Auriemma Consulting Group Teams up with ID Insight to Address Compliance with New Federal Requirements.

Financial Services Industry Consultant and Fraud Detection Solutions Provider Launch Program to Determine Best Practice For Complying with the FACT Act

WESTBURY, N.Y. -- Yesterday Auriemma Consulting Group (ACG), a leading financial services industry consulting firm, and ID Insight Inc., provider of analytics-based fraud detection solutions, announce their agreement to bring cost-beneficial compliance strategies to the financial industry. The primary focus of this program will be the imminent compliance activities required by the Red-Flag Guideline sections of the FACT Act, and how financial institutions can most effectively and profitably adhere to these provisions.

On Sep. 18 multiple federal agencies, including the FTC and Federal Reserve Board, concluded commentary on the impending FACT Act compliance requirements. In summary, Sections 114 and 315 aim to reduce identity theft by requiring financial institutions to reconcile and assess the validity of consumer-presented address discrepancies on new and existing financial accounts.

Through a combined effort, ID Insight and ACG will address what these new provisions will mean for financial institutions and what will constitute best practice in terms of compliance activities. "These items in the FACT Act both recognize that there is a critical link between identity theft and address changes," said Adam Elliott, co-founder and president of ID Insight. "For years, ID Insight has done extensive research around this same dynamic. We are excited to work with Auriemma Consulting Group in bringing a solution to the industry that will allow financial services companies to profitably comply with the new FACT Act provisions."

"There has been such a heightened awareness around identity theft and privacy in recent years," said Tom LaMagna, Managing Associate with ACG. "This solution couldn't be more timely as financial institutions come under great compliance and expense pressure to adhere to these regulations."

This effort between ACG and ID Insight will kick-off with an industry wide webinar on Oct. 31.

About Auriemma Consulting Group

Since 1984, ACG has offered comprehensive, high-quality management consulting to the financial services industry. ACG specializes in the payments and lending markets. Leveraging its core expertise in credit cards, ACG has expanded its practice into other card-based (debit, private-label, prepaid) and lending vehicles, including unsecured personal loans/lines of credit, auto finance and more. Its client baseCoissuers, acquirers, associations, processors and other industry players as well as affinity and co-brand partnersCoincludes the full spectrum of domestic and international business.

About ID Insight, Inc.

Founded in 2002 by recognized leaders in the financial services industry, ID Insight has quickly established itself as a knowledge leader in identity fraud prevention. In building cutting edge solutions around the original concept of Address Differential Analysis, ID Insight has bridged a critical gap in identity fraud risk management. ID Insight currently provides specialized solutions to top banks, credit card issuers, retailers and other financial services companies.