Former Department of Labor Investigator Launches Antifraud Software for Retirement Plans
New Technology Created to Protect Americans' Retirement Funds
VENTURA, Calif., October 5, 2023 (Newswire.com) - Former Department of Labor Investigator and ERISA expert David Donaldson launches Participant I.D., a company that protects against unauthorized fraudulent distributions from retirement plans.
Participant I.D. software allows service providers and plan sponsors the ability to verify a participant’s identification within minutes during the distribution process. A participant can be verified by simply using their cell phone. This three-factor authentication process utilizes the latest in biometric facial recognition and government identification verification technologies. Participant I.D. generates a proprietary identity graph scoring algorithm to verify the identity of the participant.
“Fraudulent distributions happen more than the industry would like to admit. Most distributions go through very little scrutiny and the fraudsters know it,” says Donaldson.
Participant I.D. is currently licensing the software to third-party administrators and pooled employer plan providers. An enterprise solution will be available for recordkeepers in November.
For more information, please visit www.participantid.com.
Source: Participant I.D.