Equifax Canada Launches a New Fraud Prevention Platform as the Fraud Rate Continues to Increase Amid COVID-19 Pandemic
Equifax Canada reports that the application fraud rate rose by 43 per cent and the deposit account fraud rate rose by 53 per cent peaking in April and May respectively. To fight new account fraud, the company released Luminate, a cloud-based fraud prevention platform using machine learning analytics and rich data insights to help fraud managers prevent fraud and avoid losses that directly impact their bottom line.
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“Fraudsters are quick to take advantage when they detect weaknesses, which is particularly true now when businesses are grappling with COVID-19,” said Carl Davies, Equifax Canada’s Head of Fraud and Identity. “Most companies today are still using legacy platforms that cannot keep pace with fraudsters using advanced technologies. Luminate anticipates and uncovers fraud insights in a way that legacy systems simply cannot. Our new fraud prevention platform is designed to help businesses of all sizes across all industries. It leverages a proprietary database contributed to and used by over 35 Canadian financial and lending institutions.”
Equifax assessed over 21 million credit applications in 2019, helping to stop $1.5 billion in potential fraud losses for financial institutions, telecommunication providers, government, mortgage and automotive lenders, and insurance providers. As the pace of fraud continues to accelerate, Luminate can help companies specifically target application fraud using machine learning analytics to proactively detect emerging fraud patterns and can allow risk managers to uncover fraud before it happens.
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With the Luminate fraud prevention platform, companies of any size can:
- Minimize operational fraud risk by eliminating manual processes. The fraud prevention platform helps businesses identify and evaluate potential risks in real time using rich data, which saves time and money versus manually tracking applications.
- Enhance data visualization with link analysis. Luminate can accommodate a variety of third-party data sources (like device and email) to help fraud managers stay ahead of the evolving trends and adjust their fraud prevention strategies.
- 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 displayed in easy-to-read graph form that pinpoint red flags, which may be impacting costs.
“Businesses realize that fraud is costing them money they cannot afford to lose during these difficult times,” added Davies. “Finding new customers, and then growing and protecting those relationships, begins at the application stage. The entry point for a customer however, may also be the front door for a fraudster. The Luminate fraud prevention platform, with the support of our fraud consulting team, can help stop fraud before it happens and reduce losses at a time when companies need to focus on their bottom line.”
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