Apr 05, 2022
Originally published here.
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.
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.
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.