Data is increasingly under the spotlight in the Life and Pension arena, highlighting the obligation for pension schemes to preserve and maintain the quality and reliability of their database. To alleviate the potential problems associated with data integrity, Tracesmart’s ‘Existence’ solutions deliver a proactive approach to improving and identifying any issues within a database. The process will also strengthen a plan or scheme’s resistance to deception, such as impersonation of the deceased (IOD) fraud.
To effectively protect your organisation from the ever-growing threat of IOD fraud, it is essential that you have robust tools and processes in place to conduct existence checks. IDU Existence combines mortality screening (calling upon Death Registration Information* and Halo records) with residency verification (utilising an array of consumer datasets) delivering the confidence that an individual or member is not deceased and lives at the stated address.
IDU Existence has been developed to provide a quick and convenient means of maintaining or improving data quality by verifying residency, flagging gone aways and identifying mortalities*. It cleanses data to Postcode Address File (PAF) standard, and will provide tele-appending where available. The service is cost-effective and an extremely efficient alternative to the obsolete and fraud-susceptible Certificate of Existence (COE) approach.
We offer Existence Checks via the following options:
Death Registration Information (DRI)
Tracesmart is one of a small number of companies licensed to receive DRI data from the Identity and Passport Service. The feed gives notice of all deaths registered within the UK on a weekly basis, permitting data screening against the most up-to-date mortality information available. Supplemented with our existing mortality datasets that includes historic death data spanning back to 1976, our existence service delivers authoritative screening to combat fraud.
To find out more about our Existence Checks services, contact us today.