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First National Bank of Gilmer Looks to Secure Identity Systems for Red Flag Compliance

(Nov 03, 2008)-- First National Bank of Gilmer, serving Gilmer, Texas, today announced that it has chosen Secure Identity Systems to provide New Account Authentication and Change of Address Verification for all consumer accounts. These are two of the critical requirements for Red Flag compliance requiring all banks and financial institutions to formally address the risks of identity theft, and develop and implement identity theft protection procedures to mitigate those risks.

"We are very pleased to be working with Secure Identity Systems to help our financial institution implement these important changes to our customer account process," says Matt Johnson, Banking Officer for First National Bank of Gilmer. "Our customers want protection and we are committed to taking the steps to create a secure financial environment. One of the first steps toward that is ensuring that the proper review is conducted upon each new account and changes in account. Working with Secure Identity Systems will help us achieve this while moving toward full Red Flag compliance."

Secure Identity Systems' New Account Authentication will help First National Bank of Gilmer take authentication beyond the standard two forms of ID. When a customer attempts to open a new account, SIS's solution instantly consults a series of databases, including the Social Security Administration, credit bureaus, and local property databases, for the most accurate and current information to authenticate the identity of the new account holder. SIS also provides USA Patriot Act compliance, checking customer ID information against OFAC and multiple other government watch lists.

Similarly, each time a customer requests to change the address on an existing consumer account, SIS's Change of Address Verification solution searches a database of more than 700 million records and identifies the level of risk associated with the address change in mere seconds. Banks using this solution are able to verify approximately 25 percent more potential threats, virtually eliminating the chance a fraudster can alter an address and highjack a consumer account.

"Financial institutions can play a very important role in the fight against identity fraud by implementing the new regulatory requirements," says Bryan Ansley, CEO of Secure Identity Systems. "We will work with First National Bank of Gilmer to ensure that all of the necessary steps are taken to lower their risks during new account and account change procedures. The Nov. 1 Red Flag deadline is quickly approaching, but there is still time for financial institutions to start the process. Secure Identity Systems is committed to offering comprehensive solutions for complete compliance."

For more information about Secure Identity Systems' array of ID fraud protection services, including New Account Authentication, Anti-phishing Detection and Take-down, and mConfirm Authentication, visit www.SecureIdentitySystems.com.

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