ID Insight, a Northfield Minnesota-based provider of enterprise-level identify fraud solutions, recently struck a deal with Verisys, a Virginia company specializing in data sourcing, verification services and risk management. The purpose of the ID Insight/Verisys arrangement is to integrate ID Insight’s AddressWatch Technology into the fold of Verisys’ FACIS Product Suite.
From the ID Insight website:
“AddressWatch is the definitive database of the highest-risk addresses and delivery points in the United States, U.S. Territories and Canada. This solution is ideal for any business that wants to detect and prevent identity theft; and businesses that need to verify the legitimacy of an address before completing a transaction, such as shipping a product or sending information.”
ALEXANDRIA, VA — January 26, 2010 — Verisys Corporation, the developer of FACIS® (Fraud and Abuse Control Information Systems), has acquired ID Insight’s AddressWatch, a trusted data source of U.S. and Canadian addresses and delivery points that pose a high fraud risk. With fraud and abuse widely considered a major contributor to U.S. health care costs, Verisys will integrate AddressWatch’s suspect address data with its FACIS data records of known fraudulent addresses to create one of the largest high-risk address databases available.
“I know of no other source as robust as AddressWatch for identifying risky addresses,” said John P. Benson, chief operating officer of Verisys. “Adding AddressWatch’s data on suspect addresses to more than 17 years of data Verisys has gathered on federal and state sanctions and disciplinary actions will significantly enhance our clients’ ability to reduce fraud losses and limit fraud management costs.”
Specifically, using AddressWatch will help Verisys’ customers in the following ways:
- Health insurers and claims paying software vendors can more accurately identify claims that merit a fraud investigation, either pre- or post- adjudication;
- Medicare and other fraud contractors can expect more opportunities with higher potential for recoveries;
- Pharmacy Benefits Managers (PBM) and claims clearinghouses can better avoid mailing prescription drugs to bogus addresses, improving product differentiation and customer satisfaction with improved fraud management; and
- Hospital customers and front-end revenue cycle vendors can improve compliance with FTC’s Red Flags Rule and enhance their identity theft prevention capabilities.
AddressWatch data includes addresses for phone answering services, check-cashing stores, commercial mail receiving agencies, virtual offices, mail forwarding services, USPS physical street addresses, prisons, hotels, known-fraud addresses and other addresses that may be used as fronts for fraud. The data also includes predictive risk scoring, which measures how risky an address may be.
“AddressWatch has been a trusted source for active, prospective fraud prevention in the financial services industry for 25 years,” said Adam Elliott, President of ID Insight. “By combining AddressWatch with the data that Verisys provides, it’s our hope that the health care industry can progress towards the same type of proactive, real-time fraud prevention that the financial industry now employs.”
Under the terms of the transaction, Verisys has acquired all title, rights and interest in AddressWatch and will apply its expertise in primary source data aggregation to further extend the accuracy and completeness of AddressWatch data. ID Insight will continue to market AddressWatch in the financial sector, with their clients benefiting from Verisys’ data contribution and heritage in primary source data aggregation.
About ID Insight
Headquartered in Northfield, MN, ID Insight provides next-generation verification, authentication and fraud solutions to financial services companies, credit issuers, retailers, online merchants and wireless providers by knowing people, addresses and the way people move. As the industry leader in assessing and managing the risks associated with addresses, ID Insight’s extensive data on people and addresses are coupled with patented analytics to help companies reduce fraud losses by predicting the legitimacy of an address change with unrivaled precision. www.idinsight.com.
About Verisys Corporation
Headquartered in Alexandria, VA, Verisys is a primary source data acquisition company and an NCQA certified and URAC accredited credentials verification organization (CVO). The company’s flagship product, FACIS, and its verification and credentialing services help health care clients assure regulatory compliance, manage legal and financial risk, protect their reputation and improve quality of care. www.verisys.com