Equifax ID Scan Software

Equifax ID Scan or FraudIQ scan alert is an online alert system that notifies consumers about potentially fraudulent information. Businesses are also protected from identity fraud with Equifax ID Scan’s fraud alerts. Businesses receive fraud alerts when they receive new account inquiries with applications containing potentially fraudulent information.

Equifax ID Scan helps businesses spot identity components that may indicate synthetic identity fraud or identity theft using alerts. Alerts can be used to assist businesses in properly identifying the consumers they are doing business with as part of their Know Your Customer (KYC) and Red Flag processes.

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Equifax ID Scan

How Does Equifax ID Scan Work?

Equifax ID Scan works by leveraging more than twelve up-to-date public and proprietary database sources in effectively detecting potential identity theft for businesses. Businesses also receive assistance iin facilitating compliance with the U.S. Patriot Act Red Flags Rule. The U.S. Patriot Act, Red Flags Rule, is a set of identity theft rules for businesses to implement to detect, prevent, and mitigate identity theft.

Equifax ID Scan includes more than two dozen alerts. These alerts specify the source of suspicious information and potentially fraudulent activity for businesses. Businesses can choose to receive all the alerts, only the most severe alerts, or up to four alerts they specify. Alerts are generated in the form of SSN Alerts and Identity Scan Alerts.

SSN Alerts use a proprietary comparison algorithm to alert businesses if the consumer’s Social Security Number (SSN) can’t be matched to a name in the Equifax database, or if it is associated with a different name, and can also verify the SSN is indeed associated with the name given.

Identity Scan Alerts use detailed comparisons and proprietary analytics to provide warnings based on the credit file. The credit file identifies if it is under fraud victim or active duty. Alerts are also delivered based on the address, phone number, and SSN.

Equifax ID Scan Data

Equifax ID Scan provides businesses with the first line of defense to help in the quick identification of fraudulent identity components. Fraudulent identity components are signs of identity red flags and are detected using Equifax ID Scan. Equifax ID Scan helps in discerning whether the identity presented is real or synthetic. Discerning whether the identity presented is real or synthetic is important in reducing charge-offs and other losses for businesses. Businesses are assisted in identifying potential issues in relation to Social Security numbers (SSNs), addresses, phone, or fraud alerts of the consumer’s identity by the use of Equifax ID Scan.

Equifax ID Scan provides protection from identity theft for various industries, such as financial institutions. Financial institutions include banks, credit unions, finance companies, retailers, leasing companies, insurance companies, and brokerage firms. Other industries that benefit from Equifax ID Scan include automotive lenders, automotive dealers, telecommunications, utilities, hospitals, and mortgage lenders.

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Equifax ID Scan Provide Alert

Equifax ID scan provides alerts that are sorted into several main categories.

The first category is credit file alerts. Credit file alerts include fraud victim and active duty alerts. Active duty alerts protect the service members of the military who are on active duty against the risk of fraud and identity theft.

The second category is address and phone alerts. Address and phone alerts consist of alerts when an address is nonresidential, an address is reported to be misused, and a phone number is commercial or nonresidential.

The third category is SSN alerts. SSN alerts include alerts of invalid SSNs, reported deceased SSNs and reported misused SSNs.

Equifax Identity Alert meaning

To receive an Equifax identity alert means that there is an identity theft issue associated with the SSN, address, phone, or fraud alerts of the consumer before the application is approved by businesses. Businesses can receive Equifax ID scan warnings. The Equifax ID scan warnings advise businesses to take a closer look at the information on the application. The application warnings are ranked according to the priority set by the credit-granting community. The credit-granting community sets the current credit card and application fraud reality accurately.

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Equifax ID Scan Safety Concerns

Rest at ease, Equifax ID Scan is safe to use and is strongly recommended for leaders of various industries. Leaders of various industries, such as Chief Fraud/Compliance Officers, can enjoy substantial benefits from using Equifax ID Scan. Equifax ID Scan allows them to minimize fraud risk and maximize compliance and competitive advantage.

Equifax ID Scan is also safe for Lines of Business or Marketing Leaders. Lines of Business or Marketing Leaders are able to generate revenue, ensure compliance, and maximize the customer experience with Equifax ID Scan.

