The Red Flags Rule continues to be a central topic of discussion for businesses like Electronic Verification Systems (EVS), who provide compliance and fraud prevention solutions. In many past blog entries, we’ve discussed technical aspects of becoming Red Flag compliant. But, perhaps a topic that deserves a little more attention is risk assessment in general.
A recent article by Linda McGlasson of BankInfoSecurity.com presents constructive questions and offers advice for businesses to consider when determining their levels of risk and the solutions they need to become Red Flag compliant. The article quotes Sai Huda, CEO of Compliance Coach, to point out four key areas which compliance-seeking businesses often overlook: employee education, security program relevance, corporate risk assessment, and service provider risk assessment.
The IdentiFraud and IdentiFlo packages offered by EVS can help businesses address these areas while ensuring the integrity of their business-to-business and business-to-consumer interactions. When used as a complete package, the EVS family of solutions provides sound risk management tools and can satisfy an organization's need for identifying suspicious personal information as part of a larger Red Flag compliance strategy. In short, EVS helps its clients remain vigilant against fraud while also performing satisfactory due diligence.