Our country is at an inflection point regarding identity theft and fraud
Norcross, GA, and Teaneck, NJ (PRWEB) October 13, 2008
National ID Recovery, LLC and Veratad Technologies, LLC announced today a strategic partnership to release NEXUS ID, a product based on a shared vision for assisting businesses and financial institutions nationwide in the task of meeting the November 1, 2008 deadline for FACTA "Red Flag Rules" Compliance. By engaging the companies at the technology, services, marketing and business levels, the partnership will allow both companies to drive new growth opportunities and has the potential to ultimately transform how businesses approach FACTA Compliance by reducing the costs and possible complexity associated with compliance.
NEXUS ID (NEXUS-Latin: to bind, a connected series or group) combines the ease of use of Veratad's world-class ID Verification and Customized Online Compliance Tools with the quality and affordability of National ID Recovery's Fully Managed Identity Restoration and Data Breach Services which together represent the nation's first and only truly comprehensive turn-key FACTA "Red Flag Rules" Solution. NEXUS ID offers the advanced technologies, products and services of each to offer one solution that includes an online ID Theft Prevention Program Document Generator, Employee Training, Identity and Address Verification as well as components to Detect, Prevent and Mitigate ID Theft; which together make it easier and more efficient for businesses to be compliant by the deadline.
Taking a decisive step further, NEXUS ID will offer a highly competitive pricing structure, affording businesses of any size an opportunity to reduce their total cost of ownership while better protecting the identity of their consumers.
"National ID Recovery and Veratad have each led fundamental transformations within their own respective markets. NEXUS ID is a complete compliance solution that combines our [NIDR] proprietary Identity Recovery Solutions, Document Replacement and Data Breach Services with Veratad's FACTA ID Theft Prevention Program Document Generator and ID Verification technology," said Brian Logan, Vice President of National ID Recovery. "By coordinating our unique strengths, NIDR and Veratad are proud to announce the delivery of NEXUS ID, the only complete, turn-key FACTA Compliance solution. NEXUS ID delivers to our customers a total package that provides for a separate written program to detect, prevent and mitigate identity theft within all covered accounts. The coordinated effort brings a solution with a user experience of the highest quality, reliability and lowest total cost of ownership. That's where we can make a significant difference."
"Our country is at an inflection point regarding identity theft and fraud," said Pattie Dillon, President of Veratad. "This new compliance offering which combines our existing ID verification and compliance tools with NIDR's identity restoration expertise, will allow us to rapidly deliver a high-quality, highly reliable compliance solution that will support business and financial institutions in doing their part to fight identity theft. The opportunity for our customers is a comprehensive compliance solution that affords an economic and business benefit from reduced incidents if ID theft."
Under the partnership agreement the companies will enter into a multi-year partnership with provisions for its extension. In addition, the companies have agreed to invest substantial resources in marketing, business development, delivery and collaboration on future product development where the two will jointly offer the NEXUS ID compliance solution and any associated services.
About NEXUS ID:
NEXUS ID (http://www.nexusid.com) is a combination of custom services that provide a complete Red Flag Compliance Solution to any industry or entity size. NEXUS ID includes the ID Theft Prevention Program Generator, Learning Management Solution, and "front-end" Identity Verification from Veratad in conjunction with NIDR's Fully Managed Identity Recovery, Identity Monitoring, Document Replacement and Data Breach Services. NEXUS ID provides for a completely scalable, auditable, customized Red Flag Compliance Solution. For more information call 1-877-37NEXUS (1-877-376-3987).
About National ID Recovery, LLC:
National ID Recovery, LLC (NIDR) is a Georgia Corporation, founded in April 2004 and managed by a team of seasoned veterans with experience in security, information technology, communications, sales, management and compliance. NIDR is dedicated to providing the most efficient, reliable, low cost and easy-to-use ID recovery service in the marketplace. NIDR's automated ID theft recovery system, backed by highly trained paralegals, allows NIDR to clear over 48 known types of identity theft with a 100 percent recovery rate. Online at http://www.nationalidrecovery.com. For more information contact: Brian Logan at 877-253-0100 ext 107 or email us at info @ veratad.com.
About Veratad Technologies, LLC:
Veratad Technologies, LLC (http://www.Veratad.com )is a world class provider of real-time online Identity Verification and Knowledge Based Authentication Solutions designed to verify an individual's identity and age while maintaining a high level of consumer privacy. In addition, Veratad offers a unique online Red Flag Rules Compliance tool for the creation of an ID Theft Prevention Document and Employee Training designed to meet the compliance requirements of FACTA.
At the center of Veratad's success is a state-of-the-art privacy processing platform which delivers Veratad's AgeMatch/Age Verification Solution, IDMatch/Identity Verification solution and IDMatch+PLUS/Knowledge Based Identity Authentication Solution. Veratad also offers a patent pending solution that protects sensitive customer information while offering merchants increased online sales by enhancing customer confidence. Veratad verifications can be delivered in a matter of seconds directly through multiple verification platforms to commerce, financial and government institutions. Veratad also provides a wide range of custom data solutions. Online at http://www.veratad.com. For more information contact: Pattie Dillon at 201-510-6000 ext 12.