Equifax Inc. announced the launch of FraudIQ™ Manager, a workflow management solution that helps reduce fraudulent activity associated with the account opening process. The web-based solution helps to identify and manage high-risk and potentially fraudulent activity, often before it impacts businesses, and helps fraud departments streamline their processes.
Application fraud is an increasing threat to businesses, creating revenue loss and increased costs year over year. The size of the global fraud problem is expected to grow to $3,570.7 million by 2019 according to research by Micromarket Monitor1. FraudIQ Manager helps organizations seamlessly connect the fraud investigation and account opening teams to more proactively detect fraud and quickly update business rules to help prevent further loss.
The system matches applicant requests to a variety of data sources including fraud scores and internal fraud data. The solution flags suspicious requests that may be fraudulent and organizes these requests into queues for an analyst or investigator to review.
The FraudIQ Manager solution includes:
- Flexible, customizable rules engine
- Fraud ring detection capabilities
- Workflow management and reporting
- Advanced linking and search capabilities
- Fraud data sharing across an organization
“Criminals often use the same fake or stolen identities to perpetrate fraud across different organizations and even multiple departments in the same organization,” said Gasan Awad, Vice President, Global Identity and Fraud Product Management at Equifax. “When an organization does not have proper workflows to share relevant data, they remain vulnerable to the ongoing attack. Equifax FraudIQ Manager delivers visibility to protect businesses against these increasingly common fraudulent attempts.”