Equifax Launches FraudIQ™ Manager for Advanced Fraud Defense against Account Opening Fraud

Feb 26, 2016, 09:30 ET from Equifax Inc.

ATLANTA, Feb. 26, 2016 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today announced the launch of FraudIQ™ Manager, a workflow management solution that helps reduce fraudulent activity associated with the account opening process.  The web-based solution helps to identify and manage high-risk and potentially fraudulent activity, often before it impacts businesses, and helps fraud departments streamline their processes.

Application fraud is an increasing threat to businesses, creating revenue loss and increased costs year over year. The size of the global fraud problem is expected to grow to $3,570.7 million by 2019 according to research by Micromarket Monitor1. FraudIQ Manager helps organizations seamlessly connect the fraud investigation and account opening teams to more proactively detect fraud and quickly update business rules to help prevent further loss. 

The system matches applicant requests to a variety of data sources including fraud scores and internal fraud data. The solution flags suspicious requests that may be fraudulent and organizes these requests into queues for an analyst or investigator to review.

The FraudIQ Manager solution includes:

  • Flexible, customizable rules engine
  • Fraud ring detection capabilities
  • Workflow management and reporting
  • Advanced linking and search capabilities
  • Fraud data sharing across an organization

"Criminals often use the same fake or stolen identities to perpetrate fraud across different organizations and even multiple departments in the same organization," said Gasan Awad, Vice President, Global Identity and Fraud Product Management at Equifax. "When an organization does not have proper workflows to share relevant data, they remain vulnerable to the ongoing attack. Equifax FraudIQ Manager delivers visibility to protect businesses against these increasingly common fraudulent attempts."

Visit https://www.equifax.com/business/fraudiq-manager to learn more about Equifax FraudIQ Manager.

About Equifax
Equifax powers the financial future of individuals and organizations around the world. Using the combined strength of unique trusted data, technology and innovative analytics, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyzes data on more than 800 million consumers and more than 88 million businesses worldwide, and its databases includes employee data contributed from more than 5,000 employers.

Headquartered in Atlanta, Ga., Equifax operates or has investments in 21 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,200 employees worldwide.

Some noteworthy achievements for the company include: Ranked 13 on the American Banker FinTech Forward list (2015); named a Top Technology Provider on the FinTech 100 list (2004-2015); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2015); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015). For more information, visit www.equifax.com.

1. Global Fraud Detection & Prevention And Anti Money Laundering Market - Market Trends & Forecasts till 2019

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SOURCE Equifax Inc.



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