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.
"Our ability to accurately alert potential fraud victims as close to a transaction as possible provides our business clients and their monitored consumer base with the tools needed to head off potential identity theft while it is in flight," said Keir Breitenfeld, vice president, Fraud and Identity Solutions, Experian's Decision Analytics. "Equally important is that Experian is helping our clients give consumers additional insight to their identity usage well beyond traditional credit inquiries. As online and mobile transactions continue to explode, consumers want to be alerted not only to inquiries to their credit profile, but also to any use of their personal information in non-face-to-face transactions."
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.
Experian's product is designed to provide accurate and timely notification to consumers via its partners that provide identity monitoring services. 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."
Precise ID Personal Protection Alerts is available through Experian's direct-to-consumer service provider partners. To learn more about Precise ID Personal Protection Alerts, visit http://ex.pn/1314Zlg.
Experian is the leading global information services company, providing data and analytical tools to clients around the world. The Group helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.
Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2013 was US$4.7 billion. Experian employs approximately 17,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and Sao Paulo, Brazil.
For more information, visit http://www.experianplc.com.
Experian and the Experian marks used herein are service marks or registered trademarks of Experian Information Solutions, Inc. Other product and company names mentioned herein are the property of their respective owners.