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Open Solutions launches Veri-Fast to verify IDs
GLASTONBURY, Conn. (9/8/09)--Open Solutions announced that Veri-Fast, a solution designed to quickly and securely identify accountholders at a teller station to avoid fraud, is now available. Open Solutions is a provider of integrated enabling technologies for financial services providers, including credit unions. Veri-Fast uses two-factor authentication to identify an accountholder at the teller line. When a member swipes an ATM/debit card and enters a personal identification number, the software retrieves the relationship profile. The profiles aim to prevent fraud. “Each year, fraud becomes more prevalent and results in significant losses,” said Dave Mitchell, Open Solutions senior vice president and chief marketing officer. About 20% to 35% of the $55 billion in operational losses incurred by financial institutions is due to fraud, according to a TowerGroup report in October 2008. Veri-Fast is available to financial institutions that run Open Solutions’ The Complete Credit Union Solution. Veri-Fast also can be integrated with other core platforms in demand.


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