Equifax launches fraud-detection tools to verify emails, devices

Equifax has launched two solutions — Signal Score for Email and Signal Score for Device — to help e-commerce retailers and FIs protect their platforms from fraud and to verify legitimate users. "It's not just about identifying suspicious transactions," Ajay Guru , senior vice president and general manager of identity and fraud services at Equifax , told FinAi News . "What we are able to show is not just the fraud, but also the good accounts that they should likely accept and approve when going through that transaction or event." Traditional fraud checks can sometimes be fooled by VPNs and emulators, requiring organizations to implement real-time technologies to detect sophisticated fraud tactics, Guru said. "Security checks, by far, are still very static across the board [and] based on static data," he said. The Signal Score products use Equifax data to evaluate risk at the start of transactions. By spotting risk early, companies can reduce manual review costs and provide a smoother experience for users, according to Equifax. The tools connect to a company's fraud prevention or case management systems through APIs. Equifax declined to discuss how much it cost them to build these solutions or to name customers using the solutions. Asking tough questions Signal Score for Email evaluates an email address in real time by looking at the account's age, history and risk level. [caption id="attachment_57390444" align="alignright" width="300"] (Courtesy/Equifax)[/caption] The tool combs Equifax's data on e-commerce payments domains "to look for any activity associated with that email address, the types of transactions, accounts and events that we see with that email address," Guru said. "We use that intelligence to help identify any pertinent information that the financial institution would be essentially looking for." Signal Score for Device analyzes the computer or phone used in a transaction by identifying device details, location data and network information to verify the device’s connection to the user. "On the device ID, [we look at] a lot of the device characteristics," Guru said. "It's typically some of the IP geolocation capabilities, and is this actually a device that is sitting behind a VPN? Is it on a corporate network, or is it an emulator? We try to identify those characteristics for our customers." Answering these questions becomes increasingly difficult as bad actors use evolving AI in modern fraud tactics, like injection attacks involving camera feed manipulation, whereby a fraudster bypasses a device’s camera and injects a fake image or pre-recorded video directly into the camera’s digital signal or software layer. This requires anti-fraud teams to "focus on a more layered approach," Faryam Asif , chief technology officer at AI-powered identity verification solution provider Shufti , told FinAi News . "We ask: Is the device through which the user is performing the verification looking authentic?" Asif said. "Has this device been previously used? Is the user's network information matching any other verification? "We have to check this additional information," he said. Register here for early-bird pricing for the FinAi Banking Summit, taking place March 1-2 in Denver. View the full event agenda here .

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Equifax launches fraud-detection tools to verify emails, devices

Layered approach to account protection requires many types of information

Data center restrictions make the ballot in dozens of US cities

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