ATLANTA – Equifax Inc. (NYSE: EFX), a global information solutions company, today announced a powerful new tool for Communications and Media companies in the fight against service account identity fraud. FraudIQ™ Identity Score is a comprehensive, predictive identity fraud score that offers advanced analytics, based on identity linkage and behavior modeling, to help better detect and prevent third party fraudulent activity during customer acquisition and account opening.
In the era of online and mobile commerce, it’s more important than ever for communications service providers to make sure business transactions are being done with a real person. Yet, many intrusive verification processes end up frustrating customers, creating customer abandonment or delaying account acquisition. All of which ultimately drive up costs of customer acquisition and operations. FraudIQ Identity Score provides a robust identity verification score that leverages multiple data sources and identity databases to help corroborate that the applicant is who they say they are, and not a fictitious identity.
“Fraudulent account behavior and identity fraud are significant drains to business resources, a new Javelin Strategy & Research study estimates that new account fraud will rise to a projected $8 billion in annual losses by 2018,” said Daniel Jean, associate vice president of Identity and Fraud Product Management at Equifax. “FraudIQ Identity Score enables communications and media companies to quickly identify both fraudulent behavior and good customers. This helps them balance competing priorities of reducing fraud losses, maximizing the customer experience and minimizing operating costs.”
Reducing fraudulent activity at the point of account activation helps curtail revenue loss as well as potential scrutiny from rising identity fraud rates. By using real‐time identity linkages, FraudIQ Identity Score provides the ability to help identify synthetic and true name fraud.
FraudIQ Identity Score also helps prevent loss of revenue from consumer abandonment due to onerous and time consuming verification processes. The solution helps providers reduce manual reviews that increase client acquisition costs and leverages advanced keying logic from Equifax to validate components of an applicant’s identity. This keying technology drives down the number of false positives that normally accompany fraud products. Equifax customer validation studies have shown that decisions based on high-quality data about an individual from multiple data assets, and advanced analytics, can result in an almost 25% reduction in false positive rates, which can lead to lower overhead costs to the provider.
For more information visit: http://www.equifax.com/business/fraudiq-identityscore.
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 include 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