Equifax Expands Identity Theft Suite

Equifax Expands Identity Theft Suite

Equifax Expands Identity Theft Suite

Equifax Inc. has announced that they are expanding their identity fraud prevention system.  The Equifax identity fraud management suite provides businesses with a comprehensive set of tools to help prevent true-name and synthetic identity fraud.  Over the past decade, identity fraud has affected millions of people and businesses, resulting in the loss of billions of dollars.

The new Identity Suite offers businesses the use of identity screening tools that quickly identify any suspicious activity and known fraud systems.  By leveraging the power of public and proprietary databases, Equifax is able to detect potential identity theft during the application process.  The Equifax Identity Suite is currently in use at 38 of the top 50 banks in the country and at all four of the major telecommunications companies.

Rajib Roy, President of Equifax Technology and Analytics, said that the suite has helped businesses catch up to 75% of all fraudulent applications while having no impact on the speed of opening accounts.  The company uses a real-time identity verification system that is automated and non-intrusive for the user.  By using quizzes and available databases, Equifax creates an eID score, which measures the risk of suspicious activity.  The real-time nature of the scoring helps both the businesses and the individual.

One of the main benefits to individuals is the ability the system has to help ensure that their identity is not stolen or used in a fraudulent manner.  The system has also helped reduce the number of manual reviews customers sometimes have to endure when applying for a bank account or a line of credit.


Log in