Academic journal article ABA Banking Journal

ABA, LexisNexis Offer New USA Patriot Act Solution. (ABA Resources)

Academic journal article ABA Banking Journal

ABA, LexisNexis Offer New USA Patriot Act Solution. (ABA Resources)

Article excerpt

ABA and LexisNexis have announced an alliance to help banks combat terrorism, reduce identity theft and comply with the USA Patriot Act.

The Patriot Act mandates that banks verify the identity of all new customers, maintain records of this information and determine if the customer is on any List of known or suspected terrorists or terrorist organizations.

Combining policy proficiency with identity verification expertise, ABA and LexisNexis joined forces to develop a fast, convenient and effective solution, called IDPoint, that helps fulfill these new federal requirements.

IDPoint utilizes a special process developed by LexisNexis to perform numerous verification steps to validate the identity of an individual. By using multiple crosschecks of extensive name, address and telephone records--from hundreds of credible and independent sources--IDPoint can provide real-time verification of an individual in a few seconds, or verify hundreds of people in a batch mode.

"This new service not only will help bankers comply with the Patriot Act, but also will result in savings through improved anti-identity theft measures and fraud prevention," says ABA President and CEO Don Ogilvie. …

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