Equifax, a US-based financial services provider, has partnered with Mitek, an identity verification and fraud prevention provider, to fight digital fraud.
The partnership aims to enhance Equifax’s digital ID software by integrating Mitek’s biometric-based identity verification and liveness detection technology. The purpose is to enhance Equifax’s ability to combat identity fraud.
In February 2023, the Federal Trade Commission (FTC) revealed alarming statistics, including 1.1 million reports of identity theft received through the IdentityTheft.gov website in 2022. According to the official press release, this spike in identity theft has resulted in losses of over 8.8 USD. 1 billion for Americans, marking a 30% increase over the previous year. Credit card fraud has been identified as the most prevalent form of identity fraud, with over 400,000 reported incidents. The National Identity Theft Prevention Council suggests this number is increasing as criminals use increasingly sophisticated techniques.
In this context, to combat growing threats, Equifax will leverage Mitek’s artificial intelligence-powered identity verification technology in combination with its proprietary fraud data solution. This combined approach is designed to detect complex identity risks across the entire customer lifecycle, from initial onboarding to ongoing portfolio management, while ensuring a seamless customer experience.
Representatives from Equifax Digital Solutions emphasized the importance of their company’s mission to create a secure online environment. Equifax works with partners like Mitek to deliver identity and authentication solutions like Kount 360 to address the evolving challenges posed by fraud.
Mitek officials highlighted its commitment to digital safety and asserted that Mitek’s role is to stay ahead of malicious attackers through cutting-edge technologies such as artificial intelligence, machine learning, and biometrics. . Our collaboration with Equifax allows us to introduce pioneering technology that strengthens consumer identity protection on a global scale.
Detailed information on both companies
Equifax is a global data, analytics and technology company driven by the belief that knowledge drives progress. We play a critical role in the global economy by helping financial institutions, businesses, employers and government agencies make informed decisions. Equifax combines differentiated data, analytics and cloud technology to deliver insights that benefit both individuals and organizations.
Mitek specializes in digital access and is on a mission to bridge the gap between the physical and digital realms. The company’s identity verification technology and global platform facilitate faster and more secure digital access, protecting the entire customer journey while providing enterprise control, simplified deployment, and increased operational efficiency.
To learn more about Mitek, view the company’s detailed profile in our industry-specific company database.