Home > Our Company > Press Room > Press Release

APPLICATION FRAUD UP 20% IN QUARTER 1

Equifax helps protect businesses with SIRAN - the powerful online application fraud detection tool

London 25th April 2007 - Leading fraud prevention expert, Equifax, is urging businesses to heed the latest figures from CIFAS, the UK's Fraud Prevention Service, which show that application fraud rose by over 20% in quarter 1 2007 compared to the same period in 2006. Developed in direct response to this growing threat, Equifax's powerful online application fraud detection system, SIRAN, gives lenders real-time protection.

"CIFAS figures show that application fraud continues to be a very real threat to lenders with over 3,000 more cases reported year on year," Neil Lewis, head of fraud & ID products at Equifax, explains. "At Equifax we understand the need for a balance between protection against fraud and the ability to provide customers with a fast, efficient application process. The development of SIRAN means lenders have a flexible and robust means of protection. And because fraudsters are known to target their activity across the lending industry, SIRAN facilitates the sharing of data from all sectors, including banks, retail credit providers, credit card issuers, mobile telecommunications and mail order suppliers, to catch the criminals wherever they try to go.

SIRAN offers lenders total control of their application fraud prevention policy, and enables them to selectively match applications to a cross-industry universe of frauds and suspect frauds. By applying this solution to previous applications, lenders can spot suspicious patterns that may point to fraud rings. The system also allows users to manage their fraud rules and prioritise risk levels while managing operational workflows to focus on fraud prevention resources where they are needed most. And, with online access to information on the performance of their rules, SIRAN allows lenders to evaluate the effectiveness of their fraud strategies, making it easier to decrease the risk of fraud on an on-going basis.

Lewis concludes, "The unique combination of online application and fraud information and intelligent fraud management tools, makes SIRAN the first choice for any organisation keen to take its fraud prevention capabilities to the next level."

 

CIFAS Fraud Trend Figures

 

END

Notes to Editors

If you would like more information or would like to arrange an interview with Neil Munroe please contact Cecile Stearn, Claire Foster, Kate Clements or Elinor Puzey at HSL on 020 8977 9132 or email claire@harrisonsadler.com

About Equifax

Equifax Inc. is a global leader in information technology that enables and secures global commerce with consumers and businesses. We are one of the largest sources of consumer and commercial data. Utilizing our databases, advanced analytics and proprietary enabling technology, we provide real-time answers for our customers. This innovative ability to transform information into intelligence is valued by customers across a wide range of industries and markets. Headquartered in Atlanta, Georgia, Equifax employs approximately 4,600 people in 13 countries throughout North America, Latin America and Europe. Equifax was founded 107 years ago, and today is a member of Standard & Poor’s (S&P) 500® Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.  .

Equifax. Information That Empowers.