FIS (NYSE: FIS), a global leader in financial services technology, and global information solutions company Equifax® (NYSE: EFX) have teamed up to improve consumer experiences by bringing new levels of convenience and security to consumers challenged with maintaining multiple usernames and passwords to protect themselves from financial fraud and identity theft.
The two companies jointly offer OnlyID, an identity verification solution that provides a higher level of account protection and personal control through a single, secure digital log-in, consisting of the consumer’s thumbprint or another unique identifier. This identity solution, which can be used across multiple accounts, will be offered by financial institutions and e-retailers who participate in the OnlyID Network. In addition to providing security and convenience to consumers, OnlyID benefits financial institutions and businesses by helping them reduce fraud claim costs, provide better digital experiences and increase consumer loyalty.
“Imagine if you no longer needed passwords to protect your digital identity because you had a unique, protected identifier that only you could use at the places where you bank and shop,” said Bruce Lowthers, head of FIS Payments. “OnlyID from FIS and Equifax brings the power of advanced authentication technologies to make consumers’ financial lives simpler while providing secure protection against fraud.”
“OnlyID combines powerful predictive analytics with risk scoring models that generate a frictionless fraud assessment, without disruption to consumers or businesses,” said Trey Loughran, President USIS, Equifax. “Our collective unique data assets, innovation and depth of expertise across Equifax and FIS enabled us to create a solution that will advance digital security over the web and via mobile devices.”
“Passwords not only provide little security, they also result in cumbersome and clunky user experiences, particularly in the mobile environment,” said Julie Conroy, research director, Aite Group. “The next generation of digital security leverages authenticators such as device-based security and biometrics, which provide greater levels of security as well as a better consumer experience.”
Equifax and FIS, both trusted data stewards with powerful identity authentication and analytics capabilities, deliver anti-fraud solutions to thousands of financial institutions. This joint effort will advance digital security and uniquely positions them to deliver a powerful, universal authentication service through OnlyID. The two companies plan to co-market the OnlyID solution to banks, credit unions, retailers, telecommunications providers, utilities and other businesses.
For more information about OnlyID from FIS and Equifax, visit MyOnlyID.com.