Equifax, the credit reporting agency, and global identity verification company Mitek Systems have joined forces to combat evolving digital fraud threats and bolster Equifax’s ability to prevent identity fraud. The partnership aims to provide robust identity verification solutions to address the increasing challenges posed by fraud in today’s digital landscape.
In 2022, over 1.1 million cases of identity theft were reported in the United States, resulting in consumer losses of $8.8 billion. Credit card fraud remains the most prevalent form of identity fraud, with more than 400,000 reports in the past year alone.
To tackle these growing threats, Equifax will integrate Mitek’s biometric-based identity verification and liveness detection technology into its digital identity software. This integration will empower Equifax to offer more comprehensive identity verification solutions capable of detecting complex identity risks throughout the customer lifecycle.
Fraudsters are becoming increasingly sophisticated, utilizing advanced techniques like artificial intelligence (AI) to outsmart automated verification systems used by banks and businesses. AI-based fraud prevention systems have proven highly effective in thwarting identity fraud, as they can detect subtle inconsistencies in stolen or fabricated identities that may go unnoticed by human analysts.
As highlighted in the report “Fraud Takes on a New Identity,” developed in collaboration between PYMNTS and DataVisor, the most effective way to counter AI-powered fraud is with AI.
By FCCT Editorial Team
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