Equifax And Oplogic Team Up To Counter Synthetic ID Fraud
Zacks Investment Research | Jun 19, 2018 10:26PM ET
Equifax Inc. (NYSE:EFX) yesterday announced that it has joined forces with Oplogic, a provider of CRM solutions for automotive dealerships, to reduce synthetic ID fraud. This type of fraud involves creation of a new identity by combining real (usually stolen) and fake information.
Helping Auto Dealers Detect Fraud
Dealerships can scan a potential buyer’s driving license using Oplogic CRM software. During the scan, license verification occurs against Equifax data and fraud tools.
Ken Allen, SVP of Identity and Fraud at Equifax, stated that with the increase in complexity of fraudulent activities over the years, the company’s data analytics platforms have also become sophisticated. According to Allen, Equifax is making great strides in countering synthetic ID fraud by partnering with the likes of Oplogic.
Attempt to Boost USIS Revenues
We believe that the latest move will help Equifax generate more revenues from identity and fraud solutions. These solutions are included in the company’s Online Information Solutions, which forms a part of its USIS segment.
In the first quarter of 2018, Online Information Solutions’ revenue of $219.7 million declined 2% year over year. Total USIS revenues of $306.9 million were down 1% year over year.
Equifax, Inc. Revenue (TTM)
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