Equifax unveiled 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;
• 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.
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