Equifax adds ID Score system to decisioning and application processing platform
20 July 2005 | 2045 views | 0
Equifax Inc. (NYSE:EFX) , a global leader in turning information into intelligence, and ID Analytics, Inc., the Identity Risk Management technology company, today announced that Equifax will offer ID Analytics ID Score as part of its decisioning and application processing solutions.
Equifax is the first company in the consumer credit reporting industry to provide ID Score to customers in financial services, mortgage, insurance and healthcare industries.
ID Score is a standardized, predictive risk metric that empirically measures the likelihood that someone is who they claim to be, enabling organizations to focus their identity risk management efforts on identities with the highest likelihood of identity fraud. Already in use by more than half the credit and retail card market in the U.S., as well as leading wireless and online consumer finance companies, ID Score is now a standard for identity risk decisions.
Equifax will integrate ID Score into its decisioning platforms and delivery systems, which are embedded as part of its customers' business processes to help them transform data into intelligence. Equifax provides companies with information, analytics and enabling technologies to empower them to make informed decisions, while minimizing risk and enhancing performance.
"The expertise, information, and delivery capabilities that Equifax brings to this partnership means more companies in more industries will further advance their identity fraud prevention efforts," said Bruce Hansen, chairman and CEO of ID Analytics. "With new challenges associated with identity fraud emerging every day, we're thrilled to be able to offer an innovative solution that can help any company in any industry instantly and effectively take charge of identity risk and stay steps ahead of fraudsters."
Before an application is processed and approved, ID Score calculates the risk associated with an identity. ID Scores are generated from the ID Network, a real-time fraud detection system that is continuously fed with identity attributes from multiple organizations and industries. Each day, hundreds of thousands of additional fraud indicators are being added to the network.
"With rapidly growing incidents of identity theft, Equifax remains committed to taking the fight against fraud to a new level and partnering with the best in the industry," said Tom Chapman, chairman and CEO, Equifax. "The combination of ID Analytics' industry-leading identity risk management solutions and our expertise in analytics and enabling technologies delivers a powerful new weapon to businesses in their ongoing battle against fraud."