Atlanta-based Equifax has announced the availability of Suspicious ID, a new fraud mitigation solution designed to protect financial institutions and consumers by rapidly identifying, analyzing and eliminating identity misuse by fraudsters as they actively attempt to open new accounts.
According to Equifax, 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. The product delivers scores and attributes that provide a basis for assessing the determined risk.
‘Financial institutions are constantly challenged to detect increasingly sophisticated fraud attempts. A growing reliance on online channels and instant credit approvals to increase revenues presents a host of opportunities for skilled identity thieves,’ says Andy K. Smith, senior vice president of Equifax's Professional Services. ‘Although traditional identity screening can help identify synthetic and 'true-name' fraud attempts, Suspicious ID effectively takes fraud prevention much further by identifying consumer behavioral patterns that are very difficult for imposters to fake.’