JACKSONVILLE, Fla. - There's more than one way to use technology to raise the Red Flag, according to Andrew Foote, director, product management for Fidelity National Information Services (FIS) Decision Solutions here.
"Many credit unions are taking their existing solutions and explaining how they address a certain type of Red Flag," said Foote.
The FIS answer, however, is its own seven-product Red Flag Solution, "which automates the entire process," he said. The Solution assesses all covered accounts and maps any alerts onto the 26 FACTA Red Flags, explained Foote.
"Then, you can click a button and see which Red Flags are triggered on which accounts," said Foote. The Solution offers suggestions on how to resolve the Red Flags, and "you can add comments and create a good record of each alert."
"We also have a tutorial to help institutions write their own ID theft prevention program," he said. "It could cut down on some of the time credit unions are spending with lawyers to document their program."
The FIS Red Flag Solution has seen brisk business, with more than 300 licenses sold year-to-date, and about 50 licenses of one of the components, the Red Flag Checklist, sold in July alone, Foote said.
"There's an incredible appetite to solve the Red Flag problem," Foote said. "Credit unions will save money and reduce identity theft loss by adding solutions."(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com/ http://www.sourcemedia.com/
