Financial Institutions

The banking and finance industry face a number of key challenges with respect to online services. More customers are transitioning to online and mobile channels, and these customers are looking for more dynamic, useful content and applications. Institutions also need to stay ahead of an explosion of electronic fraud by ensuring that partners and customers are provided with a risk-adjusted, secure environment with non-repudiated transactions.

Account Opening Fraud

Businesses are challenged with detecting increasingly sophisticated fraud attempts and responding to sometimes very complex and significant impacts. The account opening process is the front door to fraud, so effectively verifying and authenticating identities is the first step to shutting out fraudsters. Growing reliance on online channels and “instant credit approvals” to increase revenues presents even greater opportunities for skilled fraudsters. Equifax offers effective solutions to fight synthetic and true-name fraud , along with real-time detection of velocity and behavioral patterns that are indicative of suspicious activity.

Equifax's vast consortium of industry-leading data helps provide deep insight into consumer identities. Our identity data assets include credit, employment, income, demographic, telecommunications, utility, device ID and other differentiated data sources. We provide advanced analytics and software to improve fraud capture rates, and dramatically decrease false positives.

Risk Adjusted Mechanism

Equifax offers risk-based, multifactor authentication – including true two-factor authentication to help ensure that the people with whom you are doing business are the people with whom you intend to be doing business. Our multifactor solution eliminates the hassle of highly random and complex password solutions that drive up help desk costs or reliance on “secret questions” − which do not provide the high security level of strong multifactor authentication.

Compliance with Regulation

Financial institutions are facing increasing regulatory compliance requirements from the Federal Financial Institutions Examination Council (FFIEC), other regulatory bodies, and the resulting audits, legal discoveries and examinations. Equifax address these challenges by providing a comprehensive platform that supports “know your customer” without the need for a face-to-face transaction – meeting all online security, identity management, and non-repudiation requirements.