ONLINE BUSINESS VALIDATION:
Fraud Prevention & Managing Risk via Instant Business Due Diligence Sweep Reports
by Robin Lahiri, MS
Business Risk Management Specialist, RealSearch.Com 888-996-6253
"Our business gets thousands of applications weekly - many are bogus businesses, misrepresent facts, unregistered, unlicensed,or simply consumers posing as a start up business in order to gain discount, credit, improper access or worse yet, unlawful access to sensitive product or data. What can be done to stop this and prevent Fraudsters ?"
The IRS requires 1099 Forms to be validated and submitted correctly or you must withhold 28% of merchant income. FACTA Red Flag RUles requires all sensitive application data points to be validated to prevent Identity Theft, and this is enforced by teh Federal Trade Commission. KYC, Know your Customer, AML, Anti Money Laundering and CIP, Customer Identification Process is required by the USA Patriot Act. Thats 3 Federal laws that require verification of EIN, SSN, Date of Birth, Drivers License, name & address and related merchant, applicant and borrower data points. LIBERTY Data Inc via its Realsearch.com system offers solutions to verify each of these points and Prevent Fraud, Manage Risk and validate each of these data point in Batch, by API real Tim queries or on its website.
So, "What can be done to stop this and prevent Fraudsters and verify these Identity data points ?" Every week we get inquiries exactly like this from financial institutions, Fortune 1000, e-Commerce distributors, health care and other legitimate B2B enterprises. Fraud and Risk place undue burden on the legitimate seller / marketer of goods and products, costing billions in lost revenue, productivity and "Post Fraud" cleanup. Is there an answer ? What can be done ? Are the solutions expensive ?? www.realsearch.com or www.feinsearch.com may have the data you need to Verify, Know Your Customer more, Prevent Fraud & unlock valuable Customer & Vendor Intelligence.
We sincerely appreciate your inquiry .... you have contacted the
"Budweiser of Business Verification Data"
We aim to earn Credibility so please read on....
Yes there are answers, Yes there are things that can be done and no its not expensive compared to the cost of doing nothing. How costly depends on your unique situation, volume of registrations and distribution of registrant / buyer profiles across consumer, micro business, small / mid sized business and large Enterprises.
Our Business Background EIN Reports include all the sweep items you would want to cover in a Due Diligence report such as:
Company overview, EIN Numbers, Affiliated companies, Key Employees and Officers, Description, Bankrputcies, UCC Liens, Tax Liens, Judgments, Civil Suits, Licenses, Secretary of State data and more.
Many ask "Well lets just validate each EIN as they come in. That should solve everything....". Not necessarily; not every business gets listed in our EIN Database. Generally speaking - we list 15 million of the largest Employers in the US. So that leaves out the small / and micro businesses. "So...How do we Validate small business ?" www.realsearch.com or www.feinsearch.com may have the data you need to Verify, Know Your Customer more, Prevent Fraud & unlock valuable Customer & Vendor Intelligence.
TIN Matching: Tax Identification Numbers can include EIN Employer Identification Numbers or SSN Social Security Numbers. Our TIN Matching database combines all available in house records into a simple 2 part API call consisting of ENTITY / NAME fields and 9 digit TIN Number. Responses are returned in 1/10 of a second as Match Found or Not Found . If a match is not found we can then continue the Validation through other API calls internally and externally. The beauty of our TIN Matching process is the Individual SSN is also available to query right in house with super fast response time, as well as over 18 million major EMPLOYER EIN records. Small and New Businesses are always the toughest to validate.
The Federal Government requires KYC & CIP on a proactive basis for certain industries; Smart Business manages Risk and Prevents fraud by Knowing and uncovering all facts up front - BEFORE the business begins flowing. In this way - Risk is Reduced; bogus applications are often stopped cold; impostors find a difficult target, and the remaining Leads or Orders are largely Bona-fide.
Is it 100% fool proof ? Nothing can stop , adamant Business Criminal Fraudster.but it makes it a whole lot tougher ! Liken it to installing Firewalls and closing down open Ports. Will that stop all hackers ? Consider the security in your home; doors, windows and access points have all been bolted down; is it now immune from break in ? No 0- but it makes the business case improbable - there are much easier targets for the hacker, criminal or fraudsters. Don't be the easy target with no bolts, information, or firewalls - hoping never to become the target.
