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Implementing the Change of Address Verification under the Red Flag Rule

Question: 
Under the new Red Flag Rule guidelines how can our institution implement the change of address verification requirement?
Answer: 

The change of addressverification requirement can be met by implementing a tool that identifies the level of risk associated with address changes by searching our 700 million+ record database, with more than 4 million updates per month, the results will be the most accurate in the industry. Change of address verification tools will flag individuals who are "highest probability" matches, and reduce the false positive rate by over 20% by utilizing authentication practices.

First published on 09/29/2008

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