Data Privacy 
EFD is a trusted keeper and provider of information
Position statement from Paul F. Walsh, chairman and CEO
This paper focuses on privacy practices of our information based products (typically labeled ChexSystemsSM or SCANSM). Trust is fundamental to the U.S. payments system and the financial services industry. It is a core assumption built into the original purpose of ChexSystemsSM and SCANSM. Financial institutions and retailers share data with EFD to reduce losses due to DDA abuse and fraud - and trust us to handle and use their data in a secure, private and compliant fashion.
ChexSystemsSM and SCANSM have grown and the industry has changed, so we have shifted the focus of our products and services from negative database systems to a full repository of consumer data with both positive and negative performance and identity attributes. We built this new infrastructure based on customer need and feedback.
Factors that prompted the change include:
- The tragic events of 9/11 and the resulting USA PATRIOT Act requirements to "know your customer".
- The rampant criminal behavior in the area of ID Theft creates the need for new safeguards and Consumer Data products that enable financial institutions to determine "you are who you say you are" in faceless transaction environments like the Web.
- The economy also highlights the need for Consumer Data as more financial institutions and retailers search for ways to segment their customers and offer products that align with the risk of that consumer, and then manage that risk on an ongoing basis.
These new and emerging customer needs have prompted us to update our privacy paper. EFD is committed to collecting and using the most accurate and complete data available in the information solutions we provide. We continually strive to maintain internal data systems that are accurate, secure, confidential, responsive and compliant.