ID Fraud Prevention Firm Dragnet Solutions Set to Expand in Novato

Dragnet Solutions, a nine-year-old company that recently signed a new lease at 6 Hamilton Landing in Novato, is making waves in the business of preventing identity fraud.

The company provides identification and authentication services primarily to banks and credit unions. Dragnet provides two web-based services, which in total can reduce fraud, maintain government compliance and help financial institutions grow accounts. 

“The General Accounting Office found that about 30 percent of ID theft cases involve fake IDs,” said John Bennett, the company's senior director of marketing.

Similarly, the company knows of banks that have found that 30 percent of driver’s licenses they see contain erroneous information. Although these issues sound similar, one has the propensity for fraud while the other poses a loss of potential business.  

One of Dragnet Solutions products is called Accelerated Insight. The program is able to query public records with a unique set of data-cleansing algorithms that provide match rates that are 15 percent higher than other ID verification services. The service also provides scoring data that help to predict account profitability. In short, a financial institution can better verify a potential customer’s ID and trustworthiness before they walk out the door. 

Dragnet’s other web-based solution is called Intercept. This program scans, verifies and archives identification document data. It not only helps banks comply with federal regulations such as the Patriot Act, but it can also identify fake IDs in real time. The program also has the capability of recognizing photos that have shown up on multiple IDs with multiple names associated with them. 

Bennett attributes the company’s growth and success to its key players. 

“We’re a somewhat unusual team in that we have extensive backgrounds in banking, fraud detection, and data analytics," he said. That team has enabled the company to translate its internal knowhow into “solving important business problems for financial institutions, while also helping them comply with federal regulations and delivering better customer service.” 

Dragnet Solutions currently employs 10 people in its Novato office, some of whom are able to work remotely part of the time. Dragnet Solutions expects to double its headcount in the next 18 months. 

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