ATLANTA, Oct. 28, 2019 /PRNewswire/ -- Equifax (NYSE: EFX)
continues its industry leadership in fraud prevention with the
release of its cloud-based platform, Luminate. Introduced today at
Money20/20 in Las Vegas, Luminate
uses advanced analytics, artificial intelligence (AI), machine
learning and data orchestration to provide risk managers with
insights to help manage fraud decisions across the consumer account
lifecycle.
Fraudsters have become more sophisticated, with application
fraud in the U.S. predicted to increase to almost $2.1 billion in 2020 according to Aite Group. The
sharp increase in fraud requires organizations to go beyond
existing solutions that only address specific types of fraud and
lack the flexibility to adjust to the changing fraud landscape.
Otherwise the burden falls on the organization to manage fraud
through manual reviews.
Luminate tackles the issue of fraud holistically by
incorporating a broad range of data sources to educate the
platform, identify fraud and adapt to emerging fraud patterns.
Accessed via a simple Application Program Interface (API), Luminate
delivers a path for organizations to quickly integrate and enhance
their existing fraud prevention processes and assets.
"Many companies today still use legacy systems that were not
designed for today's continuously evolving fraud landscape," said
Ryan Guthrie, Equifax senior vice
president and general manager of U.S. identity and fraud solutions.
"Luminate addresses today's ever-increasing fraud challenges, while
helping companies maximize current investments and minimize
friction in the consumer experience."
With Luminate, organizations can:
- Minimize operational fraud risk without sacrificing consumer
experience. The platform helps businesses identify and evaluate
fraud risks in real time using rich data and machine
learning.
- Gain deeper insight into fraud activity. Luminate
seamlessly connects multiple internal, external and
consumer-supplied data, attributes and scores. This provides deeper
insights into fraud activity and powerful link analysis
capabilities enables fraud analytics teams to visualize connections
and links among disparate data to pinpoint anomalies.
- Adapt to the changing fraud landscape with an easy-to-use
interface. Luminate includes adaptive learning layers and
flexible plug-and-play data acquisition capabilities to help
businesses quickly adapt to the changing fraud landscape. At the
same time, assigned users can view alerts, cases and monitor
dashboards in real time.
"Time is money when it comes to effective fraud prevention,"
said Julie Conroy, research director
at Aite Group. "Companies are increasingly looking to
platform-based fraud and authentication solutions that can enable
them to leverage multiple point solutions to holistically assess
customer risk and rapidly evolve their risk strategies to keep pace
with the shifting threat environment."
For more information on Luminate, visit
www.equifax.com/luminate.
ABOUT EQUIFAX INC.
Equifax is a global data,
analytics, and technology company and believes knowledge drives
progress. The Company blends unique data, analytics, and technology
with a passion for serving customers globally, to create insights
that power decisions to move people forward. Headquartered in
Atlanta, Equifax operates or has
investments in 24 countries in North
America, Central and South
America, Europe and the
Asia Pacific region. It is a
member of Standard & Poor's (S&P) 500® Index, and its
common stock is traded on the New York Stock Exchange (NYSE) under
the symbol EFX. Equifax employs approximately 11,000 employees
worldwide. For more information, visit Equifax.com and
follow the company's news on
Twitter and LinkedIn.
FOR MORE INFORMATION
Kate Walker
Media Relations for Equifax USIS
404-885-8058
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SOURCE Equifax Inc.