Validate account status and ownership at the point of transaction.
Step 1: A consumer initiates a transaction and submits their account information to your digital account processing system.
Step 2: Early Warning® receives a Verify Account inquiry and uses bank-contributed data to validate the account status and ownership in real-time.
Step 3: Early Warning provides you with the current account status (e.g., Open, Closed), the account ownership match result (e.g. Yes, No), and an overall match score.
Step 4: Your team uses the Verify Account results to make an informed decision about your next steps (e.g., approve/reject the transaction or request additional information).
Let’s talk about how you can incorporate account validation into your fraud prevention strategy.