FraudIQ Synthetic ID Alerts

The FraudIQ Identity Score, developed by Equifax, is a software solution designed to prevent fraudulent activity during customer acquisition and account opening. According to the vendor, this solution is suitable for businesses of any size and caters to professionals in various roles, including Chief Fraud Officers, Heads of Line of Business, and Chief Risk Officers. The FraudIQ Identity Score offers a range of features that can assist organizations in their fraud prevention efforts.

Key Features

Keying Technology for Fewer False Positives: Equifax's advanced keying logic is said to validate components of an applicant's identity, potentially reducing false positives that are often associated with fraud products. The vendor claims that customer validation studies have shown a nearly 25% reduction in false positive rates when using high-quality data and advanced analytics.

Scores, Reason Codes, and Attributes: The FraudIQ Identity Score provides scores, reason codes, and attributes to help organizations answer key questions about an applicant's identity. According to the vendor, this feature determines if the identity information exists and matches a real identity, identifies inconsistencies in behavior across a consortium of data, and assesses high-risk variables that are predictive of fraud.

Real-Time Decision Making: Equifax FraudIQ Identity Score is said to enable real-time decision making when identifying potential fraudulent requests. With customizable scoring and insights, organizations can make critical decisions promptly, potentially minimizing the need for manual reviews and ensuring customer satisfaction.

Compliance with Customer Identification Requirements: The FraudIQ Identity Score is claimed to help organizations meet Customer Identification requirements mandated by the USA Patriot Act and red flag compliance. According to the vendor, it assists in verifying the identity of customers and ensuring compliance with relevant regulations.

Customizable Scoring: The scoring system of the FraudIQ Identity Score is said to be customizable, allowing organizations to align it with their specific business needs. The vendor suggests that this feature enables tailoring of the scoring model based on risk tolerance and fraud prevention strategies.

Identity Insights and Detection of Suspicious Patterns: The FraudIQ Identity Score delivers identity insights that detect linkages and suspicious patterns, potentially aiding organizations in determining the authenticity of customer claims. According to the vendor, by analyzing patterns and linkages, this feature can help identify potential fraudulent activity.