DataVisor has teamed up with Equifax to strengthen its own fraud prevention offering. To that end, the company will leverage Equifax’s data and analytic capabilities to detect fraud with greater accuracy while creating less friction for legitimate customers.
The DataVisor platform analyzes user behavior and device information to watch for suspicious behavior. Anything that deviates from the typical pattern could be a possible indicator of fraud, and the same is true of activity that comes from a strange IP address or an unfamiliar device. The conclusions are based on data pulled from a Global Intelligence Network of more than 4.2 billion accounts and 800 billion individual security events from multiple industries.
Thanks to the new partnership, DataVisor will be able to supplement that with additional intelligence from Equifax. The deal covers Equifax’s Digital Identity Trust, Multifactor Authentication, and Account Verification technologies, all three of which will be integrated into DataVisor’s fraud detection platform. Equifax itself gathers credit information, identity data, and mobile phone and utility records (amongst other things), and DataVisor will be able to reference that when making a decision about a customer.
The pairing will make DataVisor’s fraud models more accurate, and is expected to lower the fraud risk for clients by as much as 90 percent. It will also reduce administrative costs by up to 30 percent, since businesses will not need to waste as much time resolving ambiguous cases.
“Organizations are launching innovative online products to market more quickly — and with them comes a higher risk of fraud,” said DataVisor Co-founder and CEO Yinglian Xie. “Through our partnership with Equifax, we can now provide advanced identity verification capabilities along with instantaneous and robust identity theft protection, to stop fraudsters while ensuring good customers have a seamless experience.”
“Fraud losses are expected to grow to more than $600 billion by 2023,” added Equifax Global Partnerships SVP and Information Solutions CRO Joy Wilder Lybeer. “We are pleased to partner with DataVisor to provide customers with the insights they need to combat fraud and minimize losses.”
The news comes shortly after Equifax tried to speed up the rental application process with the release of a new Digital Identity Suite. Fact.MR recently predicted that the market for behavioral biometric solutions will reach $9 billion in 2031.