ATLANTA, Feb. 16, 2016 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today launched FraudIQ™, a comprehensive suite of identity verification, authentication, and fraud detection capabilities to help organizations reduce fraud, improve the customer experience, and better protect their reputations. FraudIQ will help provide organizations with broad safeguards from account acquisition and account management to fraud monitoring and investigations.
The cost of fraudulent applications is expected to rise to $28.6 billion by 2016, according to research by the Aite Group. With this in mind, more businesses are seeking comprehensive measures to help detect and prevent fraud. The FraudIQ suite provides organizations with layered defenses against fraud throughout their customers' lifecycles including identity verification, authentication and fraud detection tools. FraudIQ capabilities scale from simple to complex depending upon the organization's need and include:
- Passive identity checks to help quickly alert an organization of synthetic or stolen identities without disrupting the customer acquisition process;
- Customized identity and fraud scoring models and attributes that can be layered into the acquisition process based on business strategy and risk tolerance;
- Process improvement tools for fraud departments to more effectively manage applications, identify fraud rings and help reduce fraud at account opening;
- Multi-pronged authentication tools using the latest biometric, device and knowledge technologies to confirm identities transacting through remote channels;
- Risk-based authentication frameworks that reduce customer friction while providing enhanced security by invoking the appropriate fraud defenses for a given transaction; and
- Investigative tools to delve further into identity relationships.
To be effective at preventing fraud, organizations must first understand their customers, detect anomalies, and then course correct as necessary. FraudIQ uses Equifax's vast identity resources to corroborate identity information, detect behavioral anomalies, and recognize patterns. In addition, FraudIQ provides organizations with the frictionless tools they need to more effectively manage and respond to the identity intelligence they receive to help minimize financial loss to the organization while still helping optimize customer experience.
"Equifax's proprietary data assets, which include verified consumer information and non-public fraud and identity theft data on more than 600 million people, combined with our advanced analytics, create the strong foundation necessary to help reduce fraud in today's fluid landscape," said John Cullerton, Senior Vice President, Product Innovation and Management at Equifax. "FraudIQ suite will provide organizations with the end-to-end capabilities they need to more effectively verify and authenticate identities and help detect fraud."
Visit http://www.equifax.com/business/ to learn more about Equifax's business solutions.
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company's significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 19 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2015, Forbes named Equifax one of the World's 100 Most Innovative companies; Bloomberg BusinessWeek nominated it as one of its Top 50 companies; its CIO was named one of the top 100 by CIO magazine; the company ranked 16th in the Fintech 100 list; and it was recognized as a top 20 company to work for by the Atlanta Journal-Constitution and was named a 2015 InformationWeek Elite 100 Winner. For more information, please visit www.equifax.com.
SOURCE Equifax Inc.