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DataVerify and TALX Partner to Combat Growing Employment & Income Mortgage Fraud Schemes
ST. LOUIS - March 6, 2006 - In a continuing effort to collaborate with best-of-class service providers, DataVerify, Inc., the premier provider of automated anti-fraud and data verification solutions announced today a strategic partnership with fellow St. Louis-based business, TALX Corporation, the leader in automated employment and income verification services. The two companies are partnering to provide lenders with an integrated fraud prevention solution. This solution is delivered through DataVerify's web-based anti-fraud decisioning and data verification platform, DRIVE™ (Data Risk Intelligence Verification Engine) and the TALX flagship product, The Work Number®.
Together, the services deliver a unique offering that addresses the risk of employment and income fraud in concert with ID theft, mortgage application (1003) fraud, collateral risk and property valuation anti-fraud tools. TALX helps DataVerify provide a score that assists with risk assessment so that lenders can be confident about making good lending decisions.
"We are very excited about the alliance with TALX, as it greatly enhances our ability to provide mortgage lenders with an outstanding, all-inclusive anti-fraud solution to deal with the onslaught of increased fraud activity,” said Steve Halper, Chief Executive Officer of DataVerify.
The Financial Crime Report, recently released by the FBI, noted that mortgage fraud related violations nearly tripled between 2003 and 2004, increasing from 6,936 reported crimes in 2003 to 17,127 in 2004, and that 80 percent of all reported fraud losses involve “collaboration or collusion by industry insiders.”
“Bringing these two products together will empower mortgage lenders with more effective ammunition for fighting this growing trend that we’ve seen over the past few months. We have observed this trend to be accelerating, fueled by recent reductions in loan production and the softening of overheated real estate markets in many parts of the country,” said Halper. “Objective, automated, and real time data verification tools, such as The Work Number service from TALX, applied within the context of lenders loan decision documents and workflows are the most efficient and effective weapons against this new wave of fraudulent activity."
Stacey Simpson, president of The Work Number at TALX, said, "This partnership with DataVerify enables TALX to further distribute its automated employment and income verification tools to the lender community, so that lenders can evaluate key borrower employment and income information effortlessly, with little or no manual intervention, at various points within their origination process. In addition, delivery of The Work Number information, alongside DataVerify's other loan data verification results, provides clients with a broader scope of confirmed loan decision factors resulting in more accurate and timely decisions, which translates into improved loan quality and performance."
About DataVerify
DataVerify Corporation is the preeminent provider of fraud prevention and decision management solutions delivering as much as 25 percent or higher fraud identification rates and as much as 50 percent lower false positives rates than competing products. DataVerify's executive team includes the former AppIntelligence Founder/CEO - Steve Halper and CIO - Michael Moseler who, at DataVerify, have developed a new "next generation" platform that leverages the latest .NET technology to deliver superior anti-fraud products powered with more robust exterior database sources, superior predictive analytics and a comprehensive array of new and advanced features. These new technological advancements allow lenders to predict fraud and mitigate loss with unprecedented accuracy while increasing workflow efficiency and reducing loan approval timeframes at the point of sale. For more information about DataVerify, call 636-532-9797 or access the company's web site at www.dataverify.com.
About TALX
TALX Corporation is a leading provider of payroll-related and human resources services. Based in St. Louis, Missouri, TALX holds a leadership position in two key areas - automated employment and income verification via The Work Number (R) and unemployment tax management via UC eXpress (R). The TALX suite of electronic services also includes tax credits and incentives, paperless pay, time tracking, W-2 management, I-9 management, and onboarding services. The company's common stock trades in the Nasdaq National Market under the symbol TALX. For more information about TALX Corporation, call 314-214-7000 or access the company's web site at www.talx.com.
Press Contacts:
Steve Halper, CEO, DataVerify
636.532.9797
shalper@dataverify.com
Ginny Cain McMurtrie
Cain Communications
510.918.0331
ginnycain@aol.com
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