HOPE alone is a very bad Risk & Fraud policy. Very costly too. www.realsearch.com or www.feinsearch.com may have the data you need to Verify, Know Your Customer more, Prevent Fraud & unlock valuable Customer & Vendor Intelligence.
KYC Suggestion: It takes more than just a registered EIN Number to be Validated or Verified in our book; we suggest Validating every major data point coming into the online registration in real time:
Require a solid TIN Validation process
Match business officer name to Entity name
Require the legal company syntax to produce the highest match rate
IP Address - should match the reported GEO
Phone - how is it listed with the phone company ?
Phone - what does it match against our National BUSINESS Profiles ?
EIN - Is there a Match and does the name match the stated name ?
Phone & SMS Pin code validation - code sent instantly to stated direct dial # or cell phone
Code is entered into site to Validate Phone to Registration and unlock instantly
Credit Card Matching against blacklists, known fraud numbers 7 blocked IPs
www.realsearch.com or www.feinsearch.com may have the data you need to Verify, Know Your Customer more, Prevent Fraud & unlock valuable Customer & Vendor Intelligence.
Other Excellent Suggested Business Data Points:
Officer Name registered / linked to business on Profile or SOS Records
(SOS) Secretary of State records - active or dissolved ?
Civil Lawsuits, Court Judgements ?
Federal Tax Liens ?
Business Criminal ?
Domain Names Registered ?
IRS Non Profit Status ?
Bankruptcy Filings - last 10 years ?
Officer SSN Validation ?
State Professional License Filings - Is there a License ? Is it Active ?
Applicant / Officer Criminal Record ? - Would you do business with a convicted criminal ?
OFFICER ASSETS - Small & Micro Business
Shouldn't you know something about the officer in the business ?
after all - this is the person most likely to issue payment and make business purchase decisions
Mortgage & Property
Sex Offender Status ?
Other companies Registered
Is all this really necessary ? "This seems excessive" - not if you are serious about Managing Risk before the transaction takes place. It also depends on how much you have at stake. For example in Health care and Financial sectors - much of this validation is required. If you are a church, a school or service a place where kids are present - you have obligations to society.
All the Data and more is contained in our BUSINESS DUE DILIGENCE REPORT. Run time is normally under 5-10 seconds - impressive speed. We will be glad to show you Real-Time sample reports; many come back with deep, very impressive information; a few come back with very little and "No Hits" in many search categories. That should raise further questions.
API implementation is simple and should take a Web Services team no more than 2 hours to integrate. Pass Fail results can be scored based on confidence scores or simple pass / fail rules. we prefer the simpler solutions.For an additional fee - we can customize a DATA POINT VALIDATION solution for your specific needs. www.realsearch.com or www.feinsearch.com may have the data you need to Verify, Know Your Customer more, Prevent Fraud & unlock valuable Customer & Vendor Intelligence.
Compare our report to D&B Reports at 10x the cost. Contact me direct for a custom situational analysis discussion about what Data Verification Tools would be right for your firm. 888-996-6253 - Robin Lahiri
LEAD SCRUBBING & VALIDATION TOOLS
Focus Your Efforts
RealSearch-Validate helps you identify your best leads and prioritize your valuable resources to ensure higher conversion rates!
Convert Your Prospects
We will never sell your email address to any 3rd party. Promise.
RealSearchValidation--Instantly Validate LeadsInstantly validate your online leads and identify your top prospects!
Convert More Leads--Now!
Today, the best approach for turning prospect data into revenue is accuracy of information. With RealSearchValidation by Accurate Append you can prioritize and respond to your best leads instantly.
Internet Lead Validation
TheRealSearch Internet lead validation service can verify that the most critical sales information (names and telephone numbers) that companies collect via the Internet is accurate and current. Companies such as lending institutions, auto retailers and e-commerce websites need accurate information in their databases, particularly to use for sales purposes. Our automated service validates this information, reducing the time and money wasted on less accurate, labor-intensive data validation services or, even worse, on bad leads.
