Equifax Fraud Services

Risk Based Authentication

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Equifax Risk Based Authentication Mitigating Account Takeover Fraud Gasan Awad VP Product Management Identity and Fraud March, 2015 Equifax offers best practice technology and solutions focused on fraud prevention, privacy, and identity authentication in financial services, healthcare, ecommerce and telecommunications. Fraud Exposure Account takeover is an increasing area of financial exposure for businesses. In the past it was limited to financial institutions; however, this type of fraud can take place anywhere an account is used to buy or access private or confidential information, goods and services. Account takeover occurs when a fraudster obtains an individual's personal information such as an account number, username/password, or social security number and then changes the password and official contact information, such as mail/email address, or adds another user to an existing account. Once fraudsters have control of existing bank or credit card accounts they can carry out unauthorized transactions against them. Fraudsters get the information they need to take over an account through some type of data breach — by phishing through email or call centers, or by exploiting a data breach that exposes consumers' information such as name, address, data of birth, or account numbers. Common methods of combating this type of fraud involve setting up barriers such as strict two-factor authentication on individual accounts. This method can be expensive to implement and cumbersome for the user and is usually applied only to high-value accounts. As fraudsters have become more adept, new methods that do not create friction and additional steps for consumers are needed to ensure broad protection against fraud at all levels. " Criminals are changing behavior to exploit vulnerabilities. Most tellingly, account takeover hit a new record in incidence for the second year in a row and accounted for 28 percent of identity fraud losses." The 2014 Identity Fraud Study, Javelin Strategy & Research, February, 2014

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