The suite includes Identify Verifier for identity authentication and Bank Account Verifier, which validates a customer’s identity and bank account details.
The suite also has Device Verifier, which assesses the risk of fraud with any device used to make online purchases including smartphones, desktops, laptops & tablets, and Fraud Protector, which provides businesses with information on whether an individual has been associated with fraudulent applications.
John Marsden, identity and fraud expert at Equifax, said: “Recent hacking incidents have highlighted the risks of personal details falling into the wrong hands and identity fraud poses a huge threat to businesses and individuals, with reported cases up by 27% in the first quarter of 2015 alone (Cifas figures).
“Failing to appropriately screen customers can incur significant financial losses for any type of business as well leading to long-term damage to their brand as consumers may be put at increased risk.”
He added: “Equifax Progressive Authentication has been created to help organisations identify genuine customers and screen out fraudsters.
“The solution can be fully customised to suit individual business needs while at the same time protecting the customer experience.
“It’s of paramount importance organisations run all the relevant checks to verify customers’ identity, but it must not compromise or alienate your real customers or there is a risk of losing sales.
“Our solution bridges this gap, allowing businesses to tailor the checks that they carry out according to the level of risk and value of the product involved.”
