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CSI Enhances WatchDOG CIP Capabilities through Partnership with Early Warning

Advancements to customer identification software simplify fraud detection, add to sophistication of data

PADUCAH, Ky., Jan. 8, 2014 – Financial industry regulators consistently introduce new guidelines to ensure the safety and security of today’s financial institutions and their customers. Even so, fraud losses rose to nearly $21 billion last year, averaging one attack every three seconds, according to a report from Javelin Strategy & Research. In an effort to combat the growing instances of identity fraud perpetrated against financial institutions and their customers, Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end technology solutions that empower financial institutions to remain competitive, compliant and profitable, has partnered with fraud prevention leader Early Warning to enhance its existing WatchDOG® CIP solution. As part of CSI’s Regulatory Compliance Division, WatchDOG CIP assists financial institutions in collecting background information for new accounts—as required by Section 326 of the USA PATRIOT Act—while also ensuring the consumer meets OFAC screening requirements and is not included on a terrorist watch list. “As a trusted technology provider and partner to our bank and credit union customers, we consistently strive to design services and solutions that not only streamline tedious processes for financial institutions, but also ensure the safety and security of day-to-day operations to positively affect their success,” said Paul Koziarz, president and general manager for CSI Regulatory Compliance. “By partnering with Early Warning, we are able to augment our existing WatchDOG CIP solution with more robust data elements to simplify account approvals for our customers and help significantly reduce possible instances of fraud.” Through this partnership, WatchDOG CIP now offers financial institutions shared fraud and account abuse intelligence, through Early Warning’s National Shared Database SM resource, the industry’s most current and accurate source of collaborative financial data. As a result, WatchDOG CIP users gain a more holistic picture of new customers to safely introduce and provide additional services. Through WatchDOG CIP, institutions can now also:

  • More quickly identify high-risk individuals;
  • Open more “good” accounts;
  • Adjust risk tolerance levels with customizable parameters; and
  • Obtain higher quality matches resulting in fewer false positives.

The elements from Early Warning’s database contain information contributed by hundreds of financial institutions nationwide. As a result, financial institutions have the ability to perform more thorough account assessments to prevent banking-related criminal activities that could potentially threaten their customers and the organization as a whole. Since 1998, CSI’s Regulatory Compliance Division has provided organizations with software solutions and consulting services focused on OFAC watch list screening, risk management and fraud prevention. As a leader in the regulatory compliance space, CSI provides solutions and services that ensure customer success by leveraging the latest technology advancements to consistently deliver superior results.

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