Atlanta, GA (PRWEB) February 26, 2009
Assurant Specialty Property and National ID Recovery (NIDR) have partnered with Veratad Technologies LLC to expand the benefits and value-added services offered through Assurant Red Flag ID Fraud Solutions, a fraud detection, notification and protection program that helps financial institutions comply with FACTA Identity Theft Red Flag Rules.
New program enhancements provided by Veratad Technologies will enable financial institutions to develop a Red Flag solution that is unique to their business needs. The program allows financial institutions to …
-Create a customized Red Flag rules program based on industry or provider activities
-Identify the identity theft "red flags" that are essential for compliance
-Build customized, Web-based training programs for employees
-Utilize state-of-the art features to verify customer identities and addresses
Assurant Specialty Property and NIDR introduced Assurant Red Flag ID Fraud Solutions in September 2008 to help financial institutions comply with the FACTA Identity Theft Red Flag Rules by Nov. 1, 2008. Affected institutions must provide for the identification, detection and response to "red flags" that could indicate identity theft. The Federal Trade Commission (FTC) subsequently delayed enforcement of the new law for institutions under its jurisdiction until May 1, 2009.
The Assurant Red Flag ID Fraud Solutions Program features a set of internal tools that financial institutions can use to build a customized red flag program, train employees on what red flag indicators are and how to catch them, verify customer identities for credit transactions and generate reports on trends and issues within their organizations.
An optional feature includes a suite of identity theft and credit protection services that participating institutions can offer to their customers at a reasonable monthly cost. The institutions' revenue share is designed to more than offset their compliance program costs.
Assurant Specialty Property, part of Assurant, Inc. (NYSE: AIZ), is a leading provider of specialty insurance and collateral protection programs. NIDR is a leading provider of identity theft solutions to consumers and one of the fastest growing identity theft recovery companies in the nation. Veratad Technologies is a leading provider of real-time online identity verification and knowledge-based authentication solutions.
To learn more about Assurant Red Flag ID Fraud Solutions, visit http://www.assurantredflag.com, or call 1.800.8598231 to speak to a representative. Additional information on the Red Flag legislation can be found at the FTC's Web site at http://www.ftc.gov/bcp/edu/pubs/business/alerts/alt050.shtm.
About Assurant Specialty Property
Assurant Specialty Property businesses are leading providers of creditor-placed homeowners insurance, direct-marketed products, collateral protection programs and related outsourcing services. They develop, underwrite, market and administer specialty property and personal lines of insurance through collaborative relationships with leading home mortgage companies, financial institutions, manufactured home builders and dealers, auto finance companies, property management companies and managing general agents. Assurant Specialty Property serves clients and their customers in all 50 states and the District of Columbia. http://www.assurantspecialtyproperty.com
Assurant Specialty Property is part of Assurant, a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses - Assurant Solutions, Assurant Specialty Property, Assurant Health and Assurant Employee Benefits - partner with clients who are leaders in their industries and who have built leadership positions in a number of specialty insurance market segments worldwide. Assurant, a Fortune 500 company and part of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has more than $24 billion in assets and $8 billion in annual revenue. http://www.assurant.com
About National ID Recovery, LLC (NIDR)
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. http://www.nationalidrecovery.com
About Veratad Technologies, LLC
Veratad Technologies, LLC 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. http://www.veratad.com
James A. Sykes
Assurant Specialty Property