Equifax partners with Mitek to combat digital fraud

This collaboration aims to enhance Equifax's digital identity software by integrating Mitek's biometric-based identity verification and liveness detection technology. The objective is to bolster Equifax's capabilities in combating identity fraud.

In February 2023, the Federal Trade Commission (FTC) disclosed alarming statistics such as 1.1 million reports of identity theft received through the IdentityTheft.gov website in 2022. According to the official press release, this surge in identity theft resulted in losses exceeding USD 8.8 billion for Americans, marking a 30% increase from the previous year. Credit card fraud was identified as the most prevalent form of identity fraud, with more than 400,000 reported incidents. The National Council on Identity Theft Protection suggests that these numbers are on the rise as criminals employ increasingly sophisticated methods. 

In this context, and in a bid to counter these growing threats, Equifax plans to leverage Mitek's artificial intelligence-driven identity verification technology in conjunction with its own fraud data solutions. This combined approach is designed to detect complex identity risks across the entire customer lifecycle, from initial onboarding to ongoing portfolio management, all while ensuring a seamless customer experience. 

Representatives from Equifax Digital Solutions underscored the importance of their mission to create a safe online environment. Equifax collaborates with partners like Mitek to offer identity verification and authentication solutions, such as Kount 360, to address the evolving challenges posed by fraud. 

Officials from Mitek emphasised their commitment to digital safety and asserted that Mitek's role is to stay ahead of malicious actors through cutting-edge technologies such as artificial intelligence, machine learning, and biometrics. Collaborating with Equifax enables the deployment of pioneering technology to enhance consumer identity protection on a global scale.

More information about the two companies

Equifax, driven by the belief that knowledge fuels progress, operates as a global data, analytics, and technology company. It plays an important role in the global economy by assisting financial institutions, businesses, employers, and government agencies in making informed decisions. Equifax's blend of differentiated data, analytics, and cloud technology provides insights that help individuals and organisations alike.

Mitek specialises in digital access, with a mission to bridge the gap between the physical and digital realms. The company's identity verification technologies and global platform facilitate faster and more secure digital access, offering companies increased control, deployment simplicity, and operational efficiency, all while safeguarding the entire customer journey. 

For more information about Mitek, please check out their detailed profile in our dedicated, industry-specific Company Database.