enabling fintech and banking institutions to eliminate billions of dollars in losses, streamline and accelerate compliance, and exceed customer expectations for speedy transactions and simplified onboarding. Melissa’s eIDV platform is fully compliant to all major banking regulations, and performs identity resolution with capabilities such as national ID, age, and full contact data verification, data enrichment, and watchlist screening.

The platform’s newest features include fast and uniquely effective onboarding, based on dynamic Optical Character Recognition (OCR) and proprietary biometric facial recognition. Print information is quickly extracted to digital format, while customers are authenticated as alive and present. Additionally, powerful entity matching capabilities consolidate diverse data sources to ensure the most accurate single customer view (SCV) and uncover hidden relationships in customer data

Demonstrating their broad application across the financial industry, Melissa’s identity resolution technologies will be featured in a commercial broadcast campaign airing on CNN, Fox Business News, and other major networks. Melissa will also feature its tools and services for global identity resolution at Money 20/20, Booth 646, at The Venetian in Las Vegas, October 21-24, 2018. In addition to technology demos, Melissa will share customer success stories, featuring insight on how Metabank and car2go have utilized global verification services to protect against fraudulent identities and reduce cost. Click here to confirm an onsite technology briefing, or visit Melissa’s booth during regular show hours.

Click here for additional insights and technical details on Melissa’s global intelligence tools and services for global identity resolution, KYC, and anti-money laundering (AML). To connect with members of Melissa’s global intelligence team outside of our upcoming industry events, visit or call 1-800-MELISSA.

Digital Identity

Melissa UK Team | Data Quality, Global Data Quality, Global ID Verification, United Kingdom | , ,

The use of technology is enabling governments, institutions and organisations to uniquely identify individuals and with a digital identity verification process in place, which includes identity document authentication and biometric recognition solutions, the problem of the 1.5 billion people estimated to be without an official form of identity could be solved. The technology of digital identity could also be the solution to the amount of unprecedented data breaches that companies have experienced in the past few years.

Using a digital identification verification process has grown in popularity over the years but an increasing number of fintech companies creating their own solutions. Various financial service providers such as loan companies are turning to these solutions to comply with anti-fraud and anti-money laundering legislations with more and more companies slowly beginning to realise the need for such solutions.

The Sustainable Development Goal 16 project demonstrates the importance of digital identity and the role that it will play in the future. Backed by the United Nations, the project seeks to ensure that everyone has a legal form of identification by 2030.

So what does this mean for your business?

Criminals are able to forge identity documents meaning that traditional identity verification methods can no longer be seen as a secure way to provide identity verification. With global businesses falling victims to the increasingly sophisticated techniques of fraudsters, the role of digital verification become even more important.

There is a need for digital transformation which is still something of the future for many businesses. Financial institutions were some of the first organisations to explore KYC, AML, anti-fraud and identity theft technologies as a means to explore new business opportunities whilst reducing their risk of fraud. However, other firms have yet to follow suit and could find themselves subject to fraudsters.

Investment into digital solutions can prove to be costly and time consuming however, in the long run, they bring organisations peace of mind as well as a competitive edge. Digital transformation not only enables firms to decrease the risk of fraud but it also aids regulatory compliance (which will reduce fines and penalties) as well as allow for better management of customer databases by combining offline and online identification methods.

Melissa’s Global ID Verification software enables organisations to implement smart and simple fraud prevention and KYC processes to improve the customer experience while reducing the risk of fraud. Our Global ID Verification is a premium electronic identity verification program that gives companies the ability to:

  • Verify initial identity information for accuracy
  • Minimise potential fraud and meet regulatory requirements
  • Manage front-end risk by leveraging billions of current and accurate records to confirm identity

Research shows that identity verification checks can fail in the first instance due to inaccuracies found in the underlying data – Melissa is proud to be one of the only companies to provide an identity verification solution that provides an extensive check of all underlying data.

Our software can be customised to fit your ID verification process and risk management requirements, helping optimise onboarding and fraud detection in the following arenas: Ecommerce, AML Compliance, Customer Due Diligence, Card Not Present, Know Your Customer (KYC), and FinTech/RegTech.

To find out more about digital identity, feel free to contact or take a look at our website.


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