Is anyone using risk-rating software for new accounts. This would be either ChexSystems-Fraudfinder program, or Bankersystems affiliated software company I.D. Flag program or other? What has been your experience with those? Or what has anyone heard? Would these be good for further CIP compliance?

Thank you

We were considering using Fraud-finder. I know it is supposed to coincide well with other ChexSystems OFAC functions that we are currently using.

What would risk-rating software have to do with Identification procedures?

We use a product from Trans Union. It scores the the likelihood of the information the prospective customer listed as being accurate for one thing. If the address or phone number etc are out of area or if they can't match up the information we have with the database, they get a low score. If the score is too low, we don't open the account. This is supposed to help weed out fraudulent potential "customers" that are presenting ID or other information that don't add up.

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Well, thanks for all the posts. We'll continue to look into it. We just want to have all the help we can with the broadening BSA -Anti-Money Laundering regulations due to the Patriot Act.

Also would this be a privacy issue if the 'ID' scans are done at account opening?

We're considering the fraud finder.