Credit reference agency Equifax has launched a set of ID and fraud prevention tools called Progressive Authentication.
According to the company, through Progressive Authentication organisations can reduce their exposure to fraud without impacting on service levels for ‘genuine’ customers.
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Equifax said that Progressive Authentication allows businesses to determine the appropriate level of security and identification checks for their customers based on their own policies.
The suite of solutions includes four underlying products: Equifax Identity Verifier, Equifax Bank Account Verifier, Equifax Device Verifier and Equifax Fraud Protector. These can be combined and accessed through a customisable interface which streamlines the process for authenticating customers.
John Marsden, identity and fraud expert at Equifax, said: "Recent hacking incidents have highlighted the risks of personal details falling into the wrong hands and identity fraud poses a huge threat to businesses and individuals, with reported cases up by 27% in the first quarter of 2015 alone.
"Failing to appropriately screen customers can incur significant financial losses for any type of business as well leading to long-term damage to their brand as consumers may be put at increased risk. Balancing this against the demands of good customers to be serviced immediately and with the least friction means that a business can be protected and still maximise their customer experience, boarding more genuine customers swiftly."
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