F.A.Q.
Doesn’t Bank Wizard already verify accounts?
Bank Wizard validates bank accounts using branch data, modulus checking and complex rules based on information gathered by Experian Payments over the last 10 years.
Whilst current validation technology is able to identify invalid account details with certainty, even Bank Wizard which is the most sophisticated product in the marketplace is unable to confirm that account details that appear correct, actually exist.
Bank Wizard Absolute extends the checking process by verifying validated account details and confirming that an account exists and is open.
In addition Bank Wizard Absolute provides confirmation of the link between the name and address provided by a customer and the bank account details they have provided.
How will Bank Wizard Absolute help to prevent fraud?
Bank Wizard Absolute reduces fraud as it makes the connection between the individual and their bank account, therefore making it virtually impossible for a fraudster to provide another person’s details or fictitious details to acquire goods or services.
Which personal details does it check?
Bank Wizard Absolute verifies the information given by the customer against the information held by the bank including name and address.
What does this mean for consumers making payments using Direct Debit and Direct Credit?
Customer Services staff will be able to let the consumer know at the point of data capture whether there are any problems with the personal or account details.
Consumers can feel reassured that potential ID theft will be picked up sooner and payment fraud will be reduced.
In addition, as payments will be credited and debited first time, customers will have more confidence in the process.
Will the user be able to identify the owner of an account if they have only the account details?
No. Bank Wizard Absolute matches the details provided by the user against the details held on the Absolute database. None of the information held on the database is returned back to the user. Responses are limited to confirmations and matching scores.
Is this a completely new solution or a module of the existing product?
Bank Wizard Absolute is a new module of Bank Wizard 3.
Will I eventually have to replace my current version of Bank Wizard?
We have no plans to phase out previous versions of Bank Wizard, however all new functionality will be implemented in Bank Wizard 3.
I already use Hunter/Detect/Authenticate and I have Bank Wizard, why do I need Bank Wizard Absolute?
These are sophisticated solutions specifically designed to authenticate an individual to prevent fraud. Despite this they are unable to confirm that any account details provided are actually connected to the authenticated individual. Bank Wizard Absolute provides this link and further enhances the effectiveness of Experian solutions in combating fraud.