The CO-OP Network is using Primary Payment Systems' Identity Chek Web for its identity verification efforts in response to heightened security issues stemming from the PATRIOT Act.
"While new identity verification requirements seem daunting, they'll ultimately improve the security of our member credit unions," said Rose. "Fortunately for our membership, we've developed a strong working relationship with Primary Payment Systems and trust their fraud prevention expertise. To underline our membership's confidence in PPS, more than 20 credit unions signed up for the Identity Chek Web system in the first two months we made it available."
The PPS Identity Chek Web product meets key provisions of the Patriot Act by using both proprietary and public databases to ensure proper identification of customers opening new accounts, the company said. In addition to comparing new customers against "watch lists" provided by the federal government, the system processes customer identification information through as many as 60 separate tests. Once a suspicious element of a person's identification is detected, a variety of customized warning messages can be relayed to the appropriate parties at that credit union.
