ID Insight said it has been awarded a patent for its method of identifying differences in addresses that helps credit unions and banks identify potential identity theft.
The Northfield, Minn., company said its process can quickly spot the difference between a legitimate vs. fraudulent address change, thus thwarting a common way identity thieves obtain replacement cards and open fraudulent accounts.
The focus on address manipulation is stronger, the company added, now that the Fair and Accurate Transaction Act (FACT Act) requires financial institutions to monitor address changes for potential identity theft.
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