The world of fraud is constantly evolving, and fraud attack tactics are increasing in sophistication, but a new team up in Canada’s tech space is out to get ahead of that risk by leveraging advanced analytics and AI to detect fraud and minimize exposure.
A leading discovery platform for financial integrity teamed up with a data, analytics, and technology company that helps businesses make critical decisions with greater confidence, on an early detection solution for synthetic ID fraud. This solution helps detect risks by recognizing anomalous patterns, identifying suspicious behaviour in data, and presenting clear, actionable results.
MindBridge’s first-of-its-kind AI solution gives
Equifax (NYSE: EFX, Forum) end clients access to synthetic identity detection within their credit scoring products.
Speaking
on this news for investors, the head of Fraud & Identity at Equifax Canada Carl Davies said that synthetic identity fraud costs organizations more than $1 billion a year in Canada.
“We're pleased to work with MindBridge to provide additional protection to businesses impacted by synthetic ID fraud. This can help our customers by providing them with richer context and information to make decisions throughout the lending lifecycle, which can ultimately help Canadian consumers.”
MindBridge’s Chief Technology Officer, Robin Grosset added that Synthetic identity fraud is one of the hardest problems to crack in the credit fraud world, but together they have delivered a “uniquely effective solution”.
“We are excited to see the significant results and benefits for Equifax Canada clients as we've seen with products in our other markets. It's yet another proof point that the MindBridge platform is a leading choice for financial risk discovery.”