BANKDetect, BANKCARS Launch ID Verification Product; Strategic Partnership Offers Comprehensive Database with CIP Verification and OFAC Searches.

CHURCHTON, Md. -- BANKDetect, a privately held knowledge-based technology company that focuses solely on loss prevention and compliance for financial industries, announced a strategic partnership with the Bank Closed Account Reporting System (BANKCARS) to offer banks an affordable, real-time identity verification solution.

BANKCARS is updated daily and provides access to a national database of more than 168 million checking accounts as well as information on unpaid returned checks from thousands of merchants and closed-for-cause accounts from banks. Unlike other checking account databases, social security numbers and/or driver's license numbers can be used to search BANKCARS.

BANKDetect enhances this capability by providing a comprehensive customer identification program (CIP) verification process that performs more than 130 additional identification checks using an applicant's address, phone number, social security number and other information. To further enhance the product, BANKDetect also searches the Office of Foreign Assets Control (OFAC) database to meet regulatory requirements.

"BANKDetect's advanced analytical technologies complement BANKCARS' exclusive database to yield a comprehensive solution that meets regulatory requirements and enhances operational efficiency," said Cosby Benton, managing partner of BANKCARS. "The resulting product simplifies customer identification while boosting customer satisfaction."

Once an applicant's social security number is entered, or driver's license is scanned, the information is immediately populated into the bank's system, saving the customer time and expediting the account verification procedure. Results on queries arrive in seconds from the daily updated database.

"Now more than ever, a heightened level of scrutiny is required for all new accounts," said Robert Cofod, president and chairman of BANKDetect. "Our partnership with BANKCARS offers a strategic solution that enables financial institutions to meet both business and compliance needs in a cost effective manner."

About BANKDetect

BANKDetect is a privately held knowledge-based technology company based in Churchton, Md., just outside of Annapolis, Md. The company focuses solely on fraud and abuse prevention for the financial industry and develops and operates analytical systems using more than 30 years of experience drawn from the U.S. national and defense intelligence communities.

BANKDetect offers several products to prevent fraud: RiskTracker-A3 (Account Activity Analysis) is an advanced transaction monitoring system that uses a broad spectrum of fraud detection functions to analyze daily demand deposits and identify high risk behavior; RiskTracker-ID/CIP(TM) is a customer identification screening system and works with RiskTracker-A3 and RiskTracker-AML(TM) to detect abnormalities in application data and filter out fraudulent applicants before they open an account; RiskCheck detects deposited items made against closed accounts and other causes of returned items; and RiskTracker-OFAC(TM) Checker can be used online to check customer names and addresses against the most recent government databases; RiskTracker-AML is an advanced transaction monitoring system that uses a broad spectrum of detection functions to detect money laundering.

For more information, contact BANKDetect at 5419 Deale Churchton Road, #205, Churchton, MD 20733-2404; call 410-867-8217 or visit the company's Web site at www.bankdetect.com.