Top consumer credit reporting agency and global identity verification experts partner to lead fight against evolving digital fraud threats
Mitek Systems, Inc. (MITK), a global leader in making digital access faster and more secure, announced a strategic partnership with Equifax Inc. (EFX), a global data, analytics and technology company. The agreement will add Mitek’s biometric-based identity verification and liveness detection technology to Equifax’s digital identity software, further strengthening Equifax’s ability to help companies prevent identity fraud.
In February 2023, the Federal Trade Commission (FTC) released data showing that in 2022, there were more than 1.1 million reports of identity theft received through the FTC’s IdentityTheft.gov website. The same year, losses due to fraud cost Americans $8.8 billion, an increase of more than 30 percent over the previous year. Additionally, credit card fraud is proven to be the top form of identity fraud with more than 400,000 reports in the past year. The National Council on Identity Theft Protection shows these statistics are continuing to rise as criminals adopt ever-more sophisticated methods.
To combat emerging fraud threats, Equifax will leverage Mitek’s artificial intelligence-powered identity verification technology with its own fraud data solutions. This powerful approach is designed to detect complex identity risks throughout the entire customer lifecycle, from onboarding to portfolio servicing, all without impacting customers’ experiences.
“Our mission is to help people live their best financial lives,” said Adam Gunther, SVP & CEO, Equifax Digital Solutions. “Providing a safe and secure online environment is integral to achieving that mission. We work closely with partners like Mitek to provide a suite of identity verification and authentication solutions — like Kount 360 — to address the fraud challenges that companies face today.”
“We exist to keep people safe in the digital world,” said Gavin Sollinger, VP of Strategic Global Alliances at Mitek. “Bad actors will always find new ways to take advantage of people. It is our job to stay ahead of them through the latest advances in artificial intelligence, machine learning, and biometrics. It is an honor to join forces with Equifax, a world-leading advocate for consumer safety, to deploy our pioneering technology to help strengthen consumer identity protection across the world.”
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