Confirming customer identification is an essential step in underwriting to prevent insurance fraud. MIB clients can seamlessly perform identity verification across a wide spectrum of databases with Identity Verification through TransUnion's TruValidate Identity Verification Service®.
This service checks multiple, comprehensive public and private sources, covering an extensive network of consumer and fraud identity databases. It uses sophisticated algorithms that search for patterns and behaviors that may be indicative of identity fraud, returning a configurable identity risk score for assessment. It also provides a detailed summary of potentially inaccurate information provided by your applicant.
TransUnion's TrueValidate Identity Verification Service® (IDV) can help you identify:
See an applicant's full profile within seconds with actionable services that can be integrated into automated workflows. MIB members can order IDV services at the same time that you perform a check of the MIB Checking Service database. Other benefits of the service include:
Because TransUnion's TruValidate Identity Verification Service® can only be used for non-Fair Credit Reporting Act (FCRA) purposes, such as identity verification, these searches are not subject to the FCRA requirements such as special authorization, pre-notice or disputed accuracy investigations.
1.4 MILLION identity theft incidents were reported to the FTC in 2020.
There were $56 BILLION total losses in 2020 due to identity theft.