What’s hiding in your customer lists?

By GIACT (a Refinitiv company)

One of the greatest challenges is accurately verifying that current customer or vendor information is up-to-date and not being utilized for fraud.

Customer lists can be full of outdated and incorrect information, fraudulent profiles and abandoned accounts. Not addressing these profiles can lead to compliance, KYC issues and fraudulent activity.

Instead of waiting around for a fraudster to ‘breakout’ or maintain a foothold, businesses, financial institutions and fintechs can take action now and get ahead of the risk.

With the end of the year upon us, it’s as good a time as any to clean your customer list.

GIACT offers a simple and easy solution for your end-of-year and/or beginning-of-year cleanup of your customer or vendor information. With GIACT, organizations can take a preemptive measure to mitigate potential fraudulent activity by cleaning existing customer, vendor, or supplier data in the form of a batch file.

Below are some examples of data files run by other GIACT customers:

• Routing & Account Number. Verify that an account is open and still in good standing.
• Bank Account Ownership. Validate the owner or signers on an account in real time.
• Know Your Customer. Confirm that customer PII is correct to mitigate account takeover fraud, as well as to reduce the potential for returned mail.
• Consumer Alerts. Screen for identity theft indicators that could point to future malicious attacks.
• Verify customer emails for contact purposes or if they’re being used by other people.
• Death Records – Master Death File. Update and verify if a person has been reported as deceased.

To learn more, schedule a demo with GIACT today: https://giact.com/demo/