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Moneycorp goes live with Authenticate Pro
Oct 23 2006, 09:40 AM
Foreign exchange provider TTT Moneycorp has announced it has gone live with new software to tackle identity fraud among foreign exchange customers.
Moneycorp, a London-based company specialising in retail and wholesale currency services, has implemented QAS Authenticate Pro software to help it improve the management of identity authentication.
The address verification software will be used to reduce the risks of taking on new customers, an area of business most closely associated with stolen personal data being used for fraudsters' own purposes.
Moneycorp said that using Authenticate Pro would enable it to compare information given by a customer with several other independently-verified data sources to help it confirm the identity of individual foreign exchange customers.
QAS's extremely sophisticated Authenticate Pro package harnesses data from a plethora of different sources, including the national postcode address file, the Electoral Register and the UK's fraud prevention service CIFAS.
"Managing risk is our highest priority. Verifying prospective clients' identity is of paramount importance," Thomas Kadri, Moneycorp's director of support services, told Banking Technology magazine.
"We use Authenticate Pro within Microsoft CRM so that customer acquisition and ID checking becomes a straight through process.
"Streamlining these functions dramatically improves our efficiency. We also expect referral rates to drop now that data accuracy is improved, resulting in less cost for us and better service for our customers," he concluded.
Authenticate Pro allows users to keep track of customer activity via an audit trail, which can then legally be saved for a five year period in accordance with Know Your Customer legislation.
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