MindBridge Partners With Equifax Canada To Deliver A Pioneering Product For Early Detection Of Synthetic ID Fraud

Rhea-AI Summary

MindBridge and Equifax Canada have partnered to address synthetic identity fraud, which costs organizations over $1 billion annually in Canada. Their joint effort focuses on an innovative AI solution that enhances credit scoring products by detecting synthetic identities. This collaboration aims to improve risk detection for clients and assist businesses in making more informed lending decisions. Both companies express optimism about the efficiency of MindBridge's technology in combating advanced fraud tactics, marking a significant step in financial risk management.

Positive

• Collaboration aims to combat over $1 billion in annual synthetic identity fraud costs in Canada.
• Innovative AI solution enhances credit scoring products with synthetic identity detection.
• Potential to improve risk detection and decision-making for clients throughout the lending lifecycle.
• Recognition of MindBridge's technology for its simplicity and effectiveness.
• The partnership aims to deliver significant results for Equifax's clients, enhancing risk management.

Negative

• None.

MindBridge deploys a proprietary AI solution leveraging its best-in-class risk discovery platform against Equifax's industry-leading credit reporting data sets and analytics

OTTAWA, Ontario, April 5, 2022 /PRNewswire/ -- MindBridge, the world's leading discovery platform for financial integrity, and Equifax® Canada, a data, analytics, and technology company that helps businesses make critical decisions with greater confidence, teamed up on an early detection solution for synthetic ID fraud. MindBridge's first-of-its-kind AI solution gives Equifax end clients access to synthetic identity detection within their credit scoring products.

"Synthetic identity fraud costs organizations over $1 billion a year in Canada. We're pleased to work with MindBridge to provide additional protection to businesses impacted by synthetic ID fraud. This can help our customers by providing them with richer context and information to make decisions throughout the lending lifecycle, which can ultimately help Canadian consumers," said Carl Davies, head of Fraud & Identity at Equifax Canada. "We have been impressed with the simplicity and effectiveness of the MindBridge technology and are looking forward to continuing our partnership with the MindBridge team."

Equifax Canada chose MindBridge to jointly develop a solution to identify unusual activities, allowing clients to understand and detect synthetic activity. The solution helps detect risks by recognizing anomalous patterns, identifying suspicious behaviour in data, and presenting clear, actionable results.

"Synthetic identity fraud is one of the hardest problems to crack in the credit fraud world. MindBridge and Equifax Canada, working in close collaboration, have delivered a uniquely effective solution," said Robin Grosset, chief technology officer at MindBridge. "We are excited to see the significant results and benefits for Equifax Canada clients as we've seen with products in our other markets. It's yet another proof point that the MindBridge platform is a leading choice for financial risk discovery."

The world of fraud is constantly evolving, and fraud attack tactics are increasing in sophistication. MindBridge empowers organizations to get ahead of that risk by leveraging advanced analytics and AI to detect fraud and minimize exposure.

About MindBridge

MindBridge, provider of the world's leading financial risk discovery platform, helps auditors, accountants, and financial professionals become more efficient and effective. MindBridge provides users with AI-embedded tools, visualized analytics, and in-depth resources for stronger analysis, assessments, and advisory services, from transactional risk assessment to organizational process improvements. Artificial intelligence and industry expertise set the MindBridge platform apart to surface errors, intentional or not. The organization was recognized by the World Economic Forum as a Technology Pioneer in 2020 and by Forbes as a Top 50 AI Firm to Watch in 2021 for its contribution to transforming accounting and financial professionals' ability to analyze data. Founded in 2015 in Ottawa, Canada, MindBridge serves customers in audit and advisory, enterprise, government, and financial institution segments around the world.

About Equifax

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 more than 13,000 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.ca.

Media contact:
Madeline Knapp
mknapp@influenceandco.com

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SOURCE MindBridge

FAQ

What is the partnership between MindBridge and Equifax Canada about?

The partnership focuses on developing an AI solution for early detection of synthetic identity fraud, enhancing credit scoring products.

How much does synthetic identity fraud cost organizations in Canada?

Synthetic identity fraud costs organizations over $1 billion annually in Canada.

What advantages does the AI solution provide to Equifax clients?

The AI solution helps detect synthetic identity fraud, allowing clients to make more informed decisions throughout the lending lifecycle.

What is the significance of the collaboration on financial risk management?

The collaboration aims to improve risk detection and minimize exposure to sophisticated fraud tactics, benefiting Equifax's clients.

When was the partnership between MindBridge and Equifax Canada announced?

The partnership was announced on April 5, 2022.