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ATLANTA, Oct. 28, 2019 /PRNewswire/ -- Equifax (NYSE: EFX) continues its industry leadership in fraud prevention with the release of its cloud-based platform, Luminate. Introduced today at Money20/20 in Las Vegas, Luminate uses advanced analytics, artificial intelligence (AI), machine learning and data orchestration to provide risk managers with insights to help manage fraud decisions across the consumer account lifecycle.

Fraudsters have become more sophisticated, with application fraud in the U.S. predicted to increase to almost $2.1 billion in 2020 according to Aite Group. The sharp increase in fraud requires organizations to go beyond existing solutions that only address specific types of fraud and lack the flexibility to adjust to the changing fraud landscape. Otherwise the burden falls on the organization to manage fraud through manual reviews. 

Luminate tackles the issue of fraud holistically by incorporating a broad range of data sources to educate the platform, identify fraud and adapt to emerging fraud patterns. Accessed via a simple Application Program Interface (API), Luminate delivers a path for organizations to quickly integrate and enhance their existing fraud prevention processes and assets.

"Many companies today still use legacy systems that were not designed for today's continuously evolving fraud landscape," said Ryan Guthrie, Equifax senior vice president and general manager of U.S. identity and fraud solutions. "Luminate addresses today's ever-increasing fraud challenges, while helping companies maximize current investments and minimize friction in the consumer experience."

With Luminate, organizations can:

• Minimize operational fraud risk without sacrificing consumer experience. The platform helps businesses identify and evaluate fraud risks in real time using rich data and machine learning.
  
• Gain deeper insight into fraud activity. Luminate seamlessly connects multiple internal, external and consumer-supplied data, attributes and scores. This provides deeper insights into fraud activity and powerful link analysis capabilities enables fraud analytics teams to visualize connections and links among disparate data to pinpoint anomalies.
  
• Adapt to the changing fraud landscape with an easy-to-use interface. Luminate includes adaptive learning layers and flexible plug-and-play data acquisition capabilities to help businesses quickly adapt to the changing fraud landscape. At the same time, assigned users can view alerts, cases and monitor dashboards in real time.

"Time is money when it comes to effective fraud prevention," said Julie Conroy, research director at Aite Group. "Companies are increasingly looking to platform-based fraud and authentication solutions that can enable them to leverage multiple point solutions to holistically assess customer risk and rapidly evolve their risk strategies to keep pace with the shifting threat environment."

For more information on Luminate, visit www.equifax.com/luminate.

ABOUT EQUIFAX INC.
Equifax is a global data, analytics, and technology company and believes knowledge drives progress. The Company blends unique data, analytics, and technology with a passion for serving customers globally, to create insights that power decisions to move people forward. Headquartered in Atlanta, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 11,000 employees worldwide. For more information, visit Equifax.com and follow the company's news on Twitter and LinkedIn. 

FOR MORE INFORMATION

Kate Walker
Media Relations for Equifax USIS
404-885-8058

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SOURCE Equifax Inc.