New Luminate Platform Combines Machine Learning, Advanced Analytics and Intelligent Orchestration to Help Mitigate Fraud
Equifax continues its industry leadership in fraud prevention with the release of its cloud-based platform, Luminate. Introduced 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.”
“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.”
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.