Fraud Assessment

Fraud is a global problem. In Australia alone it costs the community billions of dollars each year and is on the rise. Equifax helps credit providers process over one trillion dollars worth of credit applications every year - and at least one billion dollars of that is attributed to fraud.

IDMatrix is the only solution in Australia to couple identity verification with a fraud assessment and compile the results into a single outcome.

Comprehensive pre-screening capability from Equifax can check your customers for known fraud indicators during the verification process. The fraud assessment framework is tightly coupled with the identity verification process to assess key indicators during an application process. Indicators include passive background checks and interactive sessions with your customer, which collectively determine an overall decision on how trustworthy your customer is and whether you should carry out further due diligence.

Fraud assessment passive features include matching on fraud registers, politically exposed persons and sanction screening lists,  velocity checks, phone number verification and device intelligence.  These checks happen behind the scenes with no impact to the customer experience. The interactive capabilities that require further customer input include knowledge based authentication andsecond factor authentication, which help to establish further validation.

Each feature on its own can only tell you part of the story, but by combining multiple capabilities you can begin to understand the risk profile of every single customer. So go that step further with a fraud assessment to get the insight you need to decide whether to proceed, challenge or prevent an online verification.

Key Features

  • Fraud indicators contribute to the identity verification process, helping you to better know your customer
  • Configure thresholds and weights can be applied for each component in the framework
  • You get to decide if the fraud assessment impacts the overall outcome or acts as a warning flag

How it Works

During the verification process, the fraud assessment framework accepts results from your pre-configured passive and interactive fraud components. Both results feed scores into your overall framework.  An overall fraud assessment outcome is then calculated and returned within the identity verification outcome.