|
FOR IMMEDIATE
RELEASE
Veratad
Technologies, LLC Partners with
Assurant Specialty Property and NIDR for Red
Flag ID Fraud Solutions
TEANECK,
NEW JERSEY,
Feb. 25, 2009 -- Assurant Specialty
Property and National ID Recovery
(NIDR) have partnered with Veratad
Technologies LLC to expand the
benefits and value-added services
offered through Assurant Red Flag ID
Fraud Solutions, a fraud detection,
notification and protection program
that helps financial institutions
comply with FACTA Identity Theft Red
Flag Rules.
New
program enhancements provided by
Veratad Technologies will enable
financial institutions to develop a
Red Flag solution that is unique to
their business needs. The program
allows financial institutions to:
-
Create a customized Red Flag rules
program based on industry or
provider activities
-
Identify the
identity theft “red flags” that are
essential for compliance
-
Build customized, Web-based training
programs for employees
-
Utilize state-of-the art features to
verify customer identities and
addresses
Assurant Specialty Property and NIDR
introduced Assurant Red Flag ID
Fraud Solutions in September 2008 to
help financial institutions comply
with the FACTA Identity Theft Red
Flag Rules by Nov. 1, 2008. Affected
institutions must provide for the
identification, detection and
response to “red flags” that could
indicate identity theft. The Federal
Trade Commission (FTC) subsequently
delayed enforcement of the new law
for institutions under its
jurisdiction until May 1, 2009.
The
Assurant Red Flag ID Fraud Solutions
Program features a set of internal
tools that financial institutions
can use to build a customized red
flag program, train employees on
what red flag indicators are and how
to catch them, verify customer
identities for credit transactions
and generate reports on trends and
issues within their organizations.
An
optional feature includes a suite of
identity theft and credit protection
services that participating
institutions can offer to their
customers at a reasonable monthly
cost. The institutions’ revenue
share is designed to more than
offset their compliance program
costs.
Assurant Specialty Property, part of
Assurant, Inc. (NYSE: AIZ), is a
leading provider of specialty
insurance and collateral protection
programs. NIDR is a leading provider
of identity theft solutions to
consumers and one of the fastest
growing identity theft recovery
companies in the nation. Veratad
Technologies is a leading provider
of real-time online identity
verification and knowledge-based
authentication solutions.
To learn more about
Assurant Red Flag ID Fraud
Solutions, visit
www.assurantredflag.com , or
call 1.800.8598231 to speak to a
representative. Additional
information on the Red Flag
legislation can be found at the
FTC’s Web site at
www.ftc.gov/bcp/edu/pubs/business/alerts/alt050.shtm
.
About Assurant Specialty Property
Assurant Specialty Property
businesses are leading providers of
creditor-placed homeowners
insurance, direct-marketed products,
collateral protection programs and
related outsourcing services. They
develop, underwrite, market and
administer specialty property and
personal lines of insurance through
collaborative relationships with
leading home mortgage companies,
financial institutions, manufactured
home builders and dealers, auto
finance companies, property
management companies and managing
general agents. Assurant Specialty
Property serves clients and their
customers in all 50 states and the
District of Columbia.
www.assurantspecialtyproperty.com
Assurant Specialty Property is part
of Assurant, a premier provider of
specialized insurance products and
related services in North America
and selected international markets.
Its four key businesses – Assurant
Solutions, Assurant Specialty
Property, Assurant Health and
Assurant Employee Benefits – partner
with clients who are leaders in
their industries and who have built
leadership positions in a number of
specialty insurance market segments
worldwide. Assurant, a Fortune 500
company and part of the S&P 500, is
traded on the New York Stock
Exchange under the symbol AIZ.
Assurant has more than $24 billion
in assets and $8 billion in annual
revenue.
www.assurant.com
About National ID Recovery, LLC
(NIDR)
National ID Recovery, LLC (NIDR) is
a Georgia Corporation, founded in
April 2004 and managed by a team of
seasoned veterans with experience in
security, information technology,
communications, sales, management
and compliance. NIDR is dedicated to
providing the most efficient,
reliable, low cost and easy-to-use
ID recovery service in the
marketplace. NIDR’s automated ID
theft recovery system, backed by
highly trained paralegals, allows
NIDR to clear over 48 known types of
identity theft with a 100 percent
recovery rate.
www.nationalidrecovery.com
About Veratad Technologies, LLC
Veratad Technologies, LLC (
www.Veratad.com )is a world class
provider of real-time online
Identity Verification and Knowledge
Based Authentication Solutions
designed to verify an individual’s
identity and age while maintaining a
high level of consumer privacy. In
addition, Veratad offers a unique
online Red Flag Rules Compliance
tool for the creation of an ID Theft
Prevention Document and Employee
Training designed to meet the
compliance requirements of FACTA.
At the center of Veratad's success
is a state-of-the-art privacy
processing platform which delivers
Veratad's AgeMatch/Age Verification
Solution, IDMatch/Identity
Verification solution and
IDMatch+PLUS/Knowledge Based
Identity Authentication Solution.
Veratad also offers a patent pending
solution that protects sensitive
customer information while offering
merchants increased online sales by
enhancing customer confidence.
Veratad verifications can be
delivered in a matter of seconds
directly through multiple
verification platforms to commerce,
financial and government
institutions. Veratad also provides
a wide range of custom data
solutions. For more information
contact
For More Information Contact:
Pattie Dillon
President
Veratad Technologies, LLC
Teaneck, New Jersey
P: 201-510-6000 ext 112
F: 201-510-6036
info@veratad.com
Forward-Looking Statements
In addition to the historical
information contained herein, this
press release contains forward
-looking statements, such as
statements regarding the Company's,
and the combined companies',
anticipated future performance,
including the ability of the
combined companies to expand
verification and e-commerce
capabilities; to increase product
offerings and the size of the
distribution channel; as well as
statements containing the words,
"believes," "intends,", and similar
words. Such forward-looking
statements involve known and unknown
risks, uncertainties and other
factors which may cause the actual
results, performance or achievements
of the Company, or industry results,
to differ materially from any future
results, performance or achievements
expressed or implied by such
forward-looking statements. Such
factors include, among others: the
Company's limited operating history
and variability of operating
results; competition in the
electronic verification and commerce
market; the ability of the combined
companies to successfully offer the
market expanded verification and
privacy tools and e-commerce
capabilities and services and the
market's acceptance of such
offerings, and other risk factors
referenced in this release. |
