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IOD fraud is one of the fastest growing types of identity theft in the Britain,making it crucial for businesses to protect themselves by employing an accurateidentity checking service. Michael Trezise, Managing Director at TracesmartCorporate, highlights the importance of mortality screening as part of the identitycheck process, "As well as the financial cost to companies, IOD fraud can causeunfathomable stress to the deceased person s family finding out that the identityof a loved one has been stolen after they have passed is deeply distressing. It istherefore essential that companies cross-reference customer identity againstmortality records not only to protect themselves but also safeguard the generalconsumer."
"Acquire d from the General Register Office, the death records are held on microficheand are in the process of being digitised prior to uploading them into the system;for this task Tracesmart Corporate have employed a third party whose stringentdata-entry procedures will ensure the utmost accuracy. "The company we have chosento digitise our records have robust procedures in place to ensure data accuracy.Each record will be double keyed by 2 different operatives and then audited by athird individual to maintain the highest levels of accuracy. This method will allowus to enjoy a 99.95% precision rating." commented Paul Weathersby, TechnicalDirector. "Whilst this process is reasonably lengthy completion date is early 2010- it is absolutely vital in order to ensure data accuracy and to provide our clientswith the most precise identity checking service available. The addition of thesedeath records to our Smart ID Plus system will help prevent companies from fallingvictim to IOD fraud, which will inevitably not only save them money, but alsoprotect their brand."
As well as aiding in the fight against IOD fraud, the mortality records will also beutilised in other areas of their business, such as asset reunification. "Whenever weembark on an asset reunification project, there will, inevitably, be a certainamount of owners of dormant accounts who have passed away. The more mortality datawe have at our fingertips, the quicker we are able to identify these individuals andcontact their executor or next of kin instead. This in-turn speeds up thereunification process benefitting both our clients and their customers." Treziseconcluded.
About Smart ID Plus
Smart ID Plus www.smartidplus.co.uk is one of the UK s leading online identityverification systems. Combining a multitude of consumer datasets with intuitivetechnologies and the ability to verify traditional identity documents, the systemallows for identity to be confirmed at the click of a button. In addition to beingutilised for anti-fraud purposes, it is also heavily employed as part of anti-moneylaundering due diligence processes. Tracesmart Corporate www.tracesmartcorporate.co. uk - is the commercial division of Tracesmart Ltd UKleaders in the provision of consumer tracing, data cleansing, identity verificationand data supply services.
Michael Trezise is the founder and Managing Director of Tracesmart. With over 25years of tracing and fraud analysis experience, his unrivalled knowledge providesthe company with a distinct competitive advantage.
Paul Weathersby is an industry leading IT specialist, who, along with his team,develops and maintains the cutting edge technologies which drive the company s suiteof services.
