Leading consumer insights and identity fraud expert, Equifax, has launched a new version of its ID verification and authentication platform - Equifax Identity Verifier.
The product ensures clients can more effectively tackle the serious and growing issue of ID fraud by providing instant and reliable customer ID verification, based on highly accurate analysis of data. The market need for a solution to this issue is clearly demonstrated by figures recently released by CIFAS with identity fraud now accounting for more than half of all fraud in the UK and almost 60,000 cases reported in the first six months of 2013.*
Equifax Identity Verifier helps companies reduce the risk of fraud, provides a superior customer experience and helps them meet the latest regulatory compliance requirements relevant to their specific market.
Utilising extensive data sources, Equifax Identity Verifier not only confirms the existence of an identity but also provides full authentication that the applicant is indeed the valid owner of that identity. It checks all details provided and will instantly highlight if there are any risk factors such as whether the person is known to have previously committed fraud or is deceased - two key indicators of potentially fraudulent applications. The in-depth insight provided, which include tailoring the questions to create appropriate security checks even when there is little data available on the consumer, helps makes this market-leading fraud detection solution.
Peter Harrison, Equifax Product Leader for Fraud and ID, states: "Launching the new version of this market-leading product is exciting for both us and our clients. It meets a real cross-sector need for businesses to do more to protect themselves from the growing and extremely costly risk of fraud. We have worked closely with our clients to understand and meet their varying needs across different markets and believe the new functionality added to this latest and most robust version puts it many steps ahead of anything else available in the market in terms of accuracy, flexibility and ease of integration.
"Companies can configure the application verification process to carry out the ID checks they require, whilst not putting off customers by being too intrusive. This provides superior organisational performance by delivering improved pass rates for good customers and reliable notification of higher risk applicants. It also creates competitive advantage by providing an improved customer experience, whilst protecting companies against fraud and helping them form a major part of regulatory compliance."