Effective Employer Identification Number Verification Tool from Fraud Technology
Authenticate employer identification numbers for loan applications.
Our employer identification number verification tool gives you access to pertinent information about your clients’ business dealings. Authenticate the information they gave you easily and accurately when assessing their loan application.
EIN Verification for Loans
A client’s employee identification number (EIN) serves as a company’s unique identifier. Issued by the Internal Revenue Service (IRS), its primary purpose is for filing tax returns. Oftentimes, business owners also use their EIN when applying for loans.
Fraud Technology offers an EIN verification service that determines the authenticity of your clients’ information. Our online system allows you to look up your clients’ employer identification number in federal databases.
This verification tool was developed to prevent identity theft schemes and other fraudulent activities. We partnered with government bodies to ensure that results are accurate. Using this innovative solution for your organization will enhance the security measures you have in place.
Using the EIN Verification Tool
Our EIN verification tool streamlines the authentication process for loans. Conduct your security checks with ease and convenience when you choose our online solution.
When you input your clients’ EINs in the system, our software crosschecks it with the information in the IRS database. This saves you time compared to calling or mailing it in with the proper authorities.
When you invest in our verification tool, you get access to the system throughout your contract with us. Instead of paying for a singular service multiple times, you can purchase our product once and utilize it as often as you need.
We have partnered with the IRS to ensure that the results you receive through the verification tool have been verified to be real and accurate.
Importance of EIN Verification
Tax fraud and identity theft are serious problems often faced by lending institutions. Although government bodies, such as the IRS, have implemented new processes to detect and address these, there is no guarantee of their eradication. Employing the necessary practices and tools to mitigate these risks protects your business.
How Business EINs are used in Tax Fraud Schemes
Using a legitimate company’s name and valid EIN, criminals would use an online tax filing service to file for refunds. They can do this multiple times with the same account without getting caught. Oftentimes, the discovery of the crime occurs when the victim receives a notice of deficiency and a demand for payment of tax liability.
As a lending institution, you have a responsibility to your clients to employ the necessary security measures. Verifying a client’s EIN and other personal information with federal agencies protects your interests as well as those of your other clients.
Fraud Technology helps you mitigate fraud risks with our innovative EIN verification tool. We will gladly guide you through the process and address any of your concerns.
Contact us today and get a free one month trial for the service.