Published: Friday May 22, 2009
New identity verification portal will support advisers in fighting ID fraud Independent financial advisors (IFAs), accountants and solicitors can now verify a client’s identity in seconds, and avoid the problem of identity fraud, thanks to a new online product launched last month.
The new service, eIDV, is available at www.eIDV.co.uk and uses URU® from GB Group and BT within the web-based portal to allow professional advisors to verify clients’ identities in seconds.
www.eIDV.co.uk enables advisors to offer better data security to clients as it minimises the need for valuable personal information to be posted, photocopied and stored in the traditional manner. Instead, everything can be processed electronically, using URU, the UK’s leading electronic ID verification application.
www.eIDV.co.uk works by matching client data against a wide range of databases available to businesses, including credit files, the Electoral Roll, landline telephone and sanctions data. Using URU’s unique document checking capability, it can also validate passport, utility bill and driving licence information as well as checking for alerts on both the Politically Exposed Persons and Bank of England sanctions lists.
Once the information is entered, users will be provided with an instant pass, fail or refer result, based on scoring designed specifically for the professional adviser market and in compliance with Joint Money Laundering Steering Group (JMLSG) guidance. The service will ensure that the process of confirming an individual’s identity is faster, more robust and far more efficient than traditional, manual checks.
Les Sharpe of www.eIDV.co.uk, explained: “The key benefit of www.eIDV.co.uk is that it enables professional advisors to simply and efficiently verify a client’s identity instantly – even while sitting in the client’s office or living room. The whole process of acquiring, registering and maintaining client relationships becomes streamlined with the ultimate objective of creating less stress for the client and a significant time and expense saving for the professional advisor.”
Rob Laurence, Managing Director at GB Group, added: “With clients and advisors both increasingly concerned about identity fraud, it is vital that new technology is able to support best practice across the sector. Using electronic ID verification not only means the advisors meet all their compliance requirements for anti-money laundering checks, but also ensures that the client’s personal identity information is securely stored and shared between all parties across the process. www.eIDV.co.uk offers an instant checking process that is transparent, auditable and totally robust.”
“In addition to ensuring the integrity of clients, the system is electronic so requires less resource across the process and ultimately positively affects advisors where they need it most - on the bottom line.”