Credolab Joins With Iovation To Scrap Credit Fraud

Credolab Joins With Iovation To Scrap Credit Fraud

By CFO Tech Outlook | Friday, November 08, 2019

The partnership will leverage CredoLab as iovation provides next-generation digital data analysis to help confidently identify good customers and fraudsters.

FREMONT, CA: A Singapore-based developer of bank-grade digital credit scorecards based on anonymous smartphone metadata, CredoLab has collaborated with a TransUnion company, iovation, which is specializing in device-based fraud detection and authentication solutions.

This integration of CredoLab with iovation's technology will lessen the fraudulent loan and credit card applications while optimizing digital customer onboarding for non-bank and bank lenders worldwide.

It is a fact that fraud increases as credit applications increasingly go online. Here iovation will help CredoLab in strengthening its customers to make sound credit decisions through the power of device intelligence.

CredoApp, CredoApply, and CredoSDK of CredoLab are empowering iovation's FraudForce. FraudForce enables banks and loan lenders to recognize fake from legitimate exchanges or transactions by assessing related records, accounts and devices, history of devices, and suspicious gadget practices.

CredoApply becomes an even stronger digital onboarding mobile app with the collaboration with FraudForce. Now CredoApply can turn even unbanked users' "thin files" into "thick files". It also offers superior device intelligence encompassing 45 application fraud checks, home, and work address verification, employment verification, KYC documents collection, and alternative credit scoring.

Peter Barcak, CEO and co-founder of CredoLab, said, "Credit scoring has moved beyond the traditional to include understanding and interpreting repayment behavior through a combination of traditional and smartphone data points. iovation provides next-generation digital data analysis to help confidently identify good customers and fraudsters."

As per a recent report of Global study by TransUnion and Forrester Consulting, almost all the financial services firms have experienced some fraud. May be it is identity theft/new account fraud, synthetic identity fraud, or account takeover fraud or something else.

Partnership with FraudForce also helps CredoLab provide a one-stop-shop solution for lenders and banks to accurately score the unbanked, the new-to-credit, and any applicant with a "thin file."

Established in 2016, CredoLab develops bank-grade digital scorecards for banks, consumer finance companies, auto lenders, online and mobile lenders, insurance companies, and retailers from the best alternative data source - smartphone device metadata.

Iovation has been delivering against that goal, helping brands protect and engage their customers, and keeping them secure in the complex digital world.

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