Starting with just a landline, VoIP or wireless number, Accudata can confirm that the number is operational and that it is registered correctly as of the previous 24 hours. Also helpful to clients who wish to place sales calls, the RealSearchValidation service can determine whether each telephone number is serviced by a wireless or a landline provider. Working from your pre-collected telephone numbers, we can make sure your information is accurate right before you start your next sales effort. Or we can validate telephone numbers in real time, literally as users enter their information into your online forms. This serves as a great deterrent to inaccurate or false information.
As more and more people continue to forego a traditional landline and depend solely on their mobile device, it is becomingly increasingly important for companies to validate the information tied to these numbers. This is becomes even more critical given the frequency with which mobile numbers change from user to user. Accudata’s RealSearchValidation service can validate that the wireless numbers on file are still registered to the individual the company is trying to reach.
EMAIL / PHONE Validation Tools are available in API or SFTP Automated Batch format
We have a couple of services that might be of interest in validating a number.
PREMIUM LNP – Local Number Portability which will tell you if a number has been ported. About 43% of all numbers let have been ported, so that means the original NPA-NXX tables are creeping out of sync each month. Returns information like this:
OCN=8824 DATE=12/27/2011 20:30:54 LRN=6825146199
PREMIUM ATN – returns ACTIVE/INACTIVE/UNKNOWN PHONE NUMBER STATUS
We’re bringing online a new service which can tell if a number is Active/Inactive. The results appear to be very accurate.
Would you be interested?
- ATN (Active Telephone Number)
- currently runs in batch and real-time
- does not primarily use database queries
- is an accurate snapshot that moment in time
- currently our statistics show
- Under 10% come back as Unknown (usually around 6-8%)
- When classified as Active or Inactive, accuracy appears to be 95%
It is important to perform data and list hygiene on a regular basis. Doing so will help ensure that your data is updated and your message gets to the right person. The accuracy of physical addresses is a critical element in ensuring the effectiveness of a targeted campaign.
Addressed for Success
At Real Search, we believe that address quality is a basic requirement for both the effective management of customer or prospect databases and the effective execution of marketing campaigns. For us, the address quality process has two primary goals:
Establishing that mailing addresses are accurate for maximum deliverability per USPS standards, resulting in higher campaign efficiency
Verifying that the physical address is consistent with the person targeted by your marketing campaigns
Simply running your files through NCOALINK® (National Change of Address) processing is a start, but it isn’t enough. The addresses you work with should first be standardized to obtain the highest possible match rate. Additionally, a variety of supplementary services can help you get your messages to the right people at the right place at the right time.
Data and List Hygiene Options
NCOA provides mailers with new addresses for people that have moved in the last 48 months. This service is provided by a licensee of the United States Postal Service. NCOA provides CASS certified output, Address Standardization, Zip Correction, Zip + 4 Appending, and Carrier Route Coding. NCOA meets Move Update requirements and may prevent mailers from accruing additional mailing costs. The NCOA database is updated weekly.
The CASS process features address standardization to ensure that the addresses on your mailing list meet USPS requirements. The process includes ZIP Correction, ZIP + 4 Appending, Carrier Route Coding, Delivery Point Coding, and Error Message Coding. The USPS ZIP + 4 directory is updated on a monthly basis to provide the most accurate data available.
LACS enables mailers to update their lists when addresses have been converted by local authorities or in cases where streets have been renamed or renumbered. LACS improves deliverability and enables mailers to identify potential duplicates between name and address records that have the original address and those that are already using the new converted address.
DSF (Delivery Sequence File, Second Generation) improves the delivery of mailings by validating and standardizing the incoming addresses utilizing USPS data which allows validation of individual delivery points. DSF2 processing is based on a USPS- approved matching process. Addresses are identified as business versus residential delivery points and pseudo Delivery Sequence Numbers for walk sequence postal discounts are provided. DSF2 processing attempts to correct, standardize, and verify that the addresses on a mailing list are deliverable. It also provides a Deliverability Index Report to help mailers decide whether to mail to a specific address.
Deceased processing enables mailers to identify and eliminate deceased individuals from their mailings prior to a promotion, preventing unwanted mail from being delivered to the decedent’s family. Our file contains over 40 million deceased individuals, usually resulting in identifying 1% to 3% of the file as deceased.
Our prison file is compiled from records obtained from correctional departments, probation, and parole authorities. We suppress in a single pass addresses of all Federal Prisons, State Prisons, County Correctional Facilities, and City Jails in the U.S.
Read On .....
