CredoLab integrates iovation fraud detection technology to improve financial inclusion
Singapore-based digital credit scorecard provider CredoLab is integrating iovation’s device intelligence technology with its onboarding services for banks and non-bank lenders around the world to reduce fraudulent loan and credit card applications with alternative credit scoring, according to an announcement from the companies.
FraudForce from iovation will be leveraged in CredoLab’s CredoApp, CredoApply and CredoSDK to help distinguish legitimate transactions from fraudulent ones by comparing associated accounts and devices, past device history, and suspicious behaviors. CredoLab says CredoApply can make the “thin files” of unbanked users into “thick files” with a combination of 45 application fraud checks, home and work address verification, employment verification, KYC documents collection and alternative credit scoring.
“Credit scoring has moved beyond the traditional to include understanding and interpreting repayment behavior through a combination of traditional and smartphone data points,” comments CredoLab CEO and Co-founder Peter Barcak. “iovation provides next generation digital data analysis to help confidently identify good customers and fraudsters.”
FraudForce was updated with new forensic capabilities earlier this year.
Online synthetic identity fraud against iovation financial services customers has increased by 575 percent from 2015 to 2018, according to the announcement. The partnership is intended to support CredoLab’s financial inclusion efforts, and enable banks and lenders to evaluate potential customers securely, transparently, and cost-effectively.
An increasing number of partnerships and collaborative initiatives have been formed between identity proofing businesses and other digital service providers, such as Idemia recently joining the GSMA Inclusive Tech Lab.