Expense Management

Expense Management

October 02, 2013

Equifax Partners with iovation to Prevent Real-time Fraud

The threat of fraud and identity theft is growing, and this is not just limited to individual users but also to businesses and call centers as well as their networks and business processes.

To offer a reliable solution and combat fraud, Equifax Inc., a provider of identity proofing and fraud mitigation solutions, partnered with iovation, a company that works to bring down cyberfraud.

Both companies will work together to offer a combined solution that will help guard online and mobile customer access from identity theft, account takeover and other fraudulent activity.

The new partnership will allow Equifax to syndicate its identity and fraud solutions Identity Proofing and Progressive Authentication solutions with iovation's (News - Alert) ReputationManager 360 that helps avert real-time fraud.

"Equifax is a leading fraud prevention 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 is a specialist in identity proofing and verifies more than 60 million identities annually across industry verticals thanks to its Identity and Fraud (IDF) platform that completely verifies and proofs online identities using consistent and objective score-driven analytics. Together with iovation's Reputation Manager 360, Equifax solutions will enable businesses to more effectively mitigate fraudulent activity.

This joint effort is expected to protect users with fraudulent activities such account takeover, synthetic and true-name fraud, data breaches and internal fraud risks. Users will be offered multi-layered fraud mitigation when customer is engaged in business transactions, according to the company officials.

Jon Karl, iovation founder and vice president of Corporate Development, added, "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."   

Edited by Rachel Ramsey

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