An Added Layer of Fraud Prevention from Equifax: Document Verification and ...

THE RISE OF GENERATIVE AI HAS MADE DEEPFAKES AND SYNTHETIC IDENTITIES THE NEW FRONTIER OF FRAUD. An analysis of merchant data reveals an 8% global year-over-year increase in the account-take-over fraud rate. Synthetic identity fraud is rapidly emerging as another significant threat, with a 14% year-over-year growth rate, according to Equifax credit application data. Fraudsters are increasingly sophisticated, using tools like generative AI to impersonate customers and gain unauthorized access to accounts.

To help customers combat the rise of fraudulent activities, Equifax created Identity Proofing to be a part of Kount 360™, its proprietary platform. Identity Proofing enables businesses that are reliant on identity verification including financial institutions, automotive lenders, online retailers, and others to integrate checks throughout the customer journey by ensuring the information provided is real, affiliated with the person, can be trusted, and is absent from any sanctions or global watchlists.

To further confront the threat of bad actors, Equifax has partnered with Incode for document verification and facial recognition biometric checks within Identity Proofing. Deepfake detection from Incode, combined with leading synthetic identity fraud models from Equifax, provide a robust defense against potential threats.

"We are equipping our customers with a powerful solution for balancing growth with risk management," said Ajay Guru, Senior Vice President and General Manager of Digital Solutions at Equifax. "Our partnership with Incode enables a seamless digital experience for legitimate customers, while effectively preventing sophisticated fraud."

This partnership provides Equifax Identity Proofing customers with:

• A Single, Orchestrated Solution: For the first time, businesses will be able to access Incode's industry-leading biometric and document verification capabilities directly within the Kount 360 platform. This creates a single, comprehensive solution for end-to-end identity proofing.

• Seamless Integration: The partnership provides customers with a single suite of APIs, which reduces technical complexity, accelerates time-to-market, and lowers the total cost of ownership by eliminating the need to manage multiple vendor relationships.

• Accelerating Digital Growth: In today's competitive landscape, customer experience is paramount. Frictionless technology helps businesses reduce onboarding abandonment rates, converting more good customers and driving top-line revenue growth.

"In today's digital world, trust is built on resilience," said Ricardo Amper, CEO of Incode. "This partnership with Equifax empowers businesses to verify identities with confidence, using multiple layers of defense that deter even the most sophisticated fraud techniques."

Learn more about how Equifax helps businesses of all sizes prevent fraud through identity verification.