First 'Red Flag Rule' Solution Available December 1
PatriotDealer.Com Offers Full Compliance Technology
Alpharetta, Ga. (PRWEB) November 13, 2007 -- The first complete Red Flag Rule compliance solution will be available to dealers everywhere on December 1. In addition to groundbreaking identity theft prevention technology, SmartID, offered by PatriotDealer.com, has been enhanced to bring dealers into full compliance quickly and easily.
"Auto dealers are classified as financial institutions and, as such, they are now subject to the Red Flag Rules. Although the regulations won’t come into effect until January 1st, dealers are already confused about proper procedures," warns J. R. Wilson, President of PatriotDealer.com. "But we have made it easy for dealers to comply by enhancing SmartID into a full Red Flag Regulation solution. It will be available on December 1st so that our integration partners can incorporate it into their services before the regulations come into effect in January."
The new regulations are an expansion of the Fair and Accurate Credit Transaction Act of 2003 (FACTA) and call for dealers to create and implement a policy to identify and evaluate identity theft risks or "red flags" in an applicant's credit file. However, if handled incorrectly, executing and maintaining such a policy can be a complex and burdensome task. Add to that a confusing array of products and dealers might find that their new compliance program isn't so compliant after all.
"There are some companies that don't understand the root cause of identity fraud, but they are offering so-called solutions," said Wilson. "While these services may address the Red Flag Rule, they only provide a "guide" to the regulations. The dealer is still left to complete a time-consuming manual evaluation—much of which is open to interpretation. It can leave the dealer confused, non-compliant and unprotected."
SmartID is the vastly superior solution because experts who truly understand identity theft prevention created the service. Wilson himself is known as an expert in the field; he has conducted interviews for high-profile newspapers and has been called upon to speak and write on the issue for dealer associations, national conferences and industry publications.
"While SmartID has been successfully protecting dealers from fraudulent purchases since 2005, it has now been enhanced to automate the compliance process. Along with the technology, each of our customers will receive a written policy that's easily customizable and simple to implement," Wilson said. "It's like having your own personal FTC representative handling all of your compliance issues from the inside."
Credit bureaus and other agencies only offer a partial solution. They either report basic discrepancies or provide a confusing ‘risk’ score—they don't match the identity presented to the person standing in the dealership. “This minimalist approach technically addresses ‘red flags’, but it does not prevent identity fraud and relies heavily on dealership employees to interpret the results,” Wilson said. “SmartID takes it a step further and does all of the work for the dealer through advanced technology.” SmartID uses a database of 33 billion records from 4,000 sources to identify discrepancies and create identity-related questions from the individual's historic background. Only when the applicant correctly answers all the questions can the person's identity be authenticated.
"Our technology gives a clear and immediate picture of the applicant's identity in one step and the results are concisely reported," Wilson said. "Dealers are looking for a simple, automated compliance solution and SmartID provides that. No one else can bring dealers into full compliance and provide true protection against identity theft. It just doesn’t get any easier." To find out more about SmartID, log onto www.patriotdealer.com or call 888-648-9786.
About PatriotDealer.com
PatriotDealer.com, established in 2002, is the most recognized OFAC compliance service in the industry and its online identity verification system, Smart ID, was launched in 2005 to provide dealerships with an effective method to fight and prevent identity fraud. With the release of the ‘red flag’ enhancement, PatriotDealer continues to be on the forefront of compliance technology offerings that benefit and protect retail automotive dealerships. PatriotDealer.com is headquartered in Alpharetta, GA.
Contact:
J. R. Wilson, PatriotDealer.com
678-867-2686
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