Tag Archives: existence checks

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JLT Findings Underline Benefit Of Tracesmart’s Existence Product

Following an assessment of their clients’ member screening procedures, JLT Benefit Solutions Ltd (JLT) established the distinct advantages of Tracesmart’s Existence checks facility. JLT were one of the first companies to employ Existence Alert in conjunction with Tracesmart’s tracing service and are able to quantify fully, the benefits of comprehensive screening and batch pension tracing.

Commenting on the service, Andrew Marson, Head of Administration Consulting, JLT said, “All JLT clients using this service are benefiting from the improvements it brings. A number have saved significant sums of money as a result. Our relationship with Tracesmart is well established.”

Tracesmart Corporate provide a broad spectrum of data intelligence services to the financial sector, including a multi-tiered consumer tracing solution utilised by a growing number of FTSE 100 companies. Tracesmart is also one of a small number of companies to receive a weekly feed of current UK Death Registration Information (DRI) from the General Register Office, crucial data which is employed to enhance the mortality screening functions of its anti-fraud services.

Established as the preferred choice within the pension industry for conducting existence checks, Tracesmart’s Existence service can boast the vast share of the relevant market. The process utilises DRI, historical death indexes and commercially aggregated mortality data to flag any deaths in the UK, whilst also confirming residency and identifying gone aways. This is carried out on a continual basis, permitting appropriate action to be taken to mitigate risk at the earliest possible moment.

Remarking on Existence and his company’s performance within the pension sector, Tracesmart’s Managing Director, Mike Trezise remarked, “Tracesmart’s combined existence checks and tracing services are industry leading. We are the principal player in this market now because we essentially understand the needs of the sector. As JLT has confirmed, our existence service delivers significant advantages. The process appreciably benefits all concerned, except that is, the fraudster.”

Via EPR Network
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Abuse, B2b, B2C, Internet, Online, Search, Searching, Tracing, Web

Tracesmart Aim To Make IOD Fraud A Thing Of The Past

Making a concerted effort to stamp out Impersonation of the Deceased (IOD) fraud, Tracesmart, leading suppliers of identity verification tools, have this week launched Existence – a new suite of services with the potential to eliminate IOD fraud.

IOD is a form of identity fraud – it is estimated by the Home Office Identity Fraud Steering Committee, that identity fraud costs the UK economy £1.7 billion annually. Whilst IOD fraud has historically been hard to tackle due to the lack of death records being made available, recent changes in legislation have allowed the UK General Register Offices (GRO) to release death registration information (DRI) to commercial bodies with the aim of preventing fraud. It is this move that has enabled Tracesmart to develop their suite of services which will tackle IOD fraud head on.

Combining in-depth mortality screening and residency verification, the service allows users to ascertain whether an individual is alive and if they reside at their given address. Paul Weathersby, Technical Director at Tracesmart, commented on the data which drives these checks.

“The mortality screening element of our Existence services draws upon the GRO’s DRI data and the residency verifier calls upon a variety of consumer datasets including historic Electoral Rolls, leading gone away files and BT OSIS amongst others. The combination of these checks allows us to confidently identify deceased individuals and gone aways.”

The Existence suite comprises three services with which clients can conduct existence checks. Existence Search is an online facility which can be used to conduct single ad-hoc checks; Existence Batch is a batch screening service where multiple persons can be verified and the third, and possibly most significant service, is Existence Alert – an early warning system that notifies users of mortalities at the earliest possible opportunity.

Tracesmart has long provided tools for conducting identity checks and has a strong history in the field of fraud prevention. The combination of this experience and access to DRI will enable the Existence services to effectively help put an end to IOD fraud. Mike Trezise, Managing Director at Tracesmart, has already seen a high volume of interest in the product.

“Prior to launch we approached several key clients in the pension and financial sectors to gauge market interest in the product. As we suspected, the demand is most certainly there and we already have prominent pensions administrators and large schemes utilising the system to replace certificate of existence exercises, and many in the financial sector are employing it as part of their know your customer checks. Preventing IOD fraud will save businesses considerable amounts of money and protect consumers from both fiscal and emotional harm.”

Via EPR Network
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