Equifax (NYSE:EFX) has released a new product that can help companies reduce fraud losses through business identity verification and fraud risk level segmentation. Business Fraud Advisor addresses the growing problem of application fraud, which according to a study conducted by Equifax, accounts for 65 percent of commercial fraud.
The new product is designed to help both small and large businesses verify the existence of a company, target accounts that have been flagged with suspicious fraud attributes and require further investigation, and decrease the potential for applicants to be flagged as fraudulent due to mis-entered information.
"While the prevalence of identity theft among consumers has been known for a long time, commercial fraud has only recently emerged as a major issue," Michael Shannon, president of Equifax commercial information solutions, said in a statement. "Business Fraud Advisor was designed to help commercial businesses address this growing problem and reduce the potential impact of fraud on their bottom lines."