Issuers' Clearinghouse Service (ICS)
is a risk management product used for credit
underwriting and fraud prevention. The purpose of the
product is to help Issuers reduce credit and fraud
losses and protect consumers from being affected by
identify theft and other types of fraud. Visa ICS is a
nationwide centralized database of comprehensive
approved and declined bankcard application
information, fraudulent applications and fraudulent
account use reported by all Financial Institutions.
The database is continually enhanced by incorporating
all bankruptcy filings and status updates reported
daily, and integrating other suspicious or compromised
data from government agencies and third party data
providers. ICS product can help:
-
Identify consumer fields that
were previously used in a fraudulent activity
- Identify risky consumer
behavior
- Identify anomalies in new
credit card application activity between data
elements that are not visible through traditional
risk tools
- Identify consumers and
businesses that filed bankruptcy
- Validate Addresses and
Phone Numbers
- Identify Social Security
Numbers associated with people reported deceased
- Identify suspicious
Addresses and Phone Numbers
ICS is supported by the Visa U.S.A. Operating
Regulations, which require all Visa Issuers to report:
- All approved or declined
Visa Consumer Credit Card applications
- Records for any account
that has experienced unauthorized usage
- All fraudulent
applications, before a loss has occurred.
Ongoing analysis proves that ICS data are
significant in predicting account performance, and
that ICS offers important, quantifiable loss reduction
potential.
Visa Advanced ID Solutions (VAIS):
Visa Advanced ID Solutions (VAIS)
is a comprehensive risk management solution, which
allows issuers to accurately detect high risk and
potentially fraudulent activity on new credit card
applications and existing accounts. VAIS combines the
unique data from Visa Issuers' Clearinghouse Service
(VICS) with powerful fraud prevention products
provided by third party data providers such as ID
Analytics® and other third party solutions.
ICSDirect:
ICSDirect allows users to report required data into
the ICS database. Issuers have a choice to report data
grouped in the batch files or reported each record
individually. In return, Issuers may receive responses
back from the ICS database as well as third party data
providers. Visa Issuers who need a Login ID to access
ICS through ICSDirect should contact their Visa Member
Relations representative or e-mail directly to ICSDirect@visa.com.
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