GIACT Systems releases new service

GIACT Systems, an identity and authentication platform, has released a new automated identity monitoring solution.

gIDENTIFY Persistent Monitoring automates the assessment of specific identifiable information (PII), triangulating customer PII against multiple sources to give an updated view of their customer population.

Businesses can leverage the tool to optimize their identity management process, mitigate account takeovers, streamline KYC compliance, lower false negatives, and benefit from up-to-date changes in customer information. It the service detects a change in any stage, the business is notified in real-time.

Speaking on the new service, Javelin Strategy & Research senior analyst Kyle Marchini said, “There’s been a resurgence in high-impact forms of fraud, including new account fraud and account takeovers – fraudsters are taking advantage of outmoded verification methods and are using malware to gain access and to takeover customer accounts.

“Financial institutions, lenders and others need identity verification tools that will give them an up-to-date, well-rounded picture of their customer.”

Earlier in the year, the RegTech solution released an OFAC compliance application designed to combat false positives. The tool enables businesses to meet OFAC compliance requirements by comparing client-provided lists against regulatory and sanction screening lists.

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