Equifax FraudIQ Suite Tackles Digital Fraud
After providing and tracking credit for more than a hundred years, Equifax is jumping into the digital fraud prevention business.Equifax may be best known as being a consumer credit reporting company, but that's not all the company does. This week, Equifax launched its FraudIQ suite in a bid to help organizations detect and prevent digital fraud. "There are hackers that are trying to sneak in through the back door and attack systems while no one is looking—that's not what we're focused on," Daniel Jean, associate vice president of identity and fraud management at Equifax, told eWEEK. "We focus on fraudsters; these are folks that are going in through our customers' front door." The fraudsters that Equifax is defending against are those who are using stolen or fabricated identities, Jean said. Among the technologies that the FraudIQ suite includes are verification tools that check to see if an individual element of an identity is correct. For example, they can check to see if the inputted name, address or Social Security number is in fact authentic. The system then can make sure that the various pieces of identity information all match—for example, the given name is the one that is associated with a specific Social Security number or phone number. "We can increase the verification complexity with behavioral analytics looking at data that we have on identity as well as customer data to corroborate identity," Jean said.
In addition, the system can integrate with biometric as well as device authentication mechanisms. As such, if a user is attempting to access an online service, Equifax will seek to verify whether the device being used matches the device the specific account holder has used in the past. The overall goal of all the verification and authentication checks is to look for warning signs that there is something suspicious about a user that could be an indication of a fraud attempt.