NEW EQUIFAX SERVICE VERIFIES 'SMART' DEVICES TO REDUCE FRAUDULENT TRANSACTIONS - EQUIFAX ADOPTS IOVATION'S DEVICE INTELLIGENCE TO COMBAT ONLINE FRAUD
Equifax, the consumer and business insights expert, has launched Equifax Device Verifier in the UK, a service that allows businesses to protect themselves against the risk of fraudulent activity when dealing with customers online.
Using technology from anti-fraud company, iovation, Equifax Device Verifier assesses the risk of fraud associated with any device being used to make online purchases, including smartphones, desktops, laptops and tablets. The service checks to see if there is any history of fraudulent activity linked to the device using iovation’s global fraud network, which looks at the reputations of more than 2.5 billion devices, 23 million fraud reports, and real-time risk indicators such as device anomalies, excessive repeated use of the same device, and evasion techniques attempting to conceal the nature of the device or its location.
Peter Harrison, Product Leader Identity & Fraud, Equifax, said: “As more businesses accept transactions online and via mobile devices, there is greater risk of fraud being perpetrated. It is no longer enough to check an individual’s identity through personal verification checks and “challenge and response” questions, meaning that other security measures must be implemented.”
The behind-the-scenes service flags any previous suspicious behaviour linked to a particular device or associated devices (for example an iPad linked to an iPhone accessing the same online account), allowing businesses to put additional checks in place to stop potentially fraudulent transactions. The device recognition solution works by identifying information such as the true physical location and IP address of a device. If fraudulent activity is detected, the online transaction can be stopped, avoiding financial repercussions for the business.
Equifax Device Verifier has been designed to protect against fraudulent activity while ensuring that genuine customers still receive smooth and efficient service. As device reputation checks are performed in real time, there is no delay in the customer experience for authentic transactions.
Harrison adds: “Being able to detect potential fraudulent activity associated with a particular device allows us to flag potential threats and stop fraudulent transactions before they are completed, limiting the financial impact on businesses. We have been working closely with iovation to develop market leading solutions to stay one step ahead of fraudsters and help to win the battle against online fraud.”
Equifax Device Verifier is an integral part of Equifax Progressive Authentication, a suite of ID and fraud products designed to improve the customer’s journey while reducing the risk of fraud and meeting regulatory requirements. Using Equifax Progressive Authentication, businesses can set and optimise the level of checks that they would like their customers to go through according to the type of product and risk associated.
Max Anhoury, VP of Global Partnerships, iovation, said: "We are pleased to power Equifax Device Verifier with our device intelligence service, leveraging our consortium which has been contributed to by 3,000 international fraud analysts on the front lines. This combined solution offers extreme fraud reduction to our joint clients, and also works as an extension of our clients’ risk mitigation teams. Cybercriminals work in organised teams, and so do we.
“At the highest risk online and mobile customer touchpoints, such as payment, account opening and login, Device Verifier uses our in-depth device recognition technology to implement a layered approach that improves fraud prevention without impacting the customer experience.“
- Ends -
For further information, please contact:
Sally Moore, Chiara Barreca or Arran Fano
Telephone: +44(0) 20 7726 6111
Notes to editors:
Equifax is a global leader in consumer, commercial and workforce information solutions that provide businesses of all sizes and consumers with insight and information they can trust. Equifax organizes and assimilates data on more than 600 million consumers and 81 million businesses worldwide. The company’s significant investments in differentiated data, its expertise in advanced analytics to explore and develop new multi-source data solutions, and its leading-edge proprietary technology enable it to create and deliver unparalleled customized insights that enrich both the performance of businesses and the lives of consumers.
Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor's (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. In 2013, Equifax was named a Bloomberg BusinessWeek Top 50 company, was #3 in Fortune's Most Admired list in its category, and was named to InfoWeek 500 as well as the FinTech 100. For more information, please visit www.equifax.com.
Equifax Limited is authorised and regulated by the Financial Conduct Authority.
iovation protects online businesses and their end users against fraud and abuse, and identifies trustworthy customers through a combination of advanced device identification, shared device reputation, device-based authentication and real-time risk evaluation. More than 3,000 fraud managers representing global retail, financial services, insurance, social network, gaming and other companies leverage iovation’s database of more than 2.5 billion internet devices and the relationships between them to determine the level of risk associated with online transactions. The company’s device reputation database is the world’s largest, used to protect 12 million transactions and stop an average of 200,000 fraudulent activities every day. The world’s foremost fraud experts share intelligence, cybercrime tips and online fraud prevention techniques in iovation’s Fraud Force Community, an exclusive virtual crime-fighting network. For more information, visit www.iovation.com.