Service helps organizations avoid commercial credit fraud.April 3, 2008 -
Business Fraud Advisor(TM) allows companies to validate identity of businesses and verify application data while simultaneously identifying applications with highest likelihood of fraud. It searches multiple identification databases and sources from LexisNexis information solutions, then scores applicants based on accuracy and validity of data provided. Up to 4 fraud warning codes indicate which factors influenced score.
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Original Press release
Equifax Credit Information Services, Inc.
P.O. Box 740241
Atlanta, GA, 30374
USA
Equifax Announces Business Fraud Advisor to Reduce Commercial Fraud Losses
Equifax Study Shows Majority of Businesses Rely on Credit Reports to Assess Fraud
ATLANTA, April 1, 2008 / / - Equifax Inc. (NYSE:EFX) today announced the launch of Business Fraud Advisor(TM), a product that helps companies reduce fraud losses through business identity verification and fraud risk level segmentation. Commercial credit fraud is a growing problem, as shown by a recent Equifax national survey, which found that application fraud accounts for 65 percent of commercial fraud and is the most costly in terms of business impact.
The 2007 Equifax Commercial Fraud Defense Study also found that nearly 75 percent of businesses rely solely on credit reports to assess for fraud. With Business Fraud Advisor, which leverages LexisNexis information solutions, companies can validate the identity of a business and verify application data while simultaneously identifying applications with the highest likelihood of fraud. Leveraging extensive business identification data from LexisNexis information, the product easily integrates with a customer's existing acquisition processes so that users can verify the legitimacy of a business applying for credit or service.
"While the prevalence of identity theft among consumers has been known for a long time, commercial fraud has only recently emerged as a major issue," said Michael Shannon, president, Equifax Commercial Information Solutions. "Business Fraud Advisor was designed to help commercial businesses address this growing problem and reduce the potential impact of fraud on their bottom lines."
The Equifax study surveyed a broad and diverse sampling of commercial businesses spanning the financial services, utilities, telecommunications and other industries. Results showed that while commercial fraud has clearly grown, many organizations are still in the early stages of recognizing and addressing the problem. Among the key findings from the study were the following:
- Less than 20 percent of financial institutions and nearly 25 percent of
utilities companies are unaware of their financial losses from fraud.
- Approximately 40 percent of businesses use a fraud screening product.
- More than 50 percent of companies identify/categorize fraud based
solely on confirmation of basic personal information.
As the study revealed, whether dealing with identity or application fraud, early identification is crucial to minimizing fraud losses. Business Fraud Advisor helps customers such as financial institutions, utility companies and telecommunications providers with early detection by enabling them to:
- Verify the existence of a business;
- Target accounts that have been flagged with suspicious fraud attributes
and require further investigation;
- Confirm the relationship between business and applicant; and
- Decrease potential for applicants to be flagged as fraudulent due to
mis-keyed information.
Before an application is approved, Business Fraud Advisor searches multiple identification databases and sources from LexisNexis information solutions. Business Fraud Advisor then scores applicants based on the accuracy and validity of the data provided and delivers up to four fraud warning codes that indicate which factors influenced the score.
Business Fraud Advisor is part of Equifax's suite of commercial services that help companies evaluate, manage and grow their accounts. Equifax Commercial Information Solutions leverages the company's extensive data, customized scoring solutions and advanced analytics to help businesses make critical decisions. To learn more about Equifax Information Commercial Solutions, visit www.equifax.com/commercial .
About Equifax (www.equifax.com)
Equifax empowers businesses and consumers with information they can trust. A global leader in information solutions, we leverage one of the largest sources of consumer and commercial data, along with advanced analytics and proprietary technology, to create customized insights that enrich both the performance of businesses and the lives of consumers.
Customers have trusted Equifax for over 100 years to deliver innovative solutions with the highest integrity and reliability. Businesses -- large and small -- rely on us for consumer and business credit intelligence, portfolio management, fraud detection, decisioning technology, marketing tools, and much more. We empower individual consumers to manage their personal credit information, protect their identity, and maximize their financial well-being.
Headquartered in Atlanta, Georgia, Equifax Inc. employs approximately 7,000 people in 14 countries through North America, Latin America and Europe. Equifax is a member of Standard & Poor's (S&P) 500(R) Index. Our common stock is traded on the New York Stock Exchange under the symbol EFX.
About LexisNexis
LexisNexis® (www.lexisnexis.com) is a leading global provider of information and services solutions, including its flagship Web-based Lexis(R) and Nexis® research services, to a wide range of professionals in the legal, risk management, corporate, government, law enforcement, accounting and academic markets. A member of Reed Elsevier [NYSE: ENL; NYSE: RUK] (www.reedelsevier.com), LexisNexis serves customers in 100 countries with 13,000 employees worldwide.
About LexisNexis Risk & Information Analytics Group
LexisNexis Risk & Information Analytics Group is a natural extension of the core competencies and technologies proven in the LexisNexis online products from the past 30 years. The LexisNexis Risk & Information Analytics Group builds on the LexisNexis tradition as a trusted provider and custodian of quality information, and leverages new cutting-edge technology, unique data and advanced scoring analytics to create total solutions to address client needs.
LexisNexis Risk & Information Analytics Group is specifically designed to serve the multi-billion dollar risk information industry which is comprised of professionals and organizations such as law enforcement, government agencies, financial services firms, collection agencies, insurance and health care providers, hiring managers, and other professionals.
Source: Equifax Inc.
CONTACT: Jennifer Costello of Equifax Inc., +1-404-885-8907, jennifer.costello@equifax.com
Web site: http://www.equifax.com/
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