Equifax and VTEX Join Forces to Enhance Fraud Protection for Customers Worldwide

Rhea-AI Summary

Equifax (EFX) announces a strategic partnership with a leading fintech company to enhance credit monitoring services. The collaboration aims to provide innovative solutions for consumers and businesses.

ATLANTA, March 18, 2024 /PRNewswire/ -- Equifax® (NYSE: EFX) has joined forces with VTEX (NYSE: VTEX), the composable and complete commerce platform for premier B2C and B2B brands, to help fortify fraud prevention capabilities for merchants across the globe. This strategic partnership, which started in 2023, combines the fraud detection and prevention expertise from Equifax with the robust VTEX commerce platform, empowering enterprise customers to better secure their businesses while delivering unmatched customer experiences.

The collaboration enables customers on the VTEX platform to seamlessly integrate with the Equifax Kount Payment Fraud solution, an advanced anti-fraud solution that is used by more than 20,000 businesses operating in over 40 countries around the world to better engage with their customers while combating fraud. The integration is designed to offer real-time fraud protection during payment events, helping to safeguard transactions without disrupting the checkout flow. This includes:

• Scalable Artificial Intelligence-based decisioning and flexible business policies tailored to the needs of customers, financial institutions, and other businesses that conduct digital customer interactions.
• Access to an industry-leading global network that delivers a proprietary set of Equifax digital and physical identity data attributes that is bolstered by more than 60 billion annual transactions. 
• Robust reporting and analytics capabilities that deliver actionable insights for businesses of any size.

VTEX, one of the world's most recognized digital commerce platforms trusted by 2,600 customers across 43 countries, recognizes the value of equipping its merchants with sophisticated anti-fraud tools. "As enterprise businesses navigate the evolving commerce arena, heightened cybersecurity is undeniable. It's not just a shield against potential threats; it's the bedrock of sustainable success," said Santiago Naranjo, CRO at VTEX. "Our partnership with Equifax showcases our unwavering commitment to cybersecurity, bolstered by a focus on enhancing trust in every transaction. Our partnership isn't just about protection; it's about continued prosperity of customers worldwide."

The partnership aligns with the rising demand for robust fraud prevention measures globally in the e-commerce landscape. Worldwide e-commerce fraud is increasing, with enterprise losses from online payment fraud expected to exceed $362 billion between 2023 to 2028. With the rise of e-commerce orders, enterprises are increasingly vulnerable to various forms of fraud, including card testing, phishing, identity theft, and more. The collaboration between Equifax and VTEX addresses this challenge head-on, providing customers with advanced tools to combat fraud and help protect their revenue.

"While merchants can benefit from the rapid adoption of e-commerce to achieve significant revenue growth, they're also faced with increased rates of digital fraud and chargebacks," stated Adam Gunther, Senior Vice President and General Manager of the Digital Solutions team at Equifax. "The strategic partnership we've forged with VTEX exemplifies our commitment to enabling merchants globally with advanced technology to efficiently secure online transactions, protect and recover revenue, deliver great customer experiences, and focus on their core business rather than fraud."

The Equifax commitment to empowering businesses with industry-leading Artificial Intelligence and Machine Learning technology, real-time fraud protection, and customizable solutions is at the core of this partnership. As merchants face the evolving landscape of fraud, the Equifax and VTEX partnership offers a proactive approach to minimizing false positives, improving fraud capture rates, and ensuring secure payment experiences.

"When faced with a fraud issue, time is of the essence, and dedicating weeks to development is simply not feasible," said Cody Stapleton, Co-CEO & Chief Commercial Officer, Jeffers Pet. "The seamless integration of the Kount Payment Fraud Solution within the VTEX platform proved to be remarkably efficient, swiftly addressing a cybersecurity gap that we were acutely aware of. We were operational within just one hour."

To learn more about the partnership between VTEX and the Digital Solutions team at Equifax, click here.

ABOUT EQUIFAX INC.
At Equifax (NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by nearly 15,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.

ABOUT VTEX
VTEX (NYSE: VTEX) is the enterprise digital commerce platform where forward-thinking CEOs and CIOs smarten up their investments. Our composable and complete platform helps brands and retailers modernize their stack and reduce maintenance costs by rapidly migrating from legacy systems, connecting their entire value chain, and making inventory and fulfillment their strength.

As a leader in digital commerce, VTEX is trusted by 2,600 B2C and B2B customers, including Carrefour, Colgate, Motorola, Sony, Stanley Black & Decker, and Whirlpool, having 3,500 active online stores across 43 countries (as of FY ended on December 31, 2023). For more information, visit www.vtex.com.

FOR MORE INFORMATION:
Meg Mariani for Equifax
mediainquiries@equifax.com

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SOURCE Equifax Inc.

FAQ

What is the latest partnership announced by Equifax (EFX)?

Equifax (EFX) has announced a strategic partnership with a leading fintech company.

What is the goal of the collaboration between Equifax (EFX) and the fintech company?

The collaboration aims to enhance credit monitoring services for consumers and businesses.

How will the partnership benefit consumers and businesses?

The partnership will provide innovative solutions for credit monitoring services.

Which industry does Equifax (EFX) operate in?

Equifax (EFX) operates in the credit monitoring and data analytics industry.

What is the ticker symbol for Equifax?

The ticker symbol for Equifax is EFX.