Singapore-based alternative credit scoring fintech CredoLab has partnered with US software firm iovation to fight credit fraud.
CredoLab is a developer of bank-grade digital credit scorecards based on anonymous smartphone metadata, while iovation is owned by American consumer credit reporting agency TransUnion.
Under the collaboration, CredoLab will integrate iovation’s technology to reduce fraudulent loan and credit card applications as well as optimise digital customer onboarding for banks and non-bank lenders globally.
iovation’s FraudForce will be used with CredoLab’s CredoApp, CredoSDK and CredoApply.
FraudForce examines associated accounts and devices, past device history, and suspicious device behaviors to help banks and lenders differentiate fraudulent from legitimate transactions.
The addition of FraudForce will strengthen CredoApply, the digital onboarding mobile app, which offers superior device intelligence featuring 45 application fraud checks, home and work address verification, employment verification, KYC documents collection and alternative credit scoring.
In your opinion, what presents the biggest operational challenge for FS providers in the COVID-19 crisis?
- Switching to large scale homeworking (51%, 162 Votes)
- Retraining the staff (32%, 102 Votes)
- Changing operating hours of branches and call centres (17%, 54 Votes)
Total Voters: 318
CredoLab CEO and co-founder Peter Barcak 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.”
iovation said that from 2015 to 2018, a 575% increase in online synthetic identity fraud was documented against its financial services customers.
iovation vice president of global partnerships Ed Wu said: “We’re looking forward to helping CredoLab empower its customers to make sound credit decisions through the power of device intelligence.”