Equifax is working with iovation to offer a combined solution to combat fraud. This joint offering helps protect online and mobile customer access from identity theft, account takeover and other fraudulent activity. Equifax will combine its Identity and Fraud Solutions Identity Proofing and Progressive Authentication that support verifying and authenticating identities with iovation's ReputationManager 360that helps prevent real-time fraud by making use of shared device reputation intelligence.
This new combined offering from Equifax and iovation provides comprehensive, multi-layered fraud mitigation during customer enrollment and ongoing transactions to help protect against key issues such as account takeover, synthetic and true-name fraud, data breaches, and internal fraud risks.
"To stop fraud without compromising customer experience or hiring large numbers of fraud analysts, fraud teams need more effective, reliable, and automated processes to sort out suspicious transactions," writes Forrester Research, Inc. VP and Principal Analyst, Andras Cser in research on fraud management¹. "... understanding how a user and his peer group behave under normal (non-fraudulent) and abnormal (fraudulent) circumstances is critical to detect anomalies from past behaviours."
"Equifax is a fraud prevention software provider," said Gasan Awad, Vice President, Equifax Identity and Fraud Product Management. "We have deep expertise in helping our customers predict the likelihood they are dealing with the actual intended person and not an imposter mimicking the known user. Our risk-based solutions work to ensure that legitimate customers pass through unhindered, while suspicious identities are efficiently routed for further scrutiny. We are pleased to be working with iovation to provide our customers with another means of identifying fraud through a frictionless user experience."
Equifax Identity and Fraud (IDF) platform offers a comprehensive solution to help positively verify and proof online identities using consistent and objective score-driven analytics that incorporate multiple data assets including credit and proprietary data sources. By evaluating the propensity of a device to be used for fraudulent online activity, ReputationManager 360 enhances Equifax solutions to let businesses more effectively mitigate fraudulent activity. After the risk is assessed the consumer can then be presented with an appropriate authentication challenge through Equifax multi-factor authentication technology.
"Fraud scams are all too common at important touch points like account creation, funds transfer, login and purchase," said Jon Karl, iovation Founder and Vice President of Corporate Development. "iovation is proud to work with Equifax in the fight against online fraud. By adding the prescriptive device reputation analysis of ReputationManager 360 to the Equifax IDF identity authentication and decisioning platform, customers can effectively and efficiently identify the user associated with an online transaction and assess the user's reputation in real-time to help further mitigate fraudulent transactions."