MINNEAPOLIS – Automotive dealers and lenders using Wolters Kluwer Financial Services’ AppOne platform now have access to Wiz Sentri: RiskID, a tool that helps simplify the loan application process while helping dealers comply with the Red Flag Rules.
AppOne, which employs a number of identity theft prevention processes, will partner its technology with Wiz Sentri: RiskID, a Wolters Kluwer Financial Services tool, to help financial institutions meet the Red Flag Rules and comply with the Customer Identification Program (CIP) requirements of the USA PATRIOT Act and the Bank Secrecy Act. With a single sign-on, institutions can use Wiz Sentri: RiskID to perform a risk assessment, verify identities, research high-risk individuals and entities, and compare customer information to lists of known violators and various government lists.
When AppOne detects a discrepancy on an auto loan application, such as a Social Security number that has been used by other loan applicants, Wiz Sentri: RiskID will automatically provide further authentication with "out-of-wallet" questions. The use of challenge questions to authenticate applicant and customer identity enable a loan processor to complete an even deeper level of due diligence. This is done by requiring information beyond what would generally be available in someone’s wallet or consumer report.
"Dealers serve as creditors for a brief moment in the auto finance process, which means they must meet Red Flag Rules, just as a lender is required to do so," said Lee Domingue, CEO of AppOne. "AppOne and Wiz Sentri: RiskID not only help simplify the process and reduce the time it takes to set up new accounts, but they also help dealers build strong relationships with lenders. Lenders can find peace of mind knowing that the dealers they do business with have reliable systems in place to address Red Flag requirements."
"As creditors put more focus on risk scoring and implementing in-depth programs to prevent identify theft, the right technology is a critical component," said Todd Cooper, vice president and general manager of Wolters Kluwer Financial Services' Financial Intelligence Unit. "We are continually looking for ways to pair our solutions for the benefit of our customers. The combination of Wiz Sentri: RiskID and AppOne is a perfect example of how our tools can help financial institutions successfully meet regulatory requirements and protect their customers."
