Leading consumer, commercial and workforce information solutions provider, Equifax Inc. (EFX) recently joined forces with iovation, a leading provider of device reputation, to develop a solution to protect against fraud. The offering will help to safeguard mobile users from theft, account takeover and other smartphone security issues.
The partnership will help Equifax to protect against threats such as account takeover, data breaches and internal fraud risks, which in turn will mitigate fraud, protect privacy and reduce data loss, thereby enhancing user acceptance and satisfaction.
Per the deal, Equifax’s Identity and Fraud Solutions Identity Proofing and Progressive Authentication will be combined with iovation's ReputationManager 360. This will help to reduce fraud and manage threats coming from mobile browsers such as iOS and Android or native applications.
iovation provides real-time, actionable reputation intelligence that exposes online fraudsters and protects online businesses from cyber threats, which in turn enhances operational efficiency and improves customer experiences.
According to a recent survey by the National Cyber Security Alliance, approximately 77% of small and medium-size businesses (SMB) consider themselves to be safe from hackers, viruses and other cyber security threats without adopting adequate safety measures.
Earlier, in order to further strengthen its position in the identity protection market, Equifax expanded its risk-based authentication services within the Identity and Fraud product suite.
Equifax’s focus on product innovation, broadening of data assets through acquisitions and continued share gains in North America are encouraging. We believe Equifax is well positioned to benefit from its leadership in important markets and strength in international markets.
Given the company’s strong correlation with the consumer and financial markets as well as its U.S. and European exposure, we see a gradual improvement in results. Competition from Fiserv Inc. (FISV) and Automatic Data Processing, Inc. (ADP) is, however, a concern.
Currently, Equifax has a Zacks Rank #4 (Sell). Investors should instead consider stocks such as Official Payment Holdings Inc. (OPAY), which has a Zacks Rank #1 (Strong Buy).
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