Equifax ID Scan is safe and recommended for the Heads of Operations. Heads of Operations can take advantage of the Equifax ID Scan features to avoid losses, manage external perception and maintain the efficiency of their business operations.

Equifax ID Scan also protects Chief Security Officers or IT Leaders. Chief Security Officers or IT Leaders are able to manage online validation and authentication protocols using Equifax ID Scan. Equifax ID Scan also helps them protect their businesses against data breaches.

Equifax ID Scan Verify Identities

Equifax ID scan verifies identities through the Equifax Verify, Authenticate, & Link Identities. The Equifax Verify, Authenticate, & Link Identities are verification, authentication, and linking tools that help businesses establish trust in the identities of their consumers. Consumers and businesses are provided with dual protection brought by the digital authentication from Equifax Verify, Authenticate, & Link Identities. Equifax Verify, Authenticate, & Link Identities features products for verifying consumers’ identities like the Equifax Account Verification. The Equifax Account Verification assists businesses by minimizing risk by matching a consumer’s bank account or credit card used for payments with their Personal Identifiable Information (PII) data. The PII data is essential in verifying the identity of the consumer when cross-referenced with the valid payment form related to the consumer identity.

The Equifax Account Verification also can confirm in real-time that commercial bank account details presented by businesses are accurate and associated with those businesses. Businesses from various industries like financial services, telecommunication & digital media, retailers, auto dealers & lenders, insurance, and rental property management can benefit from using the Equifax Account Verification.

Equifax Account Verification benefits businesses by assisting in reducing the risk of chargebacks for card-not-present (CNP) activity by validating the linkage of the consumer’s identity with the credit card or bank account information. Equifax Account Verification acts as an authorized user when the consumer is not present.

Another benefit of Equifax Account Verification is real-time verification. Real-time verification helps in expediting and streamline the payment process before payments are accepted. Equifax Account Verification also gives consumers flexibility in choosing a credit card or bank account for payment options.

Equifax Verify, Authenticate, & Link Identities features another product for verifying business identities through Equifax Business Identity Reports. Equifax Business Identity Reports help in verifying the existence of a business and confirming key business details. Verifying the existence of a business and confirming key business details are essential in reducing fraud and financial risk for businesses, as well as facilitating compliance.

Equifax Business Identity Reports are useful for risk officers for validating and onboarding more commercial prospects and compliance officers for complying with a variety of Know Your Customer (KYC) regulations. Equifax Business Identity Reports help businesses in confirming more commercial prospects, customers, and vendors by receiving data on businesses of any size. Businesses of any size can utilize Equifax Business Identity Reports for business identity verification, Tax ID verification, fraud detection, regulatory compliance such as KYC, due diligence, and low-exposure risk assessment decisions.

Equifax Identity Verification Questions

The Equifax identity verification questions are used in the Equifax Account Verification. Equifax Account Verification helps businesses answer three driving questions. These questions include:

  • Is the consumer genuine?
  • Is the account/card authentic?
  • Is the consumer an authorized user of the account/card?

These questions verify the account number presented by a consumer to prove that the consumer is an authorized user. They also verify the information before payments are accepted in the absence of the consumer, mitigate chargebacks for card-not-present (CNP) fraud, and capture required consumer content.Equifax Identity Proofing is an internet-based service that does consumer identity authentication. Consumer identity authentication presents multiple-choice questions to the consumer applicant that should only be known by the consumer. The consumer’s identity is verified through a five-step process. The five-step process works by asking intelligent questions that are related to the consumer applicant’s history, such as past residences, employment, and credit data. These questions must be answered correctly in a consecutive fashion. Requiring questions to be answered in a consecutive fashion makes it very difficult for an impostor to gain access to the consumer’s web-based applications.Equifax Identity Proofing uses an adaptive quiz capability that determines the number and category of questions based on the consumer applicant’s data or ID verification results. It also avoids previously asked questions until all the possible questions have been used. Lastly, Equifax Identity Proofing uses differentiated data sources that include employment data for non-credit questions and utilities and telecommunication account data for under-banked population identification.