The collaboration will support mortgage lenders, building societies and financial advisers, struggling to verify the identity of new customers via traditional methods due to COVID-19 restrictions.
Equifax has partnered with HooYu, the customer onboarding and KYC RegTech provider, to expand its range of identity and fraud tools.
The collaboration will support mortgage lenders, building societies and financial advisers, struggling to verify the identity of new customers via traditional methods due to COVID-19 restrictions.
The solution allows companies to accelerate digital transformation, adapting to changing consumer behaviour and societal trends towards less face-to-face interaction.
It also provides safeguards against fraud during a period when malicious cybercrime has risen exponentially, with Google reporting that scammers are sending 18 million COVID-19 related hoax emails a day to Gmail accounts.
Keith McGill, head of fraud & ID at Equifax, said: “By partnering with HooYu, we can simplify and improve KYC journeys for our clients, helping them to enhance end-user experience, safeguard future income streams, protect against the increasing threat of fraud, and meet regulatory standards.”
David Pope, marketing director at HooYu, added: “We ran a poll on an Equifax client webinar and unsurprisingly 70% of companies said they were currently in the process of streamlining their digital onboarding process.
"The march towards digitalisation is gathering pace, especially at this difficult time when many financial services providers and professional services firms have lost their face-to-face onboarding channel while in COVID-19 lockdown.”
