A cloud-based platform is helping organizations prevent fraud efficiently, enabling businesses to leverage multiple point solutions to handle customer risk.
FREMONT, CA: A global data, analytics, and technology company, Equifax has launched a multi-dimensional fraud prevention solution, Luminate. It is a cloud-based platform that prevents fraud. Luminate uses advanced analytics, machine learning, artificial intelligence, and data orchestration to offer risk managers with insights to help maintain fraud decisions across the customer account lifecycle. According to Aite Group, fraudsters have become more complex, with application fraud in the U.S. predicted to rise to almost $2.1 billion in 2020. The growth in fraud demands organizations to go beyond the existing solutions while addressing specific types of fraud and lacking the flexibility to adjust to the ever-changing fraud landscape.
To fight against such fraudsters, Luminate becomes the key. The launched platform comprehensively handles the issue of fraud by incorporating a wide range of data sources to train the platform, identify fraud, and adjust to emerging fraud patterns. Luminate delivers a path for businesses to integrate and enhance their existing fraud prevention processes and assets quickly, accessing via a simple Application Program Interface (API). With the launch of Luminate, organizations can minimize operational fraud risk without sacrificing consumer experience, gain more in-depth insight into fraud activity, and adapt to the changing fraud landscape with an easy-to-use interface.
Equifax is a global data, technology, and analytics company that believes knowledge drives progress. The company combines unique data, technology, analytics, and a passion for assisting customers in creating insights that influence decisions to move people forward. Equifax understands that risk management in a dynamic economy requires a more in-depth view of the customers' credit health. The company gives a more transparent, comprehensive picture of creditworthiness by combining our industry-leading credit data. Equifax provides advanced analytics and robust technology to deliver actionable, meaningful insights that are used to protect the bottom line better.