Customers Report That 25% of Business Write-Offs are Fraud-Related
ATLANTA, Sept. 26 /PRNewswire-FirstCall/ -- Equifax Inc. (NYSE: EFX)
today unveiled enhancements to its fraud portfolio, strengthening its
position as a leading provider of fraud prevention and identity
verification solutions. New product enhancements include a powerful fraud
index score to strengthen online identity verification and the availability
of fraud authentication offerings in Spanish.
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Businesses attribute as much as 25 percent of their write-offs to
fraud, according to the findings of a group of Equifax customers that
recently were posed questions on the topic. Based on feedback from more
than 200 companies, Equifax has learned that the majority of today's
businesses experience fraud through the Internet and other channels such as
credit/debit cards and counterfeit documents.
"Faced with mounting regulatory pressures, economic stress and a
decline in consumer credit quality, businesses can't afford the
consequences of overlooking fraud prevention technology," said Dann Adams,
President, US Consumer Information Solutions, Equifax. "Our customers tell
us that protecting their own customers, partners and employees from fraud
is a top business priority. We're continuously bringing innovation and new
technology to our fraud solutions to help them do this."
Among the enhancements, Equifax has added a statistically derived fraud
index score to its online solutions, eIDverifier(R) and eIDcompare(TM).
Equifax developed this new index score by analyzing patterns in fraud
transactions across a wide range of industries. Based on its research,
Equifax designed a highly predictive fraud index to help confirm the
legitimacy of an identity and the likelihood of an applicant presenting
fraudulent information. By giving businesses greater confidence that
consumers are who they say they are, eIDverifier and eIDcompare enable
financial institutions to speed the application process and make better
business decisions.
In addition to these updates, Equifax has added bilingual capabilities
to its eIDverifier authentication offering. The solution now generates
questions and corresponding multiple choice answers in Spanish as well as
English, giving consumers the option to authenticate in either language.
All of these new product enhancements are part of Equifax's
comprehensive suite of fraud solutions, which are used by more than 70
percent of Equifax customers. In fact, nine of the largest U.S. banks turn
to Equifax for advanced fraud solutions when opening new accounts. For more
information about Equifax fraud solutions, visit
http://www.equifax.com/biz/solutions/fraud.shtml.
About Equifax (http://www.equifax.com)
Equifax empowers businesses and consumers with information they can
trust. A global leader in information solutions, we leverage one of the
largest sources of consumer and commercial data, along with advanced
analytics and proprietary technology, to create customized insights that
enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative
solutions with the highest integrity and reliability. Businesses -- large
and small -- rely on us for consumer and business credit intelligence,
portfolio management, fraud detection, decisioning technology, marketing
tools, and much more. We empower individual consumers to understand their
personal credit information, protect their identity, and maximize their
financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately
6,900 people in 14 countries through North America, Latin America and
Europe. Equifax is a member of Standard & Poor's (S&P) 500(R) Index. Our
common stock is traded on the New York Stock Exchange under the symbol EFX.
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