ATLANTA (7/26/12)--Equifax has released a new fraud mitigation solution to eliminate identity misuse by fraudsters when they attempt to open new accounts.
Instant credit applications are a primary source of new business for the financial services industry, and as online channels expand, so do the number of fraudulent or compromised accounts. Equifax's Suspicious ID interprets fraudulent activity patterns in real time by monitoring suspicious activities across an entire network of financial services organizations and other related industries. It also delivers scores and attributes that provide a basis for assessing risk.
Suspicious ID provides rapid analysis of spikes in suspicious application data, catching questionable attempts or high-risk applications upon account opening in real time. It also reduces the common problem of "false positives" that appear when a member's information is entered incorrectly.
Suspicious ID also improves fraud capture rates and decreases the need for manual reviews, Equifax said.