ID Analytics has announced that Fidelity National Financial will be using ID Analytics ID Network - what the company calls "the nation's first and only real-time fraud prevention network" - to manage identity risk.
Fidelity National Financial is the largest U.S.-based title and escrow company to become a member of the ID Network. By joining the ID Network, Fidelity will gain unique visibility and insight into the risk level of mortgage applicants and can protect more consumers and lenders from mortgage fraud.
"We receive a limited amount of identity information when a customer opens a typical title or escrow order. As a result of increased identity theft and mortgage fraud, we needed a solution that would help us authenticate identities during the lifecycle of a real estate transaction. Fidelity National Financial's investment in technology with ID Analytics helps to solidify our position as one of the safest, most trusted companies in the industry," said John Crowley, chief information officer. "From our first interactions, it was clear that ID Analytics ID Network could help us with our goal of preventing mortgage fraud. Our use of the ID Network sends a clear signal to fraudsters that we are very serious about preventing identity fraud in all its forms."
Using ID Analytics ID Network, member organizations spanning the financial services, telecommunications, e-commerce, healthcare, utility, retail, government and consumer sectors have screened more than 700 million risk "events" for possible identity fraud. These events include applications for credit, new account openings, check payments, electronic funds transfers and non-monetary transactions such as a change-of-address or a request for convenience checks. The ID Network currently contains more than three billion identity elements and is continually updated with more than eight million new elements added each day.
"Fidelity National Financial is dedicated and determined to reduce identity risk and is an industry leader in developing and applying leading-edge approaches and methodologies to the problem of identity fraud," said Bruce Hansen, chairman and CEO of ID Analytics. "Due to our collaborative approach to fighting identity fraud and our network-based view of how an identity behaves, Fidelity National Financial's participation in the ID Network will benefit all of our customers in the fight against fraud."