DataVisor Partners with Equifax to Improve Behavioral Analytics and Fraud Detection Solution
DataVisor has announced a partnership with Equifax, making the global data, analytics and technology company its primary consumer identity data partner. DataVisor will enhance and expand its behavior analysis and fraud detection solution by combining rich consumer identity data from Equifax with powerful AI signals, for lag-free detection and a frictionless customer experience.
DataVisor will integrate Equifax’s digital identity trust, secure multi-factor authentication (MFA) and account verification solutions into its next-generation fraud detection platform, enhancing its fraud models for detection accuracy enhanced and enabling data enrichment functionality for end customers worldwide. When combined, these Equifax solutions can provide a 90% reduction in fraud risk and a 30% reduction in operational overhead, according to analysis conducted by Equifax.
Used with DataVisor fraud models, Equifax identity data, including credit, utility, mobile phone, email and global device consortium data, will provide enhanced authentication and capabilities. Know Your Customer (KYC) to enable fraud teams to accurately detect and prevent identity theft while reducing false positives that prevent legitimate customers from making transactions.
âWith the hyper-growth of digitization in the COVID-19 era, organizations are bringing innovative online products to market faster – and with them, higher risk of fraud comes with increased risk of fraud. fraud, âsaid Yinglian Xie, co-founder and CEO of DataVisor. âFraud can cripple a company’s ability to capitalize on new product launches as organizations scramble to repair damage from an attack and regain customer trust. However, introducing friction into the customer experience can drive customers away and impact business growth. Through our partnership with Equifax, we can now provide advanced identity verification capabilities along with instant and robust identity theft protection to stop scammers while ensuring the right customers have a seamless experience.
âFraud losses are expected to reach over $ 600 billion by 2023. For businesses to protect themselves and their customers from the well-orchestrated tactics of fraudsters, a layered approach to fraud detection is essential, âsaid Joy Wilder Lybeer, US Information. Head of Solutions Revenue and Senior Vice President of Global Partnerships at Equifax. âWe are excited to partner with DataVisor to integrate our robust identity and fraud prevention solutions with the DataVisor platform and provide customers with the additional information they need to fight fraud and minimize loss. “
Built on core technologies and leveraging a large catalog of open APIs, DataVisor’s next-generation fraud detection solution uses advanced machine learning, engineering and graphing technology to correlate fraud signals and reveal suspicious models, whether known or unknown.
The solution analyzes attributes such as user behavior, IP address, email, and device information against an intelligent global network (GIN) of information gathered from over 4.2 billion of protected accounts and 800 billion events across all industries, enabling DataVisor to derive fraud features and attributes that can be applied to its customer portfolio for increased fraud detection.
The partnership comes at a time when organizations need to prioritize customer experience and digital growth while balancing the risk of financial losses resulting from fraud. Analyzing this vast data collection along with Equifax’s rich identity data will enable DataVisor customers to benefit from robust identity verification, reducing the risk of identity theft and enabling customers to launch innovative products without worrying about fraud.