ATLANTA, April 14, 2016 /PRNewswire/ -- Equifax Inc. (NYSE: EFX) today announced the launch of FraudIQ Identity Score, a solution that helps organizations reduce fraud losses without compromising customer experience.
Fraudsters are engaging in account fraud at an increasing rate, opening new accounts with stolen or synthetic identities. Javelin Strategy & Research estimates that new account fraud will rise to a projected $8 billion in annual losses by 2018.
Fraud attempts are increasingly sophisticated and often cannot be countered with simple methods, however intrusive fraud detection interferes with the customer experience. As organizations struggle to balance priorities, FraudIQ Identity Score provides insights that detect suspicious patterns and better determine that customers are who they claim to be with less interference in the customer application process.
The analytics-based solution also includes custom scoring based on organizational objectives and uses Equifax keying technology to validate components of an identity to help decrease the occurrence of false positives.
FraudIQ Identity Score helps address the following organizational challenges:
- Loss of revenue from consumer abandonment due to onerous verification processes
- High levels of manual reviews that increase customer acquisition costs
- Potential business and legal risks from rising identity fraud rates
- Increased false positive alerts which makes efficient deployment of resources difficult
- Reputational risk due to increased fraud and customer dissatisfaction
"In today's fraud environment, businesses need to make informed, quick decisions when verifying new customers," said Gasan Awad, Vice President, Identity & Fraud Product Management at Equifax. "This solution provides the analytics needed to support the fraud detection systems organizations already have in place, and helps achieve efficiencies, reduce customer friction, and satisfy legitimate customers."
Visit http://www.equifax.com/business/fraudiq-identityscore to learn more about FraudIQ Identity Score.
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.
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SOURCE Equifax Inc.