Please read the below article published on NewsBlaze.Com, April 9th, 2010
New API Web Service Helps Stop Fraudsters Instantly
NEW YORK (RPR) - - New API technology can ease the pain of Online Fraud and Identity Theft. Tired of online Fraud and bogus online registrations or web-form applications? SSN & EIN Verification are good starting points for Fraud prevention - but couple that with our instant Phone to IP Address Geo-Validation and you have a strong net blocking access by would be fraudsters. Need a to verify and authenticate online registrations or online Business applications? Maybe you need to verify the non-profit status, Date of Birth, Professional License, Business Profile, or State Corporations Status of a potential customer, or verify a set of vendors. BUSINESS EIN numbers & SSN can be validated instantly online at by www.realsearch.com. Over data driven 62 API’s are available to programmers & developers from www.feinsearch.com
Online fraud is becoming a rampant and rapidly growing e-commerce problem, with ID Theft rising 11% from 2008-2009 alone and millions of stolen credit cards on the loose. Businesses lose Billions every year to bogus, fraudulent and stolen services; victims include utilities, online services, financial institutions, shippers and small businesses. Solution? The www.realsearch.com ID VERIFICATION Portal uses proprietary technology to authenticate & analyze IP Address, Phone, Registrant address and details and Last 4 of TAX ID Number or Social Security Number instantly. Full Business Reports are available via API or the easy to use Business Search portal www.realsearch.com Exact age and Date of Birth can also be verified in seconds against a database of 355 million US Consumers.
The API / XML strings are easily installed by any web programmer in under 2 hours, and will validate people and businesses in seconds, while keeping imposters and fraudsters out. Full Business reports with Officer and Owner information is easily integrated or searched online at www.realsearch.com The Business Verification service offers a limited free install and test drive for Enterprise and Corporate applications with volume inquiries. Comprehensive Business & Consumer API data integration XML strings are offered for SSN Verification, Business Reports, EIN Searches, Criminal Records and many more files.
The company offers subscription plans to a Business & Vendor Verification database with over 50 million business records including Federal Tax ID Numbers, Business Tax Liens, Licenses, Nonprofit status, complete Instant Business profiles. LibertyData owns & operates the nations largest Business EIN TAX ID Verification portal, FeinSearch.Com which hosts over 200,000 business members.
The company will release a complete Vendor Verification Data Solution which sweeps all of these databases as well as optional Criminal Records, Professional licenses and more. "EIN Numbers were always a headache to locate for W9 forms and Tax Form during the IRS Tax Season, but with these data resources from www.feinsearch.com these burdens are made lighter for tax preparers, compliance professionals and business people looking to locate and verify Federal Tax ID Numbers" states the company COO, Robin C. Lahiri who holds a Masters from the University of Pennsylvania.
FEIN Search, the leader in TAX ID Numbers, serves over 210,000 members, providing Verification & KYC / OFAC Compliance solutions such as SSN & EIN Number verification, full Background Reports, Criminal searches in 48 states and XML access to over 40 databases at its parent company www.realsearch.com Complete instant Background & Criminal Reports are provided at www.BackgroundBackground.Com.
ABOUT FEIN Search:
Liberty Data (www.realsearch.com) is a minority owned ID Verification, Compliance Data Technology firm with over 13 Terabytes of Consumer and Business data searchable online, in bulk or via XML Feeds. Contact: Robin C. Lahiri, COO at 888-996-6253 or email email@example.com. FEIN Search.Com - developed by LIBERTY is the nation's largest ID VERIFICATION & TAX ID Database and is developed and powered by LIBERTYData.net. Bookmark and Share
Media Contact Name: Robin C. Lahiri
Media E-mail: firstname.lastname@example.org
Media Phone: 888-996-6253
Media Web Address: www.feinsearch.com
Company Contact Name: Robin Lahiri
Company E-mail: email@example.com
Company Phone: 888-996-6253
Company Web Address: www.realsearch.com
Media Contact Name: Robin Lahiri
Media E-mail: firstname.lastname@example.org
Media Phone: 800-299-8280
Media Web Address: www.realsearch.com
Main image credits: LIBERTYData.net
About the author:
News source: RushPR newswire http://rushprnews.com/2010/04/08/identity-verification-new-api-web-service-helps-stop-fraudsters-instantly