Equifax Canada Launches a New Fraud Prevention Platform as the Fraud Rate Continues to Increase Amid COVID-19 Pandemic
10 November 2020 - 10:00PM
Equifax Canada reports that the application fraud rate rose by 43
per cent and the deposit account fraud rate rose by 53 per cent
peaking in April and May respectively. To fight new account fraud,
the company today released Luminate, a cloud-based fraud prevention
platform using machine learning analytics and rich data insights to
help fraud managers prevent fraud and avoid losses that directly
impact their bottom line.
“Fraudsters are quick to take advantage when they detect
weaknesses, which is particularly true now when businesses are
grappling with COVID-19,” said Carl Davies, Equifax Canada’s Head
of Fraud and Identity. “Most companies today are still using legacy
platforms that cannot keep pace with fraudsters using advanced
technologies. Luminate anticipates and uncovers fraud insights in a
way that legacy systems simply cannot. Our new fraud prevention
platform is designed to help businesses of all sizes across all
industries. It leverages a proprietary database contributed to and
used by over 35 Canadian financial and lending institutions.”
Equifax assessed over 21 million credit applications in 2019,
helping to stop $1.5 billion in potential fraud losses for
financial institutions, telecommunication providers, government,
mortgage and automotive lenders, and insurance providers. As the
pace of fraud continues to accelerate, Luminate can help companies
specifically target application fraud using machine learning
analytics to proactively detect emerging fraud patterns and can
allow risk managers to uncover fraud before it happens.
With the Luminate fraud prevention platform, companies of any
size can:
- Minimize operational fraud risk by
eliminating manual processes. The
fraud prevention platform helps businesses identify and evaluate
potential risks in real time using rich data, which saves time and
money versus manually tracking applications.
- Enhance data visualization with link
analysis. Luminate can accommodate a variety of
third-party data sources (like device and email) to help fraud
managers stay ahead of the evolving trends and adjust their fraud
prevention strategies.
- Gain deeper insight into fraud
activity. Luminate seamlessly connects multiple
internal, external and consumer-supplied data, attributes and
scores. This provides deeper insights into fraud activity displayed
in easy-to-read graph form that pinpoint red flags, which may be
impacting costs.
“Businesses realize that fraud is costing them money they cannot
afford to lose during these difficult times,” added Davies.
“Finding new customers, and then growing and protecting those
relationships, begins at the application stage. The entry point for
a customer however, may also be the front door for a fraudster. The
Luminate fraud prevention platform, with the support of our fraud
consulting team, can help stop fraud before it happens and reduce
losses at a time when companies need to focus on their bottom
line.”
About EquifaxEquifax is a global information solutions company
that uses unique data, innovative analytics, technology and
industry expertise to power organizations and individuals around
the world by transforming knowledge into insights that help make
more informed business and personal decisions. Headquartered in
Atlanta, Ga., Equifax operates or has investments in 24 countries
in North America, Central and South America, Europe and the Asia
Pacific region. It is a member of Standard & Poor's (S&P)
500® Index, and its common stock is traded on the New York Stock
Exchange (NYSE) under the symbol EFX. Equifax employs approximately
11,000 employees worldwide. For more information, visit Equifax.ca
and follow the company’s news on LinkedIn.
Contact:
Andrew FindlaterSELECT Public
Relationsafindlater@selectpr.ca(647) 444-1197
Tom CarrollEquifax Canada, Media
RelationsMediaRelationsCanada@equifax.com (416) 227-5290
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