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Yodlee and Equifax introduce account monitoring service

05 June 2006  |  3802 views  |  0 Source: Yodlee

Yodlee, Inc. today announced a relationship with the UK subsidiary of Equifax Inc. (NYSE:EFX) to deliver Account Watch, a unique product to help consumers proactively manage their financial accounts and protect themselves from fraud and identity theft.

Account Watch, available from Equifax UK, leverages Yodlee's OnCenter Alerts Service to monitor (with a user's permission) real-time online account activity, such as bank accounts, savings accounts and credit card transactions. This product automatically sends consumers alerts of any unusual or suspicious activity.

It is estimated that more than 100,000 people are affected by identity theft in the UK each year, costing the British economy over GBP 1.7 billion annually (source: Home Office Identity Fraud Steering Committee). Equifax, already a trusted leader in ID verification and online consumer services, serves consumers throughout North America and the UK via its Personal Solutions products.

Account Watch Features:

  • Real-Time Alerts Proactively Notify Potential Victims. Account Watch Alerts arrive by email and SMS whenever a transaction on an account has exceeded a specified financial amount. Alerts can be set for all of an individual's financial online accounts - including bank, savings, investment and credit card accounts. Common alerts that individuals set are: any withdrawal over GBP 350 or credit card charge over GBP 500.
  • Consolidated View of Transactions Reveals Violations. Using Yodlee's OnCenter Personal Finance capabilities, Account Watch also provides a consolidated, real-time "snapshot" of an individual's various financial accounts, including transaction details, enabling them to immediately spot unusual activity.
  • Single Place to Manage Stolen Debit/Credit Cards. Account Watch also provides a safe and secure environment to help you manage your multiple online accounts should your debit/credit cards get stolen.

"With Account Watch, users can recognize fraudulent transactions early - helping to stop identity theft in its tracks and dramatically limit the time and expense involved to resolve the problem," said Joseph Polverari, managing director, International at Yodlee. "This is an extremely innovative product. We're thrilled to be working with Equifax and Vodafone to bring this powerful functionality to the UK market."

"This market-leading initiative is important for consumers and financial providers alike, all of whom are seeking ways to add value and eliminate risk in online financial activities," said Neil Munroe, external affairs director, Equifax. "Yodlee has the proven technology to securely access real-time transaction-level data. Vodafone is the leading mobile phone provider for receiving SMS alerts. Equifax has been providing real solutions to tackle the increasing threat of identity fraud and theft. Together, we have brought Account Watch to the UK market to help stop fraud and identity theft."

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