FIS, Equifax launch identity verification solution
The companies jointly offer OnlyID, an identity verification solution that provides enhanced account protection and personal control through a single, secure digital log-in, comprising of the user’s thumbprint or another unique identifier.
OnlyID can be used across multiple accounts and will be offered by financial institutions and e-retailers who join the OnlyID Network.
The new identity solution also benefits financial institutions and businesses by helping them cut down on fraud claim costs, deliver better digital experiences and boost consumer loyalty.
“Imagine if you no longer needed passwords to protect your digital identity because you had a unique, protected identifier that only you could use at the places where you bank and shop,” said Bruce Lowthers, head of FIS Payments. “OnlyID from FIS and Equifax brings the power of advanced authentication technologies to make consumers’ financial lives simpler while providing secure protection against fraud.”
Equifax and FIS both deliver anti-fraud solutions to thousands of financial institutions. This joint effort will significantly improve digital security and positions them to deliver a universal authentication service through OnlyID.
The companies also plan to co-market the OnlyID solution to banks, credit unions, retailers, telecommunications providers, utilities and other businesses.
“OnlyID combines powerful predictive analytics with risk scoring models that generate a frictionless fraud assessment, without disruption to consumers or businesses,” said Trey Loughran, president of USIS at Equifax. “Our collective unique data assets, innovation and depth of expertise across Equifax and FIS enabled us to create a solution that will advance digital security over the web and via mobile devices.”
Earlier this year, Equifax released its Document Verifier solution which uses facial recognition technology to provide faster identity authentication for financial